Millions of American workers aspire to be their own boss someday. But with hard work and the right planning, this pipe dream of entrepreneurship can become a reality.
The right steps to be your own boss:
The idea of starting a new business can be scary especially in the present, unpredictable U.S. economy, but the statistics are more encouraging than you may think. There are over 27 million small businesses established in the United States. These small businesses are said to be responsible for 60 percent to 80 percent for new jobs created in the U.S. So starting a new business will not only benefit your life but the life of others as well.
When you first plan a new business it’s best to create a list of your interests/ talents like teaching or party planning. This will ensure that you’ll truly enjoy the new venture. Passion is crucial to an entrepreneur’s success. Secondly, research your community. See if there’s a void that your business could fill. Does your community need a tutoring center for kids? Is the only party supply store on the other end of town? This could be your opportunity.
Organization is what turns a business idea into a profitable project. You’ll need a detailed business plan. A good plan will help you determine what your goals are for the company. Once you’ve fleshed out your business plan you can start taking steps to get appropriate licenses and permits for your business.
The saying “it takes money to make money” definitely applies to starting a business. If you’re looking to take out a business loan you’re going to need many documents including a resume, a business plan, a personal and business credit report, bank statements and other official papers. Depending on your type of business you can also get money by offering your services to the government through federal government small business set aside programs.
Next week the Small Business Association will be hosting their National Small Business Week Conference in Washington D.C. (May 20th– 26th). They’ll be having speakers from various companies including AT&T, Microsoft, and the Wall Street Journal. If you’re interested in watching a live webcast check out the NSBW website.