How do I start a business? (Part I)

With what task should I start?

IMG_3769I started 2 businesses in my life, closed them down and I am just 24 years old. Of course, I failed because all the knowledge what I have did not teach me How I should start properly. I got to learn how I organize myself and What I need to spend attention related to Tax regulations.

The closing ratio after opening a business is about 65%. Why? Because the majority of those 65% of young Entrepreneurs failed with the beginning already. But just because I failed twice doesn’t mean that I give up.

 

Prepare on your personal level.

If you have thoughts starting a business. Be serious about what you’ll think.

(Be my own Boss, making a ton of money and rent an office in San Francisco or Los Angeles – Is not a serious thought.)

What I mean with serious thoughts is more about How you can help other people be offering them your service, what target market do I have, Do I want to move to a different Area, what is the reason for being self-employed.

But be careful with your thoughts. And do NOT over think your thoughts.

 

Prepare on your financial level.

Before you invest in anything big. Be sure what you will do. What plan do you have for your finances? Be sure you have enough capital to start through.

So, do yourself and your wallet a favor and calculate gross how much money You are planning to spend. My opinion for starting a business is a little bit different than from others. But from my experiences – I didn’t have the financial sources to reach my targeted Market. Was that the fault of lack of someone else? – No, I just didn’t spend enough attention to my finances.

 

What do I recommend if you don’t have the money?

I recommend to save money until you are able to generate the necessary money for your idea. Meanwhile spend money in your education related to your idea. Yes, spend money for it. It will pay you out. Take an online course, buy books (and read them carefully) and eventually go physically to an Seminar. You probably think I am crazy now. Let me explain why.

 

Educate yourself before your start.

Taking online courses, reading books and reading online in Blogs and other sources is absolutely fine and great. But most likely you are not surrounded by people who has the same passion and interests what you have at this very moment. Out there are so many surveys they show that a Masterminded group helps you to be more effective and even more successful. I call it the automated push function. You get motivated just because your “new friends” having the same issues, success, lack of inspiration or even lack of motivation at some point. It sounds silly but It feels good to see that your struggle is not just you. Everybody has it and you calm down – automatically.

 

Online businesses aren’t different!

Well, to be honest. Online businesses don’t need “a lot of money to start”. BUT still you still need a certain amount of money to get started. I was about to start a business but noticed that my financial situation doesn’t work that easy without $60.000. I needed to find something what I want to do which takes less money. At least at the beginning. So, I decided to Start “something online”.  Instead of a need of $60.000 I “only need a couple hundred Dollars. (a couple hundred is still a certain amount of money You’ll need, to work proper and efficient.

 

Summery so far:

 

Think seriously about getting an Entrepreneur

Start educate yourself about and around your niche

Look at your Bank account and make a gross chart where you are at the moment


 

If you like that Blog Post, please don’t forget to hit the Like Button. And leave a comment down below what you think about my opinion on how to get started. Any kind of your support is appreciated. Thank you very much see you guys next Sunday.

To be continued…

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