.What do you need to successfully start a business? Kimberly Yorio and Caitlin Friedman, authors of the book “The Girl’s Guide to Starting Your Own Business”, shared their four must-have elements to starting a business:
Evaluate yourself before committing to a business. Even though it sounds great to be your own boss, it isn’t the right lifestyle for everyone. So ask yourself and the people around you questions like: Are you comfortable being responsible for making 100% of the money? Are you capable of compromising? If you are a writer, artist or other creative professional how are you going to feel about spending a large portion of your time with accountants, lawyers and bookkeepers? Are you intimidated or energized when faced with learning something new?
Do your market research. If you have always wanted to open a bookstore but live in a town with ten of them you might think twice about this being your business choice. Successful businesses are those that fulfill a need for the community or public. So before you fall in love with an idea ask your friends, family and anyone who crosses your path what kinds of businesses they would like to see open.
Write a business plan. This is an intense process but believe us, necessary. Spend time on the plan and if you need help check in with the Small Business Association because there may be advisors in your area.
Hire a great team of consultants. Your small business team should include an accountant, lawyer, and perhaps bookkeeper. Find consultants who are familiar with your type of business. Hire people you enjoy spending time with and make sure they will be patient when explaining the unfamiliar with you.