So You Want To Be An Entrepreneur

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What Kind Of Business Do You Want?

  • Are you going to be the sole proprietor?

    This is the simplest and the most common type of business out there. You will be responsible for everything the business does. This means that you will be held personally liable for any debts that the business incurs.

So now let’s look at some really good things to research before you get started in Your Business

1. What Will Be The Costs of Production

If the cost to make or sell your item exceeds the money you will ever make from it, then don’t do it!

2. Sales

Where are you going to find customers? Make a list!!!!

3. Marketing

How are you going to market? What is your budget for marketing?

4. Business plan

Write out a one or two-page business plan to make sure you’ve thought everything through properly, it will be worth the time and might save you a lot of time and money.

  • Do you want a partnership? 

Partnerships comprise two or more people and any profits, debts, and decisions related to the business are shared.

Here are some questions to ask before deciding if partnering is a good idea:

1. What do I need from a business partner?

You should look for a business partner who brings something different to the table than you do. You want someone who complements your skills and personality.

2. What is your potential partner’s financial situation right now?

Who Do They Owe Money Too!!!!!

3. What are the potential partner’s expectations on the time involved?

How many hours a day does your partner expect to put into the business, and do their expectations meet yours?

4. Is your potential partner’s commitment to the business as strong as yours?

Their Passion =Your Passion

5. What questions do they have for me?

They should want to know about your character, reliability, and expectations.

6. Are they willing to put everything in writing?

It’s crucial to put everything in writing,  not only what is expected of each partner, but the consequences if expectations aren’t met.

Just How Much Money Do You Need To Start Your Business?

To figure out what your startup costs will require careful planning.

Startup costs are the expenses incurred during the process of creating a new business. All businesses are different, so they require different types of startup costs. Online businesses have different needs than brick-and-mortars; coffee shops have different requirements than bookstores do. However, there are a few expenses that are common to all business types:

  •  Are you going to own a company? 

Companies are owned by shareholders. They are the ones who each put in an amount of money. Shareholder receives a share of the company that is equivalent to how much money they put in. Then the directors run the company on behalf of shareholders, of course, they get a share of the profits.

  • Who knows, maybe you want to have a franchise? 

Franchises are licensing arrangements between an individual or group, where they can buy the right to trade and produce under a well-known brand name in a given location. A franchise involves you using another company’s successful business model and their name to establish your own business.

Here is the list of top 500 2018.

When looking at MLM, party planner, direct sells or consumer direct marketing look at the history of the company.

  1. How long have they been in business?
  2. What is their standing with the BBB?
  3. What is the companies policy on how you make money?
  4. How many products/services does this company offer?
  5. What is the cost to get started?
  6. More Great Questions

Know that there are some companies out there that do things a little different. Different_Company_enUs pdfSo do your research.

Find what works best for you.

Donel Rourke

 

 

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