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Is This the Year You Start Your Business?

Are you tired of working for someone else? 

 

Maybe you need to supplement your income to save for retirement or another goal.  If already retired, a small business can provide additional income.  Or it could just be time to do something more meaningful with your working career.  Perhaps you’ve been thinking and dreaming about starting your own business for some time.  This may be the year to do it.  So here’s how to get started.

First, if you don’t know what business to start, go through the exercise of finding the right product or service to sell.  Think about your knowledge and expertise for which others will pay. 

What have you done in the past where you’ve been successful? 

For example, if you are good at writing, freelancing may be the way to go.  If your good at managing a retail store, why not your own store?  An internet search will find good books and resources to help identify your niche.

Secondly, determine how much profit is required.   If it’s to be your sole source of income, be sure there is potential for growth and expansion.  It may be necessary to look at buying an existing business or franchise.  If substantial profit is not an immediate concern then build in phases.  But as you create your short list of opportunities, note the competition and find out if there will be enough marketshare for one more entry.

Third, figure out how much money will be required to start the business.  The Small Business Administration or the free services of SCORE can help with finding funding resources.

Fourth, once you have a viable product or service determine how they will be delivered. 

Will you open a store or office or sell online at sites such as Etsy or Ebay? 

If you want to teach or consult, the Udemy website allows you to create and sell instructional videos on just about any subject.   Picking the right medium to match your business is critical to success.

With these answers you can be well on your way.  The next serious step is to write a business plan where the company details will be worked out.  This includes structure, financials and marketing plan. 

Good luck and perhaps by this time next year you’ll be looking for ways to grow your existing business.

Written by Ted Saul, Sr. Staff Writer

Ted Saul is a business coach that assists with Business Plans and Project Management. He holds a master certificate in project management and has earned his MBA from Regis University. Ted can be reached on LinkedIn, TedS787 on Twitter or emailing Ted@tsaul.com.

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