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An idea for a new business is exciting. It's also a nerve-wracking journey you need to be prepared for. You need to be sure the idea is a good one and that there's a market for it. There are also legal aspects to navigate, plus capital and funding considerations. Pulling it all together into a comprehensive business plan with set goals is a great way to bring the idea to life. Here you'll find articles, guides and tools to take you through the journey.
Most people find the thought of working for themselves quite appealing. Being your own boss offers the freedom to work your own hours, make your own decisions and create your own lifestyle. However, establishing a successful business requires more than a good idea and a willingness to give it a go.
Even the most brilliant, commercially viable ideas need a strong driving force to get them to market. Unlike larger organizations with the personnel to keep projects on track, when you start your own small business, you are the driving force. As well as having the required level of skill, ability, knowledge and experience to run your business, you must be prepared to work hard and, above all, be clear about why you are going into business.
Running your own business can involve a great deal of personal sacrifice, particularly in the start-up phase, and enthusiasm can only carry you so far. If there are times when you feel like giving up, a clear objective can provide the extra motivation you need to keep going.
How you go about building your business and how you measure success depends on what you want to achieve. How you achieve that success may ultimately depend on your attitude and commitment. If you’re in any way unsure that you have the right attitude and motivation to get your project off the ground, reconsider your options now. It is not feasible to run a business without them.
Doing your homework now will help you to determine if your idea is feasible and possibly prevent you from losing your savings. Starting a business is both exciting and challenging, but it is also very rewarding when you are successful.
Suzy Welch, the co-founder of the Jack Welch Management Institute and a noted business journalist and TV commentator, said, “Those looking to make it as an entrepreneur need to have three things:
Before you begin planning, you must be clear about what you want to accomplish with your new business and ensure you have the necessary skills to make that business a success. The first step in starting a new business is to be clear about the reasons you want to go into business for yourself. For example, you may be aiming to:
Once you are clear about the reasons you want to start your own business, it’s time to do a self-evaluation to determine whether you have the necessary skills and attributes to be a successful entrepreneur. The following self-assessment is designed to help you figure out whether you are ready to be self-employed. The more of these attributes you have, the more comfortable you are going to be about starting your own business.
Another step in determining whether you have what it takes to start your own business is to talk to a more experienced business owner. Talk to them specifically about the challenges they faced, both expected and unexpected. Talking to someone who has already been down this path can give you insight into challenges and obstacles you may not have considered.
There are also local organizations dedicated to the success of entrepreneurs and new business owners in Indiana and Illinois. Southwest Indiana Small Business Development Centers and Illinois Small Business Development Centers are good places to find free business advising, as well as workshops and networking opportunities.
Working with a mentor or business development organization is an important first step because they can guide you through the initial steps of making a business plan, deciding on a legal structure, and more.
A study published in Small Business Economics found that entrepreneurs who take the time to create a business plan are 152 percent more likely to start their business and are less likely to fail. So, if business planning increases your likelihood of success, when should you begin the planning process?
As early as possible: when you begin the planning process early, you start talking to potential customers and finding funding earlier in the process. You are also building professional legitimacy.
For now, if you believe you have what it takes to start your own business, you will now need to determine if your idea does also.
First Bank can help with that, too—read our next article in this series: “How do you know if you have a good idea for a business?”
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