updated - October 29, 2020 Thursday EDT
Starting your own business can be overwhelming. After all, there's no guarantee you'll make it. There's also no guarantee you'll enjoy it enough to keep going. The good news is that you do have a choice in how much of your resources you invest. In fact, 69 percent of entrepreneurs in the US start their businesses from home, meaning they probably start with minimal resources. This is usually the best way to start. It allows you time to test your business and decide where to take it from there.
Some people disagree and feel that if you put everything you've got into your venture from the start, you'll be more motivated to succeed. This, of course, is a decision you'll have to make on your own, taking your own personality into consideration.
Most advice can be debated this way. The fact is that there is no right or wrong way to start, as long as you're doing everything legally. However, there are a few tried-and-true tips that almost everyone would agree on. These tips can help you make the necessary decisions in the beginning.
Never Stop Marketing
The mistake a lot of entrepreneurs make is not telling anyone about their business. They often don't want friends and family to know what they're doing until it's successful. The problem with that is that if no one knows about it, you can't make any money. Do your best to get over this hang-up before you start. It might be uncomfortable at first, but you'll probably be surprised at the support you'll get. Most people you know will just be impressed with your courage and want to support you any way they can.
Marketing is a little different for every business, but basically, you need to find ways to keep your name in front of people. Promo items are great for most businesses. You can't go wrong with pens, shirts, and coffee mugs. But think outside the box as well. If you own an accounting business, put all your work in customized tax folders. Simple touches like using professional, unique folders can let clients and peers know you are serious about your work. Think of items that reflect the nature of your business and give them to everyone you know. You never know who will be in need of your services.
Evaluate Yourself First
Before starting any business, it's important to know yourself and how you work. Are you passionate about what you're doing? Are you easily self-motivated? Are you a risk-taker? Keep in mind that there are no right or wrong answers to any of these questions. But the answers can help you determine the right business model and type of business at which you'd be most successful.
For example, if you're not easily motivated, you might want to start a business with a partner who is. Low motivation makes it difficult to keep going during tough times so you'll need someone who makes up for what you lack. In addition to personality traits, focus on what you excel at. Your business model should be built around something you can consistently deliver.
Use Other Businesses' Resources
You may not realize it, but almost any business can be started using someone else's resources. For example, if you'd like to open an antique store, you can start by renting space in an antique mall rather than leasing your own building, hiring employees, and paying your own utilities. This model will help you gauge the interest in your particular items without breaking the bank.
Another example of this is with online sales. Many people in this business prefer to use dropshippers to mail their products rather than storing it themselves. This way, they don't have to purchase merchandise they may never sell. They simply pay for it when they get paid themselves and the wholesaler ships it for them.
TOP 10 FRANCHISES OF 2020