This is a guide on how to start a business.
STOP THINKING YOU CAN’T!
Get that thought out of your head, that you can’t open up a business. Every single person in this world has the ability to start a successful business regardless of your wealth and racial status. Harness that power within yourself and say ‘yes I can,’ right now!
A BUSINESS PLAN
Start a business plan. It doesn’t have to be overly complicated or even conform to the business plan structures that have been developed out there. For example, I want to start a small toy store. Well, is it going to be online or a physical store? Will I make the toys or will I resell the toys? Will I work from home or from a store front or warehouse? These a simple questions that you ask yourself.
Your business plan doesn’t have to be in writing straight away. You can develop it in your head. It does help to write it down but it is not necessary.
DON’T OVER COMPLICATE THE PROCESS
Don’t over complicate your business process by listening to people about tax affairs and other complicated business advice. All you have to do is tell people that your starting a business as a hobby to begin with. In Australia where I live we don’t have to worry about taxes and business credentials for business that are hobbies.
I have been an accountant for over a decade and I can complicate the process for you to an unbelievable level that you will reconsider. But, consider this. I am an accountant running a business and that business is passing on business information. So, it’s my job to make you panic but the truth is that you don’t have too.
Don’t worry about taxes, business registration or anything that distracts you from running your business.
Consider how you are going to account for your business. Will you use a simple cash method. This is the best method for people starting a business. And it simply means the cash that you receive is deducted from your expense leaving with a profit or loss.
As you progress consider better accounting systems. As no accounting software provider is paying me for this, I shall leave that decision up to you. Don’t forget you can use something as simple as an excel spread sheet or the good old fashion pen and paper method.
Depending on your business type you may need advertising. In fact, advertising is a very big expense when trying to get your business out there. Ask your friends to spread the word, try free advertising platforms including buy and sell websites, start a social media platform, and anything else you can think of.
Once your name is out there your business should start building a solid customer base.
Try and have fun as your selling a product or service that you love. Share your knowledge and don’t be disappointed if you don’t make a sale. All you have to do is keep on trying. And think of it like this. A lost sale is not really a lost sale as people have friends and share their experiences with others. Therefore, that lost sale might just return ten new sales for you. A smile and respectful attitude is all you need with perseverance.