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What type of business to start

Posted on January 15, 2013 by admin

Many people say they would like to start a business or have their own business though take no action on this or maybe just do not know how or think it is to intimidating.

You always here this though it is very true:

Do what you love.
You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it’s really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice. First thing you can think is..what would you do for a job if you didn’t get paid for it. Do this and you will find your love and passion to build a successful business.

Start your business while you’re still employed.
How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re going through the starting a business process.

Don’t do it alone.
You need a support system while you’re starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable. Even better, find a mentor or, if you qualify, apply for a business start up program such as The Self-Employment Program. When you’re starting a business experienced guidance is the best support sytem of all. There are some businesses that you can start that even provide a support network. Example is Avon or Mary Kay, etc.

Get clients or customers first.
Don’t wait until you’ve offically started your business to line these up, because your business can’t survive without them. Do the networking. Make the contacts.

Write a business plan.
The main reason for doing a business plan first when you’re thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed.
Do the research.

You’ll do a lot of research writing a business plan, but that’s just a start. When you’re starting a business, you need to become an expert on your industry, products and services, if you’re not already.
Be professional from the get-go.

Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.
Get the legal and tax issues right the first time.

It’s much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you have to charge GST or PST? Will you have to have Workers’ Compensation Insurance or deal with payroll taxes? How will the form of business you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly. SBA.gov is a great resource for this.

These are some great starters for you and will lead you to success. Pretty simple actually.

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