Starting a Business Guide

You want to start a business? Great! Keep in mind that if you are presently working do not leave your job unless the field you want to go into e.g. a restaurant, requires full time attention. If it doesn't gradually move from working for somebody to working for yourself. Before you begin, if you are not working, a six month emergency fund is required. This is money to keep you alive should something happen, not for investing in the business. Going into business requires far more hours of work than you are doing now. There is no such thing as a 35 or 40 hour week when you start a business.

You must know what business you want to go into. In has to be specific, not abstract. Obviously, some businesses require much more money, again like a restaurant. All businesses require a business plan, the same thing a bank would want to see if it is to lend you money. Hopefully, you have money saved up, this is not the time to borrow. A business plan would decide what you are selling, where the supply will come from, how much is the cost to you, how much will you sell it for, cash flow and many other things that apply specifically to your business. Put it on paper!

Many people are going into an online business today because it is much less expensive. You need a website and a system to get paid online. eBay is a popular choice. Remember that a large percentage of businesses do not make it past the first three to five years. Also, you will have to have money in addition to your emergency fund to live on in the early days of your business. Few businesses show a profit at the beginning. In fact Amazon.com just recently, after all these years, began to turn a profit.

If you are still interested in starting a business, best of luck!