If you are spending any time surfing the web for ideas and advice about starting your own business, you have probably read hundreds of ads and articles about how to get rich with little money and even less effort. Too good to be true? Absolutely. Any legitimate entrepreneur will tell you that the road to independence takes more than posting a website or buying in to a proven million dollar scheme. If you are serious about owning your own business, get ready to commit every extra penny you can scrounge up, nearly every minute you aren t asleep, and every brain cell you can spare. It isn t easy, but it sure is worthwhile!
Money
It is not possible to start a legitimate, successful business without some level of cash investment. Even if you plan on outside investors funding the bulk of your idea, they will expect you to show your willingness to risk your own assets as well. While there is no well defined minimum cost (in fact it varies greatly depending on your business idea, location, and business model), just properly planning your business will require some expenses.
Most first time entrepreneurs mistakenly believe that a successful startup is all about coming up with a good business idea. Most successful entrepreneurs will tell you that the idea is just a first step running a profitable startup is far more about the business side of things. To build a viable business, you will need to invest time and money to learn not only what to do, but how to do it right. Every state requires fees for properly licensing your business, and useful planning tools are not free, either.
If the problem is that you don t have any cash to invest right now, then your first step to entrepreneurship is to evaluate your personal budget and begin saving for your startup today. Hold a garage sale, do some side jobs, whatever it takes to gather up some seed money to get your idea started. One thing about successful entrepreneurs they rarely believe they can t, rather they just haven t figured out how yet. If you are serious about taking control of your work and financial future, you will find a way to get the cash together to get started.
Time
Even the most basic business ideas require time to plan and more time to build sales. Good business planning results in a virtual road map of your venture s development. It requires research into your industry, competition, and market as well as detailed, accurate estimates of financial projections (both income and expense.) Learning the right way to work through each aspect of planning takes time but the more you know before you launch, the easier it will be to grow your enterprise.
The gap of time between being ready to make sales and actually making sales, which we call the Pit of Despair, can be significant as well. Depending on your distribution channel (how your product gets to your customers), the delay can be anything from weeks to months. A good startup road map will prepare you for this gap, but regardless it will take time to get your venture off the ground.
Many good business ideas can be planned and launched on a micro level part time or during your spare time. This way, you can keep your job (or get one) while building the foundation for your startup. If you decide to commit full time to your startup, be prepared for several months (at least) without income. From there, your goal will be ramen profitability earning enough profit to keep you in ramen noodles while you continue to build your business.
Learn, Learn, Learn
Some first time entrepreneurs are interested only in the operations side of their business idea. They are not interested in learning about and working on the basics of business ownership such as planning, marketing, and financing. They figure they can just leave these professional tasks to the professionals and not worry about them generally a very bad idea. Horror stories abound of business owners caught off guard by accounting method errors, poor marketing management, and inappropriate boilerplate legal content in contracts and operating agreements that they signed, but had no idea about. It is your business, thus it is critical that you understand every detail before you delegate the work.
Smart entrepreneurs use the planning stage to familiarize themselves with the tools they will need to effectively manage a growing business. There is a lot of information to learn and apply, but none is too difficult for the average person to master. Turning over critical aspects of your startup to those with far less stake in the outcome makes no logical sense. True independence in your work and financial life requires knowledge. Be prepared to dive into unfamiliar territory and wield the control that successful entrepreneurship offers.
No Cost, No Effort?
Successful entrepreneurs tell war stories of their startups akin to soldiers talking about boot camp. Some enjoy every minute of it, some barely suffer through, but nearly all agree that the pain was worth the outcome. No, you can t build a successful business on no money, no time, and no effort. But a little determination and a lot of perseverance will grant you the personal and economic freedom you can never find working for someone else.
Author Resource:
K. MacKillop, an entrepreneur with a J.D. from Duke, is co-founder of LaunchX LLC and authors a business startup blog. The LaunchX System, a five Unit series of step-by-step business startup procedures, key software and more answers the question, "Where do I start?" Visit http://www.LaunchX.com .
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")