3 Main Things You Need to Know About Starting Your Own Business


If you run across this article, it means you are naturally a business person or an entrepreneur. You want to do something that gives you freedom in your work hours, your place of work and maybe your creativity to be applied in a workplace.


Let’s face it, it is hard to have the desire to have your own business, but you are confined in a walled place every forty hours per week doing something that you think could have been done better, faster and easier. Well, there are three main things that you need to have in your preliminary thoughts before you start a business and maximize your chance in being successful.



1. Have a product or service to sell.

Do you have any? Is there anything you can sell? It can be anything from tangible items like a computer, bicycle, cake or cookies. If you don’t have tangibles to sell, you also sell intangible items such as insurance, massage therapy, haircut or accounting services. You must have something to sell.




2. Basic management.

You need to know how much your product or services will cost in comparison to the price you give your customer. The difference in cost and price must be positive to make your business profitable. Be sure you state proper delivery time, so if you promise the food will be catered by noon, be sure you do not anger your customers by being two hours late for a meeting lunch. You will lose that customer, referrals or even that very order.




3. Sales channel.

This is probably the number one cause of failure in new businesses. We are all risk takers. We get enthusiastic one day and say forget the Corporate America; I want to be my own boss. I know how to make the best tamales in town. After resigning for one month, you might regret the decision of being a business owner because you do not have anyone to sell your product or services to. Big firms do not necessarily elect their CEO’s because of their skillfulness in running an operation, but it is because the CEO’s task is to increase revenue of the company by whatever means exposed to them.


These three keys above are good indicators whether you are ready to start your own business or not. The worst advise I have ever heard about starting a business is to “follow your gut” or “follow your heart”. Unfortunately, gut and heart are always sitting on the sideline of a business game. Trust me - I found out the hard way. Understand your potential customer segment or sales, know some management skills and have a great product and or service to sell. Get ready. Get hyped up. The world is yours!



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