Starting a Business

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calculatorSeems everyone these days wants to go an extra mile and start a business for themselves. Nine to five jobs are not meeting all our needs plus people have dreams and passions to pursue. The question is where do you get the grand idea that you will eventually call your business? Well first of all you need to identify what it is that gives your true satisfaction then secondly identify your greatest source of frustration.

  1. Identify your biggest source of satisfaction.

Any career counselor or job coach will tell you the same thing — ”Find something that you love doing.”

I almost hate to say the same thing, because it’s become so cliche. But here I go. You’ve got to do something that you enjoy doing. If you enjoy what you’re doing, you’ll flourish and so will your business.

What gives you fulfillment and satisfaction in life? Well, you can probably do that — or some variation of it — for a living.

Tim Ferriss calls it a “muse,” which sounds a kind of fairy tale and dreamy. But it works, because it’s built on a solid principle:   “Choose a job you love, and you will never have to work a day in your life” (Confucius)

  1. Identify your biggest frustration.

Think for a minute. What’s the biggest frustration in your life right now?

Got it? Okay, good.

Now, what’s the solution to that problem?

There’s your business idea.

I’m not exaggerating, although I am simplifying the principle.

The greatest business ideas are born out of solving problems. Someone confronts a problem, comes up with the solution, and sells it.

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Now that you have gotten an idea of what you would like to do, you need to start the process. Things need to keep moving but first of all you need a business plan, finance, location and also you should ensure you have the appropriate skills.

Step 1: Write a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

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Now before you get all excited, you need to do a small test. You need to really be sure that you are ready to start your own business. How do you feel about your current job? Do you know what the risks of starting a business involve? Do you have support?

  1. Your job is no longer fulfilling.

In every job, you’re going to have good days and bad days. Just because you have a few bad days in a row, that doesn’t necessarily mean the only way out is to start your own business. But if, through both good days and bad days, you feel like your job truly isn’t fulfilling, it may be time to consider owning your own business.

  1. You understand the risks of business ownership.

Of course, it’s not a good idea to simply jump into business ownership. There are serious risks involved, and only when you understand those risks fully should you consider yourself ready to take the next step.

  1. You have an idea you’re passionate about.

If you’re thinking about entrepreneurship, you probably already have an idea for a business. Is it one that you aren’t very interested in, but you think it could make a lot of money? Is it one that you’re passionate about, but you aren’t sure of all the details?

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