Surveys have revealed that 62 percent of Americans want to start their own business; however, not everyone who wants to start their own business will. Why? The reasons vary, but one of the biggest seems to be feeling overwhelmed by how much you think needs to be done before you can even get your business running. Ultimately, you will always be able to come up with a reason not to, but you shouldn’t let the number of things that need to be done to start a business hold you back.
Although the things that need to be in order before you can start up your business will vary based on the industry you want to get into and the type of business you plan to start, you don’t always need to do as much as you might think. For example, many people think that they have to come up with and front the money for everything from products to a warehouse, office space, and employees before they can even start selling, but that’s not true. In fact, 69 percent of entrepreneurs start their businesses in their homes, and, thanks to the Internet, it’s easier than ever to get a business going at any time and from anywhere with the bare minimum.
If you’ve been wanting to start a business but don’t feel like you have the means to get everything in order, you may be surprised to know that you can start a business without getting everything settled beforehand. There are just a few basics that you need to get started.
A Sustainable Business Idea
It goes without saying that you need a business idea to start a business, but what some people don’t think about is their idea’s sustainability. In this case, sustainability isn’t just referring to social and environmentally friendly practices—it also refers to whether or not the idea can be developed, run, and upheld long-term. Sustainable doesn’t always equate to expensive, though. There are plenty of businesses you can start without paying a fortune, making it affordable and easy to start right away.
A Solid Business Plan
A business plan is an important aspect of any startup; however, it’s not always something that entrepreneurs prioritize or put as much effort into as they should. While a sort of business plan naturally unfolds as you conceive and begin working on starting a business, writing out a formal, solid business plan is something you will want to do too. Not only will it help you think about your long-term goals instead of just the short-term needs of your company, but it can also help you open the door to greater opportunities. How?
One great example of how a business plan can open up greater opportunities for your business is investors. Most investors and even lenders won’t invest in or lend money to a business unless there is a good, well thought out business plan available for them to review. By creating a solid business plan, you have it available for any potential partners, investors, lenders, etc. who can give you the money that could take your business from where you hoped it would go to even better places.
77 percent of startups rely on the personal savings of their entrepreneurs to get up and running. Not all entrepreneurs have the savings needed to get their businesses going, though, so many will turn to alternative options such as a loan from the bank, an investment from an interested party, or even crowdfunding. Whatever you decide is the best option for you, you already know that funding is a must if you want to turn your idea into a full-fledged business.
If you do find yourself in need of an investor, loan, or another type of funding other than your personal savings, it’s always a good idea to consider all options carefully before deciding which one to go with. Each type of funding can offer its own benefits but can come with drawbacks as well, and not all may be a good fit for you and your business.
Product (if Necessary)
If you’re going to be selling a product, you’ll need to have a supplier who can dropship it, or you’ll need to ensure that you have a product in stock. You can run a business without the item you’re selling. It shouldn’t have to be said, but just for good measure, remember that you should never sell a product you don’t have. If you’re out of stock, let customers know and offer to update them when you get what they’re looking for back in.
Not only is it frustrating for the customer to purchase something you don’t have available and have to wait longer than expected, but it can also land in you in a lot of legal trouble as well.
Social Media Accounts
If you’re thinking you can start and run your business without using social media, then there are some Facebook, Twitter, and Instagram statistics you should know. Social media is not just a place for people to share moments of their lives and comment on others’, over the course of the last few years, it has become a great place to do business. Through social media, you can advertise, build a brand, and even sell, and you can do it without spending a dime, (although it’s a good idea to spend some money and take advantage of the advertising platforms available on the different sites). It may not be something you thought you needed to start a business, but these days it is a virtual necessity for entrepreneurs.
Although there’s a lot more that goes into growing a business than the basics listed above, if you have those items, then you’re off to a great start and can get your ideas off the ground. So, if you’ve been putting off following your dream of starting a business because you don’t feel like you have everything you need to get going, think again. Starting a business may be simpler than you think.
Is there anything else you consider necessary to get a business started?