What is an entrepreneur? An entrepreneur is dynamic, has business savvy, and is creative. Ideally, has money sense, is calm, and is organized. Add a dash of crazy, a pinch of superhuman, and a sprinkle of courage. If these descriptions sound like you, then you might be the right sort of person to start up a small business of your own.
What kind of business would that be? One thing to ask yourself is if you would buy the product or service you are selling. Do you respect it? Is it worth the money? If you answer 'yes' to these questions, then the rest of the work could be worth the effort.
The process could take a while, so be patient with yourself and the system. Here are some general tips for starting your small business.
A plan is an essential tool for the budding entrepreneur. There are certain stages to get through before you can move on to things like choosing staff or designing the interior for your store. Start with financing, including any borrowing you will have to do. Create a long term business plan and a short term one, both of which a lender will want to see.
There could be financial incentives at a government level that you qualify for. Look into these. Be certain of what these are and then factor them into your plan.
Figure out what licenses you will need. Every business has fees or rent to pay. Determine the ideal location for your business to be based out of. Although malls and high streets provide great exposure, rent is also high. Is there some way you could augment exposure but pay lighter fees? Home based businesses might save on overhead, but seem unprofessional and lack the branding and organic exposure to locals that the traditional brick and mortar shops might have.
Do not forget to look online to make sure the brand or name you have in mind is not taken. This way you avoid potential litigation from someone else who has the same logo or catch phrase as you had hoped to use. When you know that your name is not already taken, go through the process of registering it for yourself and protect your brand.
Insurance is critical. All kinds of bad things can happen to a business owner, because someone comes onto the property and is harmed or an employee is hurt in the stock room. Protect yourself.
One more step (though there are countless others to think of) is to decide if any or all of your business will be conducted online. You could limit costs extensively by providing customers with an online ordering option. This is also a way to increase your customer base and reach an international audience.
All of those tips however, are the easy part. The hardest part is coming up with an idea, and taking the first step- whether thats intricately planning each step of the way, or diving head first and making it up as you go along.