Choosing a Business and Getting Started as an Entrepreneur
Is Entrepreneurship Right for Me?
Entrepreneurship is a challenge, no doubt about it. It's a risky undertaking, and most who try it don't end up with the success they envisioned. But for those who do, it promises financial freedom, time freedom and job satisfaction that is rarely matched in a traditional job. Are you cut out to be an entrepreneur?
Choose a Business to Start
Some experts will tell you to find an underserved market and serve it. Others will tell you to do what you love and the money will follow. I recommend a more balanced approach.
- Choosing a Business to Start
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Who ever said you have to come up with an original idea for starting a business? Millions of entrepreneurs have succeeded by using a proven business model and either offering it to a new market or putting their own unique spin on it. Here are some ideas for you to explore.
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Buying a Business
One way to improve your odds of success in running a business is to buy a business that's already a going concern. Besides the facilities and inventory, you also may get an existing customer base.
Buying a Franchise
A franchise is a great compromise between buying an existing business and starting your own. You start from scratch, but with a proven business model and a well-established support system in place.
Calculate Startup Costs
One of the most common reasons business fail is a lack of sufficient capital. Making a realistic plan from the start will dramatically improve your odds for success.
If you're not looking for outside financing, a formal business plan is not an absolute necessity. However, the planning process can be invaluable in making sure you've covered all your bases. And if you are going to have investors, creditors or even partners, you'll have to have one.