Your business is your life and getting business independence can be a major turning point in your life. Payday Dawg isn’t just about personal finance, it’s about business too. Business is one of my passions and I like to think I’m pretty good at it! It’s my livelihood and I’m really interested in business news, processing business news and putting it into practice.
Starting A Business
Starting a business is easy once you know how. Start with your dream, no matter how outlandish, how crazy, how unreachable, just write down what it is you want to do. Write it down, illustrate it, make it your baby, then leave it alone for a week. Don’t look at it, don’t even think about it. When you come back to it, it will hit you hard how unrealistic it may be, but this is good. Now you realise that it’s going to be hard and you’ve probably identified exactly what is so intangible about it. Craft this dream into a more realistic concept and set out a business plan including costs, timescales and business model. Will you be online? In a shop? Offering services? Once you have the concept, it’s time to think about the money.
Funding A Business
It’s nearly impossible to start a business without some form of money to back it up. If you know a way then, please, tell me how! But more often than not, you’re going to need funding to get that dream started. Think about crowdfunding websites for a very basic start up amount. IF you set out the business plan with all the time frames then people will be more likely to back, but remember, they need a return on investment too, so think about how much you want to provide for backers out of your profit. The same goes for more high scale investors, they’ll want a cut for their part in the start up. Bank loans are another option, but they are so hard to get in these trying times. Banks are wary of lending to anyone so someone with a pipedream is low on their list of valuable assets. If this is the route you want to go down, your business plan needs to be flawless with concrete evidence of worth.
Running A Business
So you’ve started your business and you’re beginning to turn a profit. What next? Make sure you invest the majority of this profit back into the business in the early days, take a modest wage for yourself while paying any employees a decent wage. Keep on top of your bookkeeping and pay any business taxes due. After reinvesting your profit into the business you can continue to grow and expand and you’ll see even more return year on year.