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Ingredients For Success

Desire:

Starting and successfully running your own business is never easy – if it was everyone would be a business owner. Even in the best of times, starting a business means you will be in for a lot of long hours and difficult challenges. To make it through these challenges you must have a burning desire to fulfill your dream of being a business owner. If it’s just a wish or an interesting thought, you will probably not make it through the hard times.

If you are happy at your current job and satisfied with your income, starting a business may not be for you – at least for now.

So ask yourself, specifically, why do you want to start your own business?

Do you have a great idea for a product or service that excites you just to think about it? Do you have the desire to control your own destiny?

If it is just the desire to make more money you may do quite well – in the beginning. But once you reach your initial financial goals you may find you don’t really enjoy running the business you created. You may discover it was the dream of a certain amount of money that drove you, not your passion for the business, it’s products or its customers. If that is the case you may find you get bored or burnt out very quickly.

Right now you may not know exactly what type of business you want to own. And that’s just fine. But before you actually invest your time and money in a business, make sure it revolves around a product or service you enjoy dealing with.

Know How:

Most of what you need to know about starting and running a small business can be learned.

Two things to keep in mind when it comes to knowledge and expertise.

First, you will not be an expert in every aspect of your new business from day one. The learning will never end.

Secondly, you don’t have to learn everything. As you grow you can hire people or outsource certain jobs that you don’t do well or are not qualified to do.

Lack of knowledge should never be an excuse not to pursue your dream of being a business owner.

Always be willing to learn all you can on your own and get help with the rest.

Your Money:

As you research different types of businesses that you can start, one issue you will have to look closely at is startup costs. Banks are not in the habit of making large loans to new small businesses.

The type of business you start will depend in large part on how much of your own money you can put into the business up front. Cash savings, loans from family members and home equity loans are some of the more common ways people find the money to begin their business.

The more you are willing to do yourself the less you will have to spend up front. And while the “do it yourself” method is a great way for you to learn everything about your business, it will mean slower growth at the start – there is only so much one person can do in a day.

Certain types of businesses can be started with a relatively small amount of cash. Good examples are service businesses like plumbing or a/c and heating contractors. If you have worked in this field you probably already have tools and a truck, not to mention lots of experience. You could start out as a one man operation buying parts and supplies as you acquired customers thereby keeping you up front cost to a minimum.