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Have you ever thought about starting your own
business? Maybe you already have a great idea but need some help
getting it off the ground!
The requirements of starting a small business
such as a lawn-mowing or housecleaning service are considerably
less than a full time manufacturing business but they still have
some things in common. Let's have a look at the basic requirements
for starting a business:
You Need An Idea
The best place for finding an idea starts with you. Try to focus on interests
and abilities you currently have. If you can come up with ideas as to how
someone else might benefit from these skills, you'll have the beginnings
of a good idea. Use these ideas to determine if there is a need in your market
for this product or service.
If you find that someone else is already operating
a business similar to your idea, don't worry … try putting
a twist on the idea or look for a way to do it better.
Another option is to buy a franchise. With a
franchise the idea and most of the marketing is already done for
you.
(You can get help
with ideas in the 'Start a Business' section)
You Need A Plan
Preparing a business plan forces you to consider every aspect of your idea
to see if it is viable and to identify what you will need to make it a reality.
You might find that the idea won't work or you may discover even bigger opportunities.
A business plan is a carefully prepared document that you will definitely need
to get financing. There are different business plan formats but most will include:
- Cover Page
- Executive Summary
- Introduction
- Mission Statement
- Business Structure
- Objectives
- Trends
- Competition
- Customer Analysis
- Positioning Strategy
- Operating Plan
- Human Resources
- Financial Plan
(Get help with business
plans in the 'Start a Business' section)
You Need Some Money
Many small businesses are started using personal
savings or a small loan from family or friends.
Youth can also apply for loan programs offered
by youth entrepreneurship agencies, government agencies and some
banks. The interest cost of borrowing money must be factored in
to your business financial planning.
(Find sources
of financing in the 'Start a Business' section)
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