Many people quickly get tired of working under someone else’s authority. They often wonder about a life where they could do things according to their desires. Hence, these people have moved their attention towards entrepreneurship – a career where they can start their businesses.
Now, as tempting as it may be to become the boss of your own company, being an entrepreneur requires nerves of steel. Fortunately, we are here to help you get the basic things you need to start your own business from scratch.
Researching Your Market of Choice
When starting your business, you must consider what kind of product or service you want to sell to the public.
Having a general idea of what you want to do in your business can be exciting to move forward with – but it is also essential to remember that whatever your business ideas are, not all of them will bring the results you are hoping for.
The U.S. Bureau of Labor Statistics has shown that around 20% of businesses had failed during their first two years, 45% in five years, and 65% in the first decade. The primary cause is that many businessmen needed to correctly search the market before moving ahead with their business plans. This shows how crucial it is that your business must cater to the needs of people because otherwise, it will not work. Consider opting for a business idea that is high in demand and utilize it in a product or service for your company.
The next step is making a business plan, which consists of a well-thought-out business idea and all you need to make it come true. It contains documents regarding your current financial situation, your business idea, how you plan to make it work, and the possible profits.
Business plans are essential tools as they guide your business and get approval for a loan from potential investors who might be interested in providing the funds for your business startup.
Getting Your Finances in Order
Starting a business comes with a hefty price tag, so you need to determine if you are ready to pay the price for it.
Another reason why so many businesses tend to fail is that they often run out of money when starting their businesses – which is why you must assess your current finances and figure out how much you want for a loan. This way, you will be able to ensure that you have enough money set aside to keep your business afloat when things turn south.
Furthermore, you can learn much more about being an entrepreneur from veterans in the business – like Stephen Nalley, a highly acclaimed American entrepreneur, mentor, veteran, and author. He is one of the world’s leading experts in the repositioning and turn-around of distressed real estate assets.
Initially, Nalley served as the Chief Operating Officer and Chairman of the Executive Committee of Ocean Waters – a multifaceted real estate investment company with over 129 separate entities, 45 operating hotels, 79 real estate assets, and many other retail and residential components.
Afterward, he became the Founder and Managing Partner of Black Briar Advisors – a uniquely positioned full-service real estate investment business specializing in acquisitions, repositioning, renovating, and asset management of distressed hotel and resort assets. Another impressive thing is that the company has owned and managed over $2B in real estate assets, including over 100 hotel and resort assets.