Becoming a Small Business Owner
This guide is meant to help you explore whether business ownership is right for you as well as to explain the steps involved. If the idea of starting or owning your own company is something that excites you, keep reading to get started on your entrepreneurial journey.
The Challenges of Starting a Business
No one who owns a business will tell you that it’s easy. One of the things many business owners enjoy is the triumph of getting through the challenges of launching and building a successful business.
From making tough decisions to raising capital, the hurdles of launching a business are ever-changing. Though difficult and stressful, if you have the drive to pursue your passion and become your own boss, entrepreneurship can be one of the most rewarding challenges you’ll ever experience.
Steps to Opening Your Doors
If reading this guide is your first step to becoming a business owner, you might have a lot of questions about what to expect. Your interest in research is a great sign — you’re looking ahead and trying to figure how to prepare. Here’s a high-level overview look at the steps you can expect to encounter when becoming a business owner.
- Selecting your business. Whether it’s a start-up, previously owned business, independent operation or franchise, you have almost endless options when it comes to both industry and type of business.
- Securing financing. It’s never too early to consider how you’re going to finance your new business venture.
- Choosing a location. Depending on the type of business you have, you need to choose the right spot for your business. Whether it’s brick-and-mortar or completely online, optimizing the ‘location’ is essential.
- Completing administrative requirements. In the early days of launching a business it’s easy to get bogged down by the incredible amounts of paperwork, licenses, laws, and bureaucracy you’ll face, but remember this part of the job is (mostly) temporary.
- Hiring your team. Many business owners run a solo operation for several years, or you might need multiple employees right from the start. Either way, ensure you have the right team to support your vision.
- Marketing and advertising. With your team in place, it’s time to let people know about your amazing product or service. Focus on what makes your business unique and how you provide value to your customer.
- Open your doors. Once you’re operating at MVP (minimum viable product) status, it’s go time! Everything won’t be perfect when you’re starting, but growing and learning is a part of business ownership.
Business ownership is truly a journey — it has the highest highs and the lowest lows. But there’s a reason that business owners are among the happiest workers in the nation, and most would tell you it’s worth the ride. Use this guide to find out if you’re the right fit for business ownership and what steps to take to make your dreams of becoming your own boss come true.