Are you tired of working for someone else? We understand that sometimes it’s hard to invest 20-60 hours a week into someone else’s business. Therefore, why not open your own? Have you ever considered opening a start-up?
It’s true what they say that somethings are easier said than done. But, opening your own business is just a matter of time. It is a dream that you can make possible by simply taking in consideration these 5 things:
1- Investigate your industry
It is important to do your research. Don’t just jump into a project without knowing what’s already out there. This decreases the chances of struggling while pushing your start up. For example, this year’s increasing industries include interactive technology (from mobile app design to tech-savvy translation), wellness (healthy beverages), and little luxuries, such as baked goods. When you start focusing on a specialty area, seek out counselors and talk to industry veterans. You can go to SCORE, the SBA, the Women’s Economic Development Agency, or scores more. The Internet, your local library, the U.S. Census Bureau, business schools, industry associations, can be invaluable sources of information and contacts. For instance, you might approach business schools in your area to see if one of their marketing classes will take on your business as a test project.
2- Own your name/pick a name
Make sure the company name you choose is one with an available trademark and Internet domain name. To see if a trademark is available, you can do a trademark search online through the United States Patent and Trademark Office’s website. Failure to properly obtain a trademark could put your fledgling business at risk — not to mention that the time and money you have invested in establishing your business name could go to waste if someone else owns the trademark. Don’t assume your new business name is not trademarked because you were unsuccessful finding such name on the Internet, either. Someone could have used the name for a business that closed, or filed a trademark and never used it.
How much do you need to live? When working on your business plan, do not forget about the most important factor: YOU. You need to take into account your living costs. Rent, mortgages, and health insurance — these are all things that don’t pay for themselves. You will most likely need to cut out all the unnecessary extras you can live without. Make sure you account for unforeseen or unexpected expenses by factoring a little flexibility into your budget for those “just-in-case” moments. You might even consider taking a part-time job until things pick up with your new venture and speak to a financial planner to help you budget yourself properly.
4- Limit your spending.
Don’t over — or under — spend. Starting a business can be incredibly financially taxing on you and your family. You will need to learn where and when to spend. It’s important not to waste those precious seed dollars but it’s equally important to spend where necessary. In any business, you often have to spend money to make money. Don’t skimp out on things your company needs. For example, it may be worth it to put $1500 in an online vendor listing, but it may not be necessary to give every new customer a $15 mug. Be sure to keep up with technology too — there are many time-saving programs and apps (including free or inexpensive ones) that can help you keep track of it all, and as we all know, “time is money.”
5- Find an office space.
It is important to have a place where you can go an execute your ideas and meet with clients. But, like we just mentioned you have to limit your spending. Therefore, a coworking space can help you get things started. If you become a member at Palletized you have access to conference room, lounge areas to relax, and of course a full kitchen and dining area. The best part? You just pay a membership fee of your choice and we worry about the rest (For example: electricity, wifi, coffee, water…etc)