So you think you have found the perfect business opportunity and you are ready to go for it! But hold on, before you leap in, have you done the research and made a plan? Without a plan you don't have a business! Too many people launch into starting a business without thinking it through properly or having a solid plan to follow… they end up in the 90% who fail!
If you're serious about making a success of your new business opportunity, then you need to find ways to give yourself every advantage over your competition. If you have a solid customized blueprint or business plan, which outlines exactly how your business will operate, you have taken a crucial step toward success and could be in the 10% that succeed!
You're probably thinking," But I'm just a one-person business working part-time from home... I don't need a business plan," but think again! Unless you want to keep your day job and keep your business as a ‘hobby business’, you absolutely do need a comprehensive business plan. It is one of the very best ways to motivate yourself and map out how you will drive your business to the next level. All successful entrepreneurs have a plan…
And even if your business is still just an idea in your head and you’ve been wondering for months how to get started… get planning! Take some time out to create your business plan, and do whatever it takes to get your ideas formalised by creating a written plan. It is an important part of your business success.
But before we start with the business opportunity plan of action, let's have a look at how your business will fit in with the rest of your life and how you can get the edge over your competition by thinking like an entrepreneur!
Have you got what it takes?
Sometimes the best business ideas are the simplest. Successful people like, Bill Gates started his business from his dorm room, Laura Ashley began her successful fashion business from her kitchen table, Richard Branson started his business empire while living on a houseboat, and there have been many people who have turned an interesting hobby into a thriving business. There is no reason why you cannot do the same.
Financially, it makes sense to start small. If you can start a business with just a small capital investment, you will break-even much more quickly and start making a profit. We will be looking at financing your business later.
Any business is a risk, usually a calculated one, but a risk nonetheless, so obviously, the less money you risk, the better. Not everyone is cut out for running a business from home and it is worth considering what it takes to run your own business.
Working from home can be wonderfully liberating and it certainly gives you that freedom from the ‘rat race’ that so many crave. There is nothing like escaping from traffic jams and the hustle and bustle of the world and being able to live the life you want. Often this is only possible when you run your own business and are your own boss… you get to call the shots! Sounds nice, right?
Once you make that move to self-employment I can assure you that it is hard to imagine working for someone else again. However, there are pitfalls and you require a great deal of discipline and organization to run a business from home successfully.
There are no real ‘get rich quick schemes’. Any business takes work and dedication to make it work.
Time and motivation
Devoting time to your business is absolutely essential if you are to succeed. You may well find yourself spending more time working on your business than you ever would in a job working for someone else - at least at the beginning. This may not be what you want to hear… but in the early stages and until your business can stand on it’s own two feet, it will take time, commitment and dedication. After that - who knows where your success might take you…