How To Start Your Own Business

It's still the great dream for many, owning and running your own business. You would have autonomy to make decisions, you would have freedom to make your own hours, and you would have the financial security that you desire. It's all possible and within reach. Your first step, however, is finding the business that is right for you. The business that you can put your whole heart into. The business that makes you excited to get up in the morning. The business that will establish you financially today and for many years to come.

So what is that business?

10 Questions To Ask Yourself

Question 1 - What are you passionate about?

What is your passion? First, it may be helpful to define passion. The dictionary defines it as "the emotion as distinguished from reason and a strong liking or a desire for or devotion to some activity, object, or concept." Let's take it a step further and define it as something a little more.

Passion is what gets you up in the morning. It's your sense of purpose, your joy, and your motivation. It is at the core of who you are and it has been with you always.

To find your passion, find a quiet location away from distractions. Close your eyes and imagine yourself working in your perfect job. What are you doing? Write it down. Write it down as if you are already doing it right - I am currently living my best life working as a (fill in the blank with your dream job, your passion).

Question 2 - What are you afraid of?

Maybe you had trouble with the first exercise. Maybe nothing came to mind. If not then answer the following questions. Don't answer them in your head, answer them by writing them down. Writing them down makes them concrete, more than just abstract thoughts.

What would you do if you knew that you would not fail?
What would you do if money wasn't a concern?
Who do you think you are - how do you label yourself?
What would you regret no doing before you die?
Lastly, what did you enjoy doing when you were a child?
Maybe too many answers have come to mind. Maybe you're one of those fortunate people who has many passions. What now? Write them down - all of them. Write them down and rank them in the order that you find most enjoyable.

Any that you can't see yourself doing 50 hours a week, or more, for the rest of your life? Cross them off. What's left? Still too many? We'll you're a fortunate person! Hold on to that list and see how your answers fit into the next question.

Question #3 - Is there a type of customer you'd find it easy to sell to?

Maybe you like people who:

Are in a particular occupation or industry.
With a particular hobby or recreational interest.
Are in a certain income bracket.
Are of a specific age, gender or background.
For example, maybe you're an avid rock climber and would love to spend your days climbing but just can't see a business in it. Maybe you could see yourself selling information and products about rock climbing because you enjoy speaking, and selling, to other climbers.

Question 4 - What is your current job?

Is there a need that you can solve there?What do your customers or colleagues complain most about? Could you start a business that solves that problem? Maybe you work for an alternative health corporation whose web site is always in need of editing, updating and their information, books, brochures, and the like are always behind schedule due to slow editing. Maybe you enjoy editing and have a great attention to detail. You could become a freelance editor and your old company could be your biggest client.

Question 5 - Do you have a hobby or personal interest that could be turned into a home based business?

For example, maybe you're an expert in breeding and training Parrots. You could become a consultant in the parrot training industry. You could help people with adolescent parrots that are biting and have gotten out of control. You could even write or sell books on the topic. You could conduct seminars on the topic, you could even record How to train your parrot videos and sell them.

Question 6 - Do you believe in a product or service that you might like to sell?

Maybe you are a new mother and enjoy talking to other mothers about a certain line of toys, maybe you are a pet lover and are enamored with a pet product, these are potential business opportunities. Maybe you love to camp and have a great base of knowledge about camping equipment, you can become an affiliate marketer for a camping line or a store that sells related equipment.

Question 7 - What is your personality?

Do you like working alone, or with people? Do you prefer face-to-face contact, or phone and e-mail? Are you an early morning person? Are you self-motivated? Are you organized? Do you prefer to work hands-on, or delegate? Are you confident by nature? Are you patient? All of these questions, and your answers, directly effects the type of business you are suited for. No matter how dedicated you are, if your personality clashes with the core needs of your proposed venture, chances are you will not succeed.

For example, if you decide that you want to be a consultant but you don't like speaking in front of people, then it may be time to reassess your business idea.

