It can be both tempting and exciting to see yourself as the boss of your own company. But with the glamor comes the other side of starting your own business. It’s important to know that starting and becoming an entrepreneur can be pretty challenging also. Fortunately, we have just the guide to help you get started on your very own business startup.

Business Idea

If you are thinking about starting your business, you might likely be thinking about what kind of product or service you want to sell to the public.

It can be amazing to have a general idea of what you want to do in your business, but it is also important to keep in mind that whatever your business ideas are, not all of them will work out the way you want them to. But for the moment, let’s allow your imagination and enthusiasm to run on overdrive to put some of the “right businesses” in front of you for your consideration.

According to the U.S. Bureau of Labor Statistics, around 20% of businesses fail during their first two years, 45% in five years, and 65% in the first decade. The reason behind that is that entrepreneurs do not properly search the market before they decide to launch. It’s what I call the “ready-fire-aim” business startup philosophy.

But never forget that your business must cater to the needs of people; otherwise, your business will not work. Consider opting for a business idea that is high in demand