I Want to Start My Own Business

There is real opportunity to start a business today because many, many businesses that existed prior to the recent recession have closed their doors and left wide range of  parts of market with little choice . Many long-standing client relationships have also disappeared. More than anything else right now, consumers and businesses want the lowest cost, period! This presents a great opportunity for entrepreneurs who want to position themselves in the marketplace as the lowest-cost provider.

But before your jump into this roller coaster ask yourself a few questions…

1.   What kind of business will I begin?

Do what you love to do.  Businesses don’t just happen. They are made. Most people do the mistake in opening a business they know nothing of.   Your success relies on what you bring to the business. If you love what you do then chances are your business will be successful.  Don’t be tempted to start a retail store just because you find a cute, affordable space.

2.   Where will I get the money to start my business?

Start up business funding and start up business grants are hard to come by. Ensuring you have the funds necessary to stay viable past the first few months, when business will be at its toughest, is extremely important.  If the only problem you have is a momentary lack of funds, and you have a decent credit rating, speak to your bank about a business loan.

3.   Do you know how to run a business?

Running a business takes different skills than practicing what you know or love.  If you don’t have an idea on how to run a business, then start today learning how to do it, or find a friend that has same knowledge on this and can give you some advice.  

4.   Do I need a business plan?

Yes in fact many businesses that go under is because they didn’t have a business plan before they started.  Creating a real business plan is hard work and a pain. But it is hard work that will be rewarded. It forces you to think past rationalizations that we all tend to make and come up with something real and doable.

5.   Will my business need an office?  If you are on a tight budget and are unsure exactly how long it will take for profits to flow in at a strong level on a regular basis, consider starting a business with a home office.  New businesses die every day and many suffer a premature death simply because the new owner ran out of money.

Small is the way to start

Small office in Van Nuys

There are many opportunities for people that want to start their own business now than there was years ago. During this economic stress landlords that didn’t consider pursuing smaller tenants are now looking to expand their business and are willing to take small tenants.

Large spaces that have now been divided into smaller ones are helping out those people who have thought of starting a new business but were afraid of the commitment to a large space. The number of small spaces tenants can consider in their searches has increased.

Many people think that when you start a business, leasing office space is not a really important thing because you have that extra room in home you can now use as an office. Yes, having your business run from your home can save you some money. But is it really saving you money.

Many customers or clients seem to feel that a business with a permanent address other than someone's home is less likely to be a flaky business, and more likely to be able to deliver on guarantees. Which means some potential clients can change their mind about doing business with you.

Another consideration that you may want to think about, particularly if your business is mature, is that businesses with outside locations tend to be easier to sell and to bring higher prices. For one thing, the new owner doesn't have to scout out a new location and go to the expense of moving; for another, customers and clients are already accustomed to visiting a particular office and can continue to patronize it despite the new ownership.