Got A Good Idea For A New Biz? Some Basic Tips From The Experts
It's a key facet of the American Dream, isn't it? The idea of starting your own business inspires and motivates many people to want to pursue their endeavors as soon as possible. Particularly in our changing economy, what once seemed like the riskier option now seems to make even more sense. Many can no longer rely on the corporate structures of the past. The 'gig economy' has become all too real and would-be entrepreneurs are seriously delving into bringing their dreams to fruition. Awesome.
However, let wisdom be your guide and take a few minutes to consider some of the most basic tips from the experts at the Small Business Administration:
Before you rush off to launch your business, make sure you do some market research. Yeah, for some the idea of digging into the data can dampen the passion. Without it, though, you're setting yourself up for heartbreak later. Take a realistic, hard look at your idea. Is there a real market for it? What kind of competition will you have? Spend time with and get counsel from successful business people you trust.
Oh yeah--what about a business plan? Just the idea alone can cause many people to grimace. But, this step is necessary. Think of it as your blue print or travel plan. You need to spend spend some time thinking about the structures and parameters for your business so you'll know how to effective launch and grown your business. Take it out of the world of abstract thought and tether it to reality before you begin.
Wake up call--how do we fund our idea? Talk about coming to face to face with reality. It's better to take the time now to consider how "we're gonna pay for all this" ahead of time. Better now, than later, when your idea is already in motion. How much capital do you have on hand and how much do you need to raise to keep things moving along while you wait for the income to start coming in?
Location, location, location. This is one of the most important things to consider. Doing an online thing? Great. Even so, we have to consider what that means when it comes to legalities, revenue, and of course, taxes.
Initially, this may discourage some people. That may be a good thing. Growing up, my parents had their own business and it was wonderful. Annnd it was also difficult. I know my parents wouldn't have traded it for anything in the world, but it did require some extra work--especially at the beginning. Get these basics in place first. Then, you'll be much better prepared to launch your idea and soar.
Go for it, my friend. You got this. Better news? We live in a very business-friendly state. Want more tips straight from the Texas government? Take a look here.
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