Most people think that it is very glamorous starting your own business, you can take off work whenever you want, boss people around and roll around in the endless amounts of cash you will be bringing in. We think this because that’s what is portrayed to us in the media, in movies and on television shows. But the reality is, if you plan starting your own business, you should be prepared to put in a lot of hours and be prepared to WORK!
While starting your own business is certainly tough and many people do not achieve success right away, there are certainly some immediate benefits. Have you ever worked a job where you had a tough boss and you wish you could have just quit on the spot when he/she treated you disrespectful? Obviously it’s tough to give up your income source without having a backup plan but when you have your own business, there is no more boss. You are the boss. There is no one there telling you what to do, treating you disrespectful and denying you holiday time. You make the rules, you make your own schedule and you determine how the business is operated. Often times, being your own boss is the #1 reason why people choose to start up their own business. It gives you freedom, flexibility and power.
Another reason of starting on your own business is that you have business ideas that you feel you could execute and make you a very successful entrepreneur. I am sure we have all had moments when we see a brand or business idea and said “why didn’t I think of that?” or “I could have done that”. Coming up with ideas is the easy part. Formulating a business plan and putting it into action is the harder part. A good business plan will take time to develop and provide a clear path as to how you plan to achieve success in your business. As you create the plan, you will learn more about the industry that you are tapping into and it will make you better business-minded in your field. You will learn your competition and what makes them successful. You will learn about markets and their ups and downs. You will learn about trends. And even after you open your business, you will never stop learning what works and what doesn’t work. The power of learning can never be underestimated as it’s the difference between someone who is successful and someone who is not.
Certainly, money is a powerful factor and what drives many of us to start our own business. But to make money, you need to invest money. There is no one figure that can be given as to what it takes to start a business as each industry is different. There are so many factors, such as location, cost of retail space, cost of employees, cost of products and cost of marketing. These are all areas you need to take into account when formulating your business plan and before you decide to open your business. So many businesses fail because they do not have enough capital in reserves to cover the cost of running their own business. You should create a budget for each area of your business and make sure you have that type of money before you start.
Many people find great success in going into business for themselves. Overall, the success of your business will be determined by you and how hard you want to work for it. Getting started can sometimes be the most challenging step for many and having guidance is some of the best advice you can get. For more information on getting started on your dream of starting your own business, email firstname.lastname@example.org.
Henri was born and raised in Lebanon and studied at University of Saint Joseph. He is an avid fan of extreme sports and RC car racing. He is fluent in French and Arabic, he has traveled extensively throughout the region and Europe for both for leisure and business.