Career Testing
Career Testing
Career Testing
ENTREPRENEURSHIP / NOV. 28, 2014
version 4, draft 4

7 Things You Need to Start a Business

businessman at start
istock

Want to start your own business? You’re not going to be able to without the seven things listed below:

A Business Idea

What will your company do? Are you providing a unique service or selling a product that no one else does? A good idea is the first step to a successful business, so make sure your idea is solid before you move onto the next step.

Research

A LOT of research goes into making your company successful. Before you can draw up a business plan, you need to research your competition, the current market, your need for physical or online presence, any licenses or permits needed, insurance, how your products will be manufactured and sold, how your company will be funded, and the cost of running the business. Before you can ever think of starting the company, you’ll need to invest a lot of time into doing research!

A Business Plan

How do you plan on taking your company from "brand new" to "established" and "recognized"? No company is going to succeed without a clearly defined business plan, so it’s very important to take the time to do your research and create a business plan that is understandable and comprehensive.  (The U.S. Small Business Administration website has great advice on how to draft a good business plan…)

Time

You can’t start a company without A LOT of time to invest. If you’re going to continue working at your regular job, you may find that it takes a lot longer to get your company off the ground. You’ll need to learn to manage your time efficiently, investing sufficient time into your side business to make it work. Either that or quit your job to invest all of your time into making your new business successful.

Money

It should go without saying that you need a lot of money to get a new business off the ground. You may need to invest in physical office space, a website, online and offline marketing, the actual product or service you are trying to sell, operating costs for a few months, and on and on the list goes. If you don’t have all the money yourself, you’ll need to pitch your company/product to investors. Without money, your company is going to fail!

A Name 

Agood business name is very important. A good name is easily recognizable and serves as a major part of your company brand and identity. You don’t want your company to sound like just one more among millions, but your goal is to stand out from your competition. A good name can do that for you!

Patience 

Your company is NOT going to succeed overnight. It’s going to take a lot of hard work to get it off the ground, and you’ll need to be patient. You shouldn’t expect to see serious profits within the first year or two, and it will be fairly slow going in the first years. You’ll make mistakes, lose clients, and do the same thing day in and day out with very little to show for it. Give it time, be patient, and keep working hard, and your company has a better chance of success!

If you have these 7 things, you’re ready to start your own company.

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