Article was written by Herb Kimble .
It’s the American Dream, being your own boss, setting your own hours, and making money on your own terms. Sounds like a dream come true for most of us. It can be if you keep a couple of things in mind.
First, you have to have a plan. It doesn’t need to be elaborate or complicated. It’s kind of like having a roadmap to where you want to go. A study mentioned in “Business Plans for Dummies” by Paul Tiffany states that companies with clear and realistic business plans realize 50% more in profits and revenue than a business without a plan. It just makes sense. Your plan will need to address some key points in it in order to be successful:
Choosing what kind of business to start can be a daunting task, but definitely the most important. You need to balance what you’re good at, what you’re passionate about, and what a potential client needs. Keep it small in the beginning. Try to focus to one target client group with a need. Determine the best way to utilize your skills set to provide a solution for that need. There will be room to expand you offerings after you become more established. Keep in mind that the more unique your solution is, the more money you stand to make from each transaction, however, the trade off is your pool of prospective clients will be smaller.
Depending on the type of business you want to have, the amount of start up money that you need will vary. There are many business ideas just waiting to be hatched that require little to no start up capital. My advice on this topic is to start out without taking out large sums of debt. Try working on a cash basis or setting up supplier accounts, which fall due in full in thirty days. It can be a stretch in the beginning, but if the business fails, the liabilities you will be responsible for won’t be overwhelming.
The most important thing to keep in mind is that starting a business is not easy. It takes motivation, determination, know-how and a little luck. You have to be willing to work hard, be creative, and do things that you may not want to do if you want to get the thing off the ground.
This article was written by Herb Kimble. Herb Kimble is the founder of CineFocus Productions, a film production company in Los Angeles and Urban Flix, a streaming network that specializes in multi-cultural content. For more info, about Herb Kimble, visit his Facebook