It would be very difficult to find an ‘individual’ who has never thought of being their own boss. Most of us think of becomin
g our own boss, keep us away from office politics, boss pressure etc. Even the most dedicated employee feels it atleast once in his/her lifetime. Most of the times when your boss works your nerves, it probably crosses your mind. Then why don’t you think it at a more serious level?
To become a business person you would be starting it by becoming a self-employed and home based business is the first step for that. To make your business successful once, you need to take care of few things before you start it off.
Select Your Niche
Most of the starters look for the best market conditions or the products/services best for the current market situation irrespective of their own interest. Keep in mind that if you enter in to a business in your subject of interest there are more chances of enjoying it and hence more productivity in long term.
You may want to do lot of things. But you need to understand how many of them are you really good at. This gives a good foundation to build your business on. Pick a good name to fit it once you are done with the above process.
Business Plan
Not all businesses take huge investment. To get a good look on how much investment you need to have, the running costs, inventory costs etc you need to write a proper business. That gives a clear picture about the inflows and outflows, purpose of the business and its services.
There are different types of business plans. You may not want to write a 20 page business plan if you are really not seeking financial help from other financial institutions, but you may want to write a business plan overview for your personal understanding (or for your team’s understanding).
Permits and Licenses
Any kind of business will need some paper work from your state or city or country. Prior to beginning to do business, you should find out what permits and licenses you need. These permits and licenses are for tax purposes. Your permits and licenses will also legalise your business name. Don’t kick start without taking care of all these as it may cause problems in long term and would be really difficult to resolve them later – sometimes you may have to loose your brand name.
Money Matters
You need to find a bank that allows you to open a business account. Start a checking and savings account. Use that checking account for purchases and bills. The savings account would act as a record for your revenue.