With the economic crisis around the world still in full swing, it seems that it won’t be any easier to strike out on your own and start up your own business in 2012, especially if you do not have a lot of money saved up for the endeavor. However, nothing is impossible, and you can still start up a quality business on your own, as long as you have a vision and play it smart.
Here are some useful tips to take into consideration if you are looking to become your own boss this year.
1. Avoid loans
Taking out loans immediately and not being able to pay them back in time can be crippling for a new business and might force you to shut down your operation even before you are able to get it off the ground properly.
The most important thing to do is to think small and start out small. No matter what your final goals are, there are methods for starting your business in a way in which you will be able to naturally and slowly work up to your goals without getting into serious debt.
For example, if you want to start any type of retail business, thanks to living in the Internet age, there is no reason to go out and rent or buy a store for yourself. Start out at home and save that money. If your business takes off, you will then be able to take the next step and get a physical space for yourself without taking out loans from banks or borrowing money from friends and relatives.
Having a new bill to pay every month is the last thing you need when going out on your own.
2. Start at home
As mentioned in the previous point, your home is your best friend when starting out. Just about any business is able to succeed these days being run from home. The Internet is your friend, and getting the word out about your product or your services has never been easier. No longer do you have to rent an office or buy a store in order to make yourself visible to the consumer.
Instead of spending money in physical space put that money towards a professional looking and fully functional website. If you don’t have a lot of money to start with, you need to use the money that you have to the best of your ability. Investing in your online presence and getting the word out via the Internet is a much better way to spend your money than getting yourself a new office to sit in.
Additionally, no one has to know that you are working from your bedroom or kitchen. Thanks to the Internet, you can look like a big company with an excellent online presence and no one really has to know that you are working from home. A PO Box is one of your best friends, too.
3. Follow your interests
More often than not, people who are successful in starting up their own business are people who have a real interest in what they are doing. Hoping on a bandwagon in hopes of making money, even if this type of business does not interest you, is probably the worst thing that you can do.
People who recognize something as a potentially good business, but have no prior knowledge and experience in it, often end up playing catch-up to the rest of the industry they are aspiring to join.
The best thing to do is follow your heart and follow your interests. Your business needs to deal with something that you are not only genuinely interested in, but also something that you are knowledgeable in as well.
To roughly paraphrase one of the greatest entrepreneurs of all time, Steve Jobs, one of the key ingredients of starting a successful business, and one that is often overlooked, is having a passion for what you are doing.
4. Do the research
Heading into the business world on your own is not a decision that should be taken lightly. You should not be starting a new business on a whim – there is a lot of research that needs to go into this decision.
First and foremost, you need to ask yourself one question – Is there a demand for my business idea? Getting real research done can take months, and this is one of the most important aspects of the process, meaning that it should not be rushed under any circumstances.
Get your pencil and paper out, put your ideas together, fire up your calculator and count the initial costs – planning is vital. The more you know ahead of time, the better prepared you will be for potential bumps in the road that may occur.
5. Call on your friends
There are more ways that friends can help you out in your cause than just loaning you money. As stated earlier, taking out loans from the bank or borrowing money from friends or family is not recommended, but there are different ways to get your acquaintances involved.
For instance, everyone knows someone who works as a professional web designer these days, right? And even if you don’t know someone, you definitely know someone who does.
Asking friends to either get things done for you or to get their friends to do things for you at a fraction of the price is something that many start-up businesses depend on. Do not be afraid to ask friends for favors, if they really are your friends, they will be happy to help out.
You probably have friends and family in many different places and lines of work that can help you out, you’ve just never thought about it earlier. Get them all involved as much as you can.
At the very least, get your Facebook friends to spread the word about your business.
Starting your own business is a daunting task; there are no two ways about it, especially in times of economic recession. However, the rewards that come with being your own boss are well worth it. As long as you have a plan, play it smart and don’t get ahead of yourself, with the will and the passion to make your business goals a reality, the sky is the limit.
About the Author
David Lazar is a regular blogger at PDF Converter blog. With a background in journalism, he specializes in writing blogs on a variety of topics, including business, finance, careers, technology and new media.