Having your own business and being your own boss sounds like the ideal situation to be in. Your failure and your success is entirely in your hands, there is no one who will simply pay you at the end of the month for showing up every day on time and shifting a lot of paper until the day ends. Most business men will tell you that although being accountable to no one but yourself means that you get to spend a lot of sleepless nights actually working.
Beginning with more than just a dream: Defining your vision
There are some fundamental things that you should know about before you start and they all begin with the vision for the kind of business you want to run. Having a vision is a little bit more than just having a dream, some would say a vision determines how your dream should be realized which means you need to see how everything should fit and then take action towards getting those things that you need to build this vision and make it more tangible.
Your plan should put into specific detail what the vision is. It could be a product or a service. Once that is done you need to put done what it is you would want to achieve with these products or services, i.e. the ultimate goal and then break the goal down into actionables. Your actionables can be spread across months or years and they should be informed by your overall objective. Simply put, you need to identify what it is you need to do, why you need to do it, how you need to have it done and how long it will take for you to finish doing it.
Defining the end results
Having done all that you now need to decide on how the final results you want should be measured. This is the point where you need to define the tangible aspects of that vision you had at the beginning of your planning phase. Determine the resources that you will need to make your vision a reality. Resources include financial capital, support structure, sources of information even the skills and knowledge you will need to tap into to get things off the ground and running.
Having mentioned support structures and human resources you can tap into, it should become clear that starting a business can never be a one person journey. No one ever does it on their own. There are a lot of people you will need along the way and their involvement could be direct or indirect.
When you think of all the things that go into running a business you will realize that at some point or other someone will need an accountant, marketing advice, technical advice, a place to do business from, people to work with, someone to help with networking (even if it’s virtual networking and everything is done online) and so much more that no one person can be expected to know all at once. You need to go into your chosen niche knowing all that you will need to know to succeed. The important thing is believing in your vision enough to see how it can succeed in spite of your competition and risks that exist.
According to statistics, 95% of small businesses fail within 5 years and at least two thirds if these new businesses make it past two years. It isn’t always because of a lack of belief or perseverance or even lack of sufficient capital but due to the lack of proper planning.