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What must an entrepreneur assume when starting a business?

There are a lot of things to think about when starting a business. It's not as simple as just deciding you want to be your boss. An entrepreneur must assume many things, from where to get the money to how to pay for employees, some of which may not even be within their control. But with careful planning and execution, it is possible to create a thriving business. Here are some of the most important factors questions an entrepreneur must consider when starting.

Question # 1  How can I support my current lifestyle?

Question # 2 How will I fund this new venture?

Question # 3 What if my business idea fails?

Question # 4 Can this business put me in debt?

Question # 5 Do I need employees?

 

How hard is it to build a business?

Running a business is not hard it’s all about being a leader whether you are a mom or dad the same mindset you have to raising your family is kinda similar to raising a business, Elon Musk was once asked why you keep going even if these businesses are killing you? His response “these businesses are my kids I don’t give up on my kids” as for you a business is a responsibility it requires sacrifice, hourly monitoring and always caring for it, its a high-risk high reward model, you may work 24/7 and not see results in months or even years but do you quit or do you keep on going?

 

When is the right time to start a business?

Let’s put it this way if you start a venture while you are struggling already then reconsider starting it, don’t worry no one will steal your idea, and if they do it won’t be the same model, if the entrepreneur world was always concerned of the next person taking their ideas we will only have one type of phone, one type of computer and of type of T.V to watch but competition is what drives this world to become better then next business. In my article on how to get clients for a cleaning business, I used a 5 step method on ways to advertise without sending money

If you do decide to start a business and you are on a tight budget estimate how much you can take away from your weekly paycheck…

For example, if you are making $1000.00 a week and you can take out $150 from it a week without it affecting your day-to-day living expenses, then you have $600 a month, now your startup how much will it need to get it off the ground? Write down an estimate of your business expenses, These can be from weekly freelancers fees to paying for hosting to all other gadgets, and business tools needed if it’s enough then start it. If not then find a business that you can start from home till you save up enough money to grow bigger.

 

Most important thing an entrepreneur should do before starting a business?

There are many things that entrepreneurs should do before starting their businesses, but the most important one is to make sure they are passionate about their idea. Without passion, it will be difficult to maintain motivation when times get tough. The best way to ensure that you're passionate about your business is to do some research and figure out if there is a market for it. If there isn't, then you're better off not starting a business at all. An idea is just the start but as simple as it looks there’s so much more that comes with starting a business a basic website can start at $500…Going with an average business let’s estimate how much just to get your business essentials 

Website: $250-$500 then  hosting fee

Business cards: $100

Business line: $50 a month 

Clothes: $200

Software (BILLING, GPS, SCHEDULING) $150 a month

Tools and equipment: $2500++ 

Now before we go on the best method depending on your business start-up whether it’s a pest control service or online business is to make 2 separate checklists and get quotes on every little thing needed, from the smallest to the biggest items, now in this checklist make on for one-time fees these can be opening an LLC fee to buying business cards and make the second checklist for monthly recurring payments, these can be must-have software tools like scheduling software to second business line, get your numbers together and determine if you can make this venture happen, these are stuff an entrepreneur must assume when starting a business.


What should potential entrepreneurs research before starting a business?

When it comes to starting your own business, the sky is the limit when it comes to what you can do. The only problem is that before you take the leap and become your boss, there are a few things you should research so that your business has a better chance of succeeding. Check out the 6  most important tips I use when starting a business below!

 

Tip #1 Market research: Researching a business is crucial, whether you are opening a local shop or an online business, you must understand the market very well, take your time on this one, there are plenty of tools that you can use but google is my favorite, here is a small example say I want to open a small local laundromat store in an area that I liked, the rent is cheap the size is amazing I would type in laundromats near me on google map and it will show me the radius on how many are around. simple! 

 

Tip # 2 start-up cost: Before getting your hopes up, you will need to analyze your start-up cost, when I start a business I always add an extra 15% on everything so if a beverage truck is going for $40,000 I will mark it down as $46,000, never underestimate, it will hurt you in the long run.

 

Tip # 3 expertise skills: This tends to happen to a lot of entrepreneurs, they buy or start a business that requires a certain level of skills, these skills can be coding, graphic designing to even culinary work, The number one thing all entrepreneurs must assume when starting a business is that no employee stays with you forever and no will care for your business but you, so if you don’t understand the skill stay away or learn it first!  

 

Tip # 4 business name: Finding a name for a business is fun you might already have something in mind but does that mean it belongs to you? You probably heard when Facebook decided to start a parent company they named it meta it was cool, powerful, and adapted to their concept the metaverse, after the media heard of the new name word spread out, and someone trademarked the name meta already, some sources say Facebook made a deal for an undisclosed amount, moral of this section is do research carefully, you can go on the USPTO website and do a trademark name search or the smarter way hire a lawyer. 

 

Tip # 5 domain name search: This brings us to number 5, there is also required a search you can do on sites like GoDaddy and enter a domain to see if it’s available, you’ll be stunned how hard it is to get a decent name, especially with a .com attached to the end! 

 

Tip # 6 licenses: This is something I had to learn the hard way, I started a waste management business once, not knowing there was more to be done, I got my business name, my business license I purchased a beautiful truck, and went to work I printed business it was great until….I got pulled over by the waste commission I didn’t know there was a next license I needed, long story they told me to apply and wow it was an 80-page application with a price tag of 5 thousand so when I say get your checklist in the order I mean it because it will come back to you sooner or later, contact your state office and gather everything you need and make sure you will qualify for it!

 

What does an entrepreneur need to start a business?

One of the most important decisions an entrepreneur will make is what type of business to start. There are many factors to consider, but the most important question is: what do you need to start a business? 

There are many resources available to help entrepreneurs, and it's important to take advantage of as many as possible. The best place to start is with your local Small Business Administration office. They offer free counseling and mentorship and can provide valuable advice on all aspects of owning and running a small business. In addition, there are many online resources, such as the U.S. Small Business Administration website and various startup websites. 

It's also important to be creative and think outside the box when starting a business but most importantly don’t try to start a business that you can not afford, I know a lot of entrepreneurs that started a business with a little bit of money, no need to overspend to make it perfect.


Conclusion paragraph: So, what must an entrepreneur assume when starting a business? First and foremost, it’s important to have realistic expectations. Building a business is hard work and it takes time – there are no shortcuts. You also need to be prepared to invest a lot of yourself into your venture. Passion, dedication, and resilience are key traits for any successful entrepreneur. And finally, do your research! Make sure you understand the industry you’re entering, the challenges you may face, and what resources are available to help you succeed. If you can answer these questions confidently, then chances are you’re ready to start your own business. Are you thinking about becoming an entrepreneur?

Let’s put it this way if you start a venture while you are struggling already then reconsider starting it, don’t worry no one will steal your idea, and if they do it won’t be the same model, if the entrepreneur world was always concerned of the next person taking their ideas we will only have one type of phone, one type of computer and of type of T.V to watch but competition is what drives this world to become better then next business.

If you do decide to start a business and you are on a tight budget estimate how much you can take away from your weekly paycheck…

For example, if you are making $1000.00 a week and you can take out $150 from it a week without it affecting your day-to-day living expenses, then you have $600 a month, now your startup how much will it need to get it off the ground? Write down an estimate of your business expenses, These can be from weekly freelancers fees to paying for hosting to all other gadgets, and business tools needed if it’s enough then start it. If not then find a business that you can start from home till you save up enough money to grow bigger.

 

 

Business tips, By: Bizroutes ON 01 Apr, 2022