You can take on a service-based business, such as catering or consulting, or you can launch a product-based business by selling items like custom-made jewelry or monogrammed clothes. Or you can try to think of a problem you are facing and find a solution that might work for a lot of other people as well.
As your own boss, Chron points out, you determine your hours, work pace, and work environment. You also have the opportunity to pursue a career based on your interests and passions. Since you are at the front of the line, you don’t have to worry about being micromanaged or a lack of promotion opportunities; the only person limiting your growth is yourself. However, be prepared to work long hours and put in a lot of effort. They also point out that you will be wearing many hats -- board member, project manager, janitor, accountant, and more. But remember, hard work pays off, and if you succeed, you will feel monumentally proud.
How to Start Your Own Business
Bplans says the first step to opening your own business is to conduct a personal evaluation to figure out some basic information, such as why you are starting a business, how much capital you can risk, and whether you want to provide a service or a product. Although passion is important, it’s not enough. You need to have goals, a plan, and to really know yourself and your industry. Analyze your industry to figure out how much money you will need to get started. Furthermore, you’ll need to evaluate your market to determine the demand and need for your product or service.
Once you’ve got your big idea and business plan ready, you need to make it legal. Working with an attorney is the safest and best bet. You will need to get the proper business licenses and permits at the city, county, and/or state level. Additionally, look at obtaining business insurance and an accountant.
After you’ve taken care of the legalities, you’ll start the planning process. “In the simplest terms, a business plan is a roadmap — something you will use to help you chart your progress and that will outline the things you need to do in order to goals,” says Bplans. Next, you’ll need to get financed. You can do this through a venture capital firm, a bank, friends and family, and a few other options.
Now you will be ready to set up shop — find a location, buy inventory, set up your workspace, hire staff, etc. Then you’re ready for your grand opening! As their final step, Bplans says to remember that running your own business is really about trial and error, and you should expect to make mistakes. To be successful, “be open-minded and creative, adapt, look for opportunities, and above all, have fun!”