Question 8 - What is your lifestyle?

Do you have children? Are you married? Do you volunteer or have other activities that take up a large amount of your time Do you have health problems that may limit you in some way? These too will affect your potential business. If your potential business will require a lot of travel or time away from home and you have a family, you may want to reevaluate your business idea to see if there is an alternative that allows you to work from home.

Question 9 - How much will it cost?

Will your new business require you to get an office or can you work from home? What form would you like your company to take (sole proprietorship, corporation, partnership, etc.)? Will you keep your job and work part time at first? How will you finance the necessary start-up expenses?

Question 10 - Are you willing to work for free?

Some businesses like being a freelance writer, may mean that you have to work on spec at first. Spec means that you create the copy and if the customer likes it, they buy it if they don't well...you at least have a new piece for your portfolio. If your new business requires you to ease your way into it to gain experience, are you willing to work for free?

Do what you know

If you have spent twenty years writing and editing company marketing materials or you love to groom and care for your many pets, consider how you can take your experience and turn it into a successful business.

Do what you love

This is so important. Success will be an unhappy struggle if you don't enjoy what you're doing. Many people start a business to get rich and this is the wrong reason. You may get rich running your own business but if you're not enjoying what you do then you've created an empire of suffering - your suffering.

It's okay to do what other people are doing. Just do it better.

You don't' have to come up with a new idea to be successful. Many businesses, even successful ones, need improvement. Consider what you want to do, evaluate your competition, and investigate what you can do differently or do better than they do. Maybe you want to own an online store that sells camping equipment. Well there a numerous stores that do that already. Is there a market that you can focus on? A niche? Maybe you can sell camping equipment designed for the physically challenged or a camping store just for women.

Focus on a niche.

The last tip leads right into this one. Don't reinvent the wheel just market it to a specialized market. Many businesses have gone broke trying to be all things to all people. Try to identify a niche that you would enjoy working in and think about starting a business therein. If you love to work outdoors, consider starting a landscaping business or becoming a guide. If you enjoy working with numbers, think about becoming a bookkeeper based from home. Focus on a niche and become an expert in your field.

Applying for a business license is something you should do as soon after you decide to start your business as possible. There are different requirements for getting a business license at the federal, state/city and county levels. Each locality is different in those requirements and there are even some localities that do not require you to have a business license, but you need to determine what your business requires by following and completing the steps below.

If your business is in the United States, you can find tons of information on starting your business, including applying for a business license by visiting the Small Business Administration (www.sba.gov).

There you will find links to help you determine, what if any licensing requirements there are for your business. You'll be able to determine what type of license your business requires based on the type of business you own. Just a few of the common licenses include:

Business License

This is a basic business license that says you are allowed by law to do business in your locality. Some places require it, others don't so be sure to check with your local and state taxing authorities to determine your individual case.

Occupational & Professional Licencse

There are certain professions that require you to carry a special license in order to conduct business. Some of these businesses include:

Accountants

Doctors

Barbers

Security Professionals

Real Estate Agents

Licensing Based On The Type of Products You Sell

Tax Registration

One of the biggest reasons a business license is required is for tax purposes. The type of business you run, along with other factors, will determine your tax rates at the state and federal level. It will also help to determine certain taxes, such as sales tax, etc. that you may be exempt from paying.

Trade or Doing Business As (DB) Name

Many states require a special license if you are a sole proprietor doing business under a name other than your name.

Employer Registration

If you have, or plan to in have in the future, employees this is definitely a must to check into. You can find more information about what all is required of you as an employer by checking with your states Department of Revenue or Labor.

A business license is something that, if you're required to have one, you should acquire as soon as possible. Some states can and will penalize business owners who operate a business without the proper license, so don't delay in finding out what your business needs. Many states have business workshops to help make certain owners have everything they need in place. Check your state or www.sba.gov to find one near you.