Starting My Own Business

Considerations

Many people want to be in the position of "starting my own business" and there are few reasons why anyone who wants to, cannot be their own boss. Usually the main problems of lack of money, lack of the correct skills and not knowing how to start can be overcome.

Usually the decision on what business to start is the most crucial and difficult. Starting a business where you do not have the required knowledge and funds is likely to result in failure. Make sure you research your subject and business.

Many people start internet businesses thinking it will be easy but really the very few successful people have usually honed skills in internet marketing and SEO (Search Engine Optimization), this is essential to the majority of intrapreneurs. Whilst these skills can be bought, in the majority of cases the promises do not match the results.

Search Engine Optimization is crucial, it gets you to the top of the Google list where you can be seen, although things have changed. Unlike past times today you need a site with good keywords and content to get a high ranking. Many of the SEO Guru's are on a pretty level playing field today.

The internet is not always an easy, low cost option, many people waste thousands of dollars investing in the scams and confidence tricks that abound on the net.

In normal everyday business you meet people face to face, you can judge and decide if you trust the person, whilst on the net, you are trusting words. Words can say anything they are not always what they seem, yet many people trust these words implicitly.

It is often stated that the internet is quick money, this is not the case, it probably takes more time invested on the web to create an income than starting my own business with a local service or other income.

eBay

The main exception to this is eBay, where if you have the right product at the right price than you can start making income quite quickly, however, The competition on eBay is fierce and the reason why it is successful, (the number of buyers and sellers), is also the reason why it is not so easy to create a good income.

I have done some research of internet businesses, that may be interesting.

Conventional Business

The advantage of conventional business is that you are dealing with people directly, whilst this is no guarantee of success, it is much easier to make decisions based on personal contact.

Elsewhere on this site we give information regarding the problems of starting my own business.

The section of Types of Business may clarify things

Money

Usually the first consideration is if I have enough money to cover the cost of starting my own business. You do need money to start a business but usually, what is called "seed money". As the name suggests, this is a comparatively small amount to lay out, to attract the main funding. This would probably be the costs of a business plan or feasibility study.

With these documents you can then approach financial institutions and ask them to fund your venture. The business plan is the litmus test, if you have a professional prepare your plan properly, by the time it is completed you will know how much you need and your future direction.

Many people get a plan written by someone who has no idea what the banks or venture capitalists need, these plans are usually a waste of time. The plan writer has to understand the financing process and cannot get inside the head of an investor. The business plan is not only a document it has to be based on sound financial knowledge.

The section on raising finance has some helpful hints regarding approaching financiers,

Skills

Most people have skills they can exploit, it is much better to base a business on something you have interest in or knowledge about. Generally this will provide a satisfying and lucrative business. Turn a hobby or a version of your day job into an earner. Skills and experience acquired over several years have a value to others.

Business skills on the other hand can be acquired but the best entrepreneurs have an inbuilt talent for business. You wont know until you try. Listen to experienced people, try to get some type of mentor who will help you. Have a free first consultation with a good accountant.