5 Steps to Starting Your Business, Even When the Money's Not There

Let's face it, there are very few things more attractive than being your own boss. In fact, thousands of entrepreneurs start their own businesses each year. They don't have some magic formula for success, however. They simply make the conscious decision to turn that business idea into a reality. What about you? Are you ready to take the first steps towards being your own boss?

If you're like most first-time entrepreneurs, your primary concern is probably money or lack thereof. But even if you don't have the funds ready right now, there are still some steps you can take toward starting your own business.

1. Journal. Jot down any and every idea you have about your business, whether it seems huge and significant or minor and meaningless. Carry your journal with you everywhere you go in the car, to the store, to your current job. Not only can you keep track of the great ideas you've already though of, but it's a great way to generate new ideas. Simply by writing your thoughts, you'll be able to tap the most faraway recesses of your brain where all the good ideas are stored. Don't be afraid to write down everything, even if it seems silly or stupid. Even the silly ideas can generate better ideas that could end up being the cornerstones of your business.

2. Create Your Business Plan. Chances are that you'll require some amount of financing for your business, and almost any lender will want to check out your business plan before giving you any money. One of the greatest benefits of creating a business plan is that it gives you a hefty dose of reality regarding just how much money you'll need to run your business, and how much needs to be done between now and the time you plan to launch your business. There are plenty of online resources to help you go about creating your business plan, and the Small Business Administration is also a good resource to check out.

3. Check Out the Competition. It doesn't cost a dime to do investigate your competition. How do they market themselves? What do they do to set themselves apart from the crowd? By investigating the competition you'll both find out best practices for your own business, and you'll discover if there's a place for your business in your market niche. Your investigation may reveal that the market is saturated and that now isn't a great time to introduce your product. In that case, you'll have saved yourself a lot of time, money, and heartache. You might also use this time to visit social networking sites to find out what consumers are saying about your competition. If the comments are negative, think about what you can do in your own business to avoid the shortcomings of your competition. If the comments are positive, what are some small things you can do to emulate their good business practices?

4. Check Out the Bureaucracy. If you're going to create your own product, take the time to find out if there are rules and regulations for putting that product on the market. The Small Business Administration is a great place to get this information, as is the local library. Be sure to investigate local rules as well as state and federal regulations.

5. Start Building from the Ground Up. Even when you don't have the money to start your own business, it's never too early to start climbing the learning curve. Do you know how to keep the books for your business? Do you know how to go about getting a license for your business? What about compliance with tax codes, both state and federal?

Even if the cash isn't at hand, there are many things you can do to start building the foundation for your business. Use your time wisely, and when the money is available you'll be ready to go!

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