I really hope none of you really think there is a tell-all, fool-proof method of staring a business. If you do, I hate to be the one to burst your bubble- there is no easy way to start a business. You need a ton of moxie, time and often times money.
If you're buying books, audio tapes, or advice from people claiming anything different, you are in for a rude awakening. I did it, I bought that garbage and guess where it is now; in my closet on the floor right next to the Abdominizer that promised 6-pack abs.
Doing your homework and learning lessons is the ONLY real way to get a business cooking. My internet buddy Dane Carlson points to a pretty simple list of things to consider:
1. Determine if you’re an entrepreneur or just a wannabe. Starting a successful business requires a unique set of characteristics. You have to be willing to take calculated risks. In addition, a mix of optimism, high energy, and an ability to live with ambiguity are also crucial.
2. Pinpoint an opportunity. There are lots of ways to find the right business idea. But for most people, it’s wise to begin with your interests, say small-business experts.
3. Make sure there’s a market for your idea. Get out there and talk to as many potential customers, suppliers and distributors as you can. Trade-show attendees are a particularly good source of information. And remember: You’re not trying to sell anything yet; you’re just exploring the opportunity.
4. Write a business plan. Any plan needs to answer a few key questions: What is your product or service? Who is your customer? What need does it address? And, how are you going to turn your idea into a money-making venture?
5. Determine your business structure. You have four basic choices — sole proprietorship, partnership, LLC, or corporation. Each offers different legal protections, tax savings, and ownership requirements. They also vary in how complicated they are to set up.
6. Look for funding. Most entrepreneurs start their businesses by dipping into their savings, and hitting up friends and family. Perhaps half of all startups, in fact, are funded initially by the founder’s credit cards.
You can get more in depth on this at 6 steps to Creating a Super Start Up by Smart Money. As an aside to this, you are also encouraged to read how you can provisionally patent your idea before getting others involved.
