May be you are so bored with monotonous office schedule or angry with your boss behavior. You strongly feel a change to have a new life with a new dynamic profession. A long cherish dream in your mind to run a business by yourself. May be a lot of ideas have been stored in your mind. But turned one into reality and begin a new business. Is it easy to do? No not at all.
Lots of business ideas are around you. You don’t need a MBA degree or any business school certificate to become a successful business man. You need something else like Idea and execute them through prudent planning. Just look around your successful entrepreneur. Most of them are not come from a business family nor having any academic qualification. But how they become successful? Its a million dollar question the simple answer is idea, planning and execute them through passion, hard work and honesty. You don’t need lots of capital to start a business. Money depends on your nature of the business.
So becoming a successful entrepreneur one has to go through some certain path which are stated below:
Innovation is significant. You can make a big impact through innovative idea as an entrepreneur. Innovation is the key behind success in business arena. If you can emerge with a new idea then you have greater chance to enjoy the first mover advantages. So you need to create a business idea, which may be innovative or traditional. Many want to step into business but lack of idea they cannot make the next step. In the end of the day you have to take a decision whether you do business or not. If yes then prepare for the next vital move planning.
Proper planning is a key factor. Prepare a details business plan. A good plan will make your task much easier to accumulate money in case of outsources financing; When seeking financing the investors or lenders will want to read your plan before they supply you with funding. If you finance the business yourself, you will still want to have a written plan to develop business strategies and financial projections. A key element within the business plan is the marketing plan, which explains marketing strategies that will be used to advertise and promote the products or services. The goal setting steps of the plan will help you to analyze the success of the business in future years and clearly illustrate the capital needed to operate the company to break-even.
Financing is also very crucial part. After having the details plan you have to go for financing. In some cases friends, family, or your well wisher will be the internal source of financing. In external sources you have to depend on individual investor or corporation and banks. You have to treat each different source of financing carefully. In case of bank or other money lending organization or person you have to give interest, which may shrink your business profit.
so you have completed important three steps. Now complete some legal process related to business like nature of ownership ( Sole Proprietorship, Partnership, or Corporation). Your financing decisions will be taken according to nature of ownership. Finally you can file with the state to incorporate and obtain a federal Identification number.
Opening the Doors
All processes are done. Okay, it’s time to start the business and full fill the dream. If you start your business at your home and not hiring any employee then the expenses will be reduced otherwise you have to spend money for office rent, employee’s salary and other miscellaneous expenses. But don’t worry its part of your business and one day you will be proud of having a million dollar business and that day you must ignore such pretty expenses.