The basics of starting your own business
It's the start of a new year, and you've decided that you're tired of working for someone else. You're starting your own business. You have a good idea about what you want to do, and now that you've finally made the decision, you can't wait to get started.
Your idea is brilliant! It's a wonder that no-one else has thought of it (well, that's what you think anyway). You're going to make a fortune, and you want to get started immediately ... otherwise someone else might beat you to it.
It all sounds great. But ease up a little, and don't rush into anything just yet.
It's true that many small businesses are successful, and that together, they make the biggest contribution to employment and our economy. However, the reality is that the majority of new businesses fail within the first 12 months. This is all-too-often caused by owners rushing into things without sufficient up-front through and planning.
To increase your opportunities of success, you need to plan your business properly. Do your homework and make sure your business idea is actually going to make you money. Unless you have a totally new idea that is 100% guaranteed to take the world by storm by next week, there is no desperate rush.
By doing things properly now, you'll help to reduce the risk of heartache later.
Firstly, you need to re-evaluate why you want to have your own business. Is it because you
- want to make a lot more money than you're making now?
- want a better lifestyle?
- think you have a unique product or service that people will pay you for?
- hate your boss or hate going to work?
- want to work at home to be closer to your family?
- are letting your emotions take over from rational thinking?
If your decision to start your own business is based on emotion, be very careful. You might be better off changing jobs and seeing if you still feel the same way a few months down the track.
Before you make any final decisions, it's a good idea to ask the opinions of a few business people you respect. And importantly, to ask for your accountant's opinion.
Write down all of the reasons you really want to go into business for yourself. Be honest with yourself. Then prioritise your list.
This will help define your thoughts and goals, and to assist you later when writing your business plan.
If you and the other people you've discussed your new business venture with feel totally confident that you'll be successful, that means you're ready to go to the next step.
And don't forget that Alltel is here to help you with all of your business telecommunication needs. We specialise in helping start-ups and small businesses, and provide a range of services and plans that are able to grow with you as your business succeeds and expands.