4 Key Steps To Starting Your Own Business

Share via

Starting a new business is a way of gaining control of your life by having control over how your time is spent. You can choose to start a full-time enterprise or first dip your toe in the water by launching a part-time venture. The things that you will need to build your own business will depend on how large your ambitions are, as well as the level of complexity of your ultimate plan. This article consists of a brief outline describing a few critical things no new business developer can afford to ignore.

A Personal Evaluation

Start your journey into self-employment by getting to know yourself in the most frank and honest way. The self-awareness you gain from this will make you a better leader and self-starter. Take stock of your personal situation. What skills do you have to bring to bear on this undertaking? What valuable products or services can you develop that the market really needs right now? If you are not going to invent something new, what can you do better, cheaper and faster than everyone else? Get to know yourself so you can better leverage your personal strengths.

An Online Presence

Perhaps there is nothing in the realm of a start-up venture that has had more written about it than the internet. Having a home on the web where people can reach out to you is essential. An online presence gives you a home page, a domain for branded e-mail, the potential for a great business app, and the means to interact with prospects, customers, and stakeholders. Establishing your presence should be among the very first things you do.

Credentials, Permits, Licensure and Education

The type of business you intend to launch may be regulated by your state or local authorities. If so, you will need to secure the proper business licenses and permits before your grand opening. This will keep you out of legal and compliance trouble. During this phase it is wise to conduct a bit of discovery into the matter of your own credentials. Will your customers find your academic credentials to be in line with expectations? If not, consider continuing education. Perhaps getting an online Bachelor of Science business administration will suit your situation. It can help prepare you for what comes next.

Having a healthy respect for these crucial details will give you the skills and confidence needed to plan, organize, and deal with the many challenging aspects of starting up and running a new business. Make sure you’re prepared with these ideas and more as you start working on your business plan.