OWNING YOUR OWN BUSINESS Elissa L.
WHAT DOES IT TAKE TO OWN YOUR OWN BUSINESS?
You have to know your customer, test your idea, and pick a sales strategy. The better an entrepreneur understands the buyers, they are more likely to create products that people are willing to pay for. Next, test your idea. One of the best decisions someone can make is not to go into a business that's going to fail or might shut down. You should always test an idea before putting time and money into it. Lastly, pick a sales strategy. Understanding how your product will be marketed and sold is critical to success.The best business owners aren't always the best salespeople.
WHAT THINGS DO YOU NEED TO OWN A BUSINESS?
First of all, determine if the type of business suits you. Next, determine if your idea can make money. Then,write a business plan. After, find sources of start-up financing. Lastly, set up a basic marketing plan. Some additional steps include decide on a legal structure for your business, choose a name for your business, register your business name, and prepare organizational paperwork. Throughout these steps you will need to be patient, understanding, a positive role model, and passionate for what your doing.
WHAT TYPE OF DIFFERENT QUESTIONS AND IDEAS WILL YOU ENCOUNTER, WHILE OWNING YOUR OWN BUSINESS?
Am I a self starter? When you have your own business, there’s no boss or manager to tell you what to do and when to do it. This means you’ll have to motivate yourself to get things started. Do I enjoy challenges? Businesses provide constant challenges every single day. Am I a creative problem solver? Creative problem solving is a key to success, so you will have to think “out of the box”. What are my strengths and weaknesses? Recognizing what you’re good at and what you’re not will help you decide how to use your time wisely. Other questions include, What interests, talents, and skills do I have that will assist me in running my new business?, Do I really have a money making idea?, Who is my competition?,Who are my ideal target customers?, Have I established business goals?, and What financial risks are involved?