Everyone dreams of having their own business, sitting at a massive walnut desk and reading optimistic balance sheets or having a handful of checks and money from customers to deposit into the bank. With business success comes financial freedom and while money does not buy happiness, a large bank balance gets you to the front door of happiness.
It’s not easy, especially now after the economic collapse of 2007-2008. But the dream of having your own business is possible if you follow these five steps.
Step One is the Development Stage
Before a dollar has been spent on anything, the prospective business owner needs to write out a business plan, a mission statement, a name for the future business, the location of the operation, the physical size of the business facility, and possible employees.
Step Two: Explain your Business Concept to Everyone
Start with friends and family, use what you have written down or recorded in Step One. Leave a copy if someone is too busy to read it when you ask. They will be impressed and may become a part of your business in the future. Search out honest opinions about your ideas and business name and location. These insights can be valuable.
Step Three: A New Business Requires Outside Help, Licensing, Supplies, Inventory, Money Talk to realtors about the business location, code enforcement for permits and business regulation, banks for funding, manufacturers for product. As the business owner, you are undergoing an intense learning experience on all matters concerning your business. Do not be overwhelmed but persevere. This stage will be filled with many roadblocks and frustrations. For example, you find a supplier for your product that meets your requirements, but the supplier works on a cash basis with new distributors. Now is the time that your bank or an agency like Crest Financial can help the new business see the light of the first day of operations. It is all part of the development of your business, and you should treat it as fun even though it isn’t. It is hard, necessary work.
Step Four: Implementation/Actualization of the Business
The race to success is starting, it is not a sprint but a marathon. Every element of the business must be aligned to begin functioning at the same time. It’s an exciting time when your first shipments arrive but if you have no employees at your location to accept the items what good is it. The business may need a forklift to unload large and heavy items, and the business owner must be ready for this. Now is not the time to be learning what your particular business requires to operate successfully.
Successful Business Operation and Murphy’s Law Step Five
If it can happen, it will. Be ready for everything. The worst will happen, maybe before the best day of your new business’s life.