Considering Starting Your Own Business?

Have you ever thought about or considered starting your own business? If so, perhaps you’ve asked yourself or wondered if there’s a tried and true starting-business checklist, or better yet starting-small -business checklist. Perhaps the local junior college or adult education facility offers a “Starting Small Business 101” class. Help-starting-business courses are available online. Where do you turn for help starting up small business? Who can you trust to help with the steps starting your own business are certain to require?

Starting Small Business 101

There is probably a course somewhere by that name. Although what I write may not be officially accredited by any curriculum, I will share some ideas I’ve learned about and steps starting your own business that are important, especially a small business, which is the only experience I have.

The learning starts here.

Follow is an unofficial starting small business checklist:

  • Do you have a product or service?
  • Is there a market and/or demand for the product or service?
  • Do you know your market/niche?
  • How will you deliver or produce your product or service to your market/niche?
  • Will your business be profitable?

Whether you know the answers to all the questions or not, the most important question that needs to be answered is the last one. The bottom line is the bottom line. If a business is not profitable it won’t be a business for long.

That begs the question, how long can you survive before being profitable? Sometimes starting your own business can be simple, easy, won’t require a lot of money, and will be profitable right away, but the reality is, it often takes time, money and effort that some people cannot withstand.

For some businesses it takes up to five years to show a net profit. The first five years may require the business to re-invest most, if not all its gross profit back into the business to keep it afloat.

It’s not say that’s always the case, but if that’s the case for you and your business, are you up to that?

Business analogies examples

There are countless analogies that are relevant to starting your own business and what starting a business can be like.

One that comes immediately to mind is it’s very much like growing Moso Bamboo, which can take years.

Another is it’s like your baby. You’ve got to be dedicated and committed to it, provide for it, feed it, and do whatever it takes to take care of it or it could perish.

There are many other business analogies examples.

Help starting business

If you’re one of those who needs no help, can effectively do everything yourself, and won’t need financial or other assistance or support, you are rare.

One thing is for sure, good help is hard to find.

It seems everyone is an expert and has the answers to all your questions and claims they have what you need so you can take your business to the next level.

Personally, I have fallen prey more than once by following the next shiny object and have ended up spending thousand$ of dollars only to realize later that all they have to offer are expensive platitudes and truisms. If I’d taken time to research and review them, I’d have known before hand.

Be careful who you choose to help you.

There are a lot of scams and a lot of people willing to take your money.

I’ve had to learn the hard way more that one of the most cost-efficient investments I can make is good old sweat equity.

Anyone can start a business. Most anyone can be successful in business if they:

  • Have a passion for their business
  • Become an expert in their business
  • Are the first, the biggest, or the best at what they do, or at least perceived that way
  • Establish credibility and goodwill
  • Get the help they need

Closing thoughts

The backbone of American economic history was created by small businesses and continues to be a huge part of our economy.

Rare is the person who truly gets ahead working for someone else. The word JOB is an acronym that stands for Just Over Broke.

Not all businesses survive. Many fail. I’ve experienced business failure. It’s not pleasant. If you’re ready for a challenge, starting your own business may be just what you’re looking for.

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