What is your motivation for starting up a small business? Are you tired of that
rotten boss? Is this something that you have been thinking about for a long time?
Did you get laid off and you’ve had it with the corporate world? To be a successful
entrepreneur, you need to truly understand your own reasons for starting up a small
Personal Objectives for Starting Up a Small Business
The first step to starting up a small business is understanding your personal objectives:
Do you want to start a part-time business?
Do you want to start a small business on a part-time basis but you intend to quite
your day job sooner or later?
You want to start a business full time. Do you have enough savings to leave your
day job now?
Here are some typical ways that Entrepreneurs come up with their business ideas:
Your hobbies and interests - you have a natural skill for flower arrangements. Do
you want to open a flower shop? You love to bake. How about a local bakery? You
have an eye for photography. How about a photography service for children or for
pets? The ideas are almost endless.
Finding inspirations through your personal hobbies
and interests is a common way that entrepreneurs get their great ideas. Does your
business have to be your hobby for you to be successful? No, not necessarily but
if you are going to spend many hours building a business, why not start with with
what you know and love?
Do your own thing, your 9 to 5 job. Many successful Entrepreneurs have become successful
by doing their own thing. They built their skill set for their 9 to 5 job. They
are tired of working for someone else. If you are in a services industry, this is
a great launching pad to your own business.
You are in design or marketing? People
love you. Well, do your own thing. You work for a day care center but you don’t
like your boss. Do your own thing.
Start something totally new. A lot of entrepreneurs made it by learning something
totally new. They either took classes or became an apprentice for a position of
interest. You can be an apprentice of a trade for instance.
You have a great idea for an invention. You have this wonderful idea for a device
that makes it easier for seniors to get in and out of the bath tub? You can bring
this idea to market.
Branching off what you know. You work for a large company specializing in making
and selling toys. You want to take what you know about toys and become an entrepreneur.
You want to learn about starting a toy import business by importing goods from China.
Starting Up a Small Business - The Inspiration for Business Ideas
Starting Up a Small Business - Resources
Here are some good websites to explore for starting up a small business:
The U.S. Small Business Administration has programs, research, and service to help
you navigate through the small business process.
Starting Up a Small Business by Launching your Business Idea
Once you have a business idea, there are three ways to launch it:
Create it yourself - This is the most satisfying for the creative types who want
to build something from the ground up. This option will take the longest but it gives
the owner great flexibility in shaping the business.
Buy an established business - You look for a ready made business with a solid customer
base. You pay for everything the office, the furniture, the supplies, goodwill etc.
This will take less time to start once you find a business to purchase. You often
gets leads to businesses for sale through networking and via small business associations.
Beware of the reasons why the owner wants to sell. You don't want to throw money
at an already bad business idea. Here is an online source on business purchase
Buy a franchise - When you invest in a franchise, you are buying into a prepackaged
business which will increase your chances for success. Your business name, product,
pricing, promotions are already predetermined. While franchises increase your odds
for success, it is never a guarantee. To the creative types, this option might not
be feasible. They want the control of building a business from scratch. This website
will give you an idea on what franchises are currently available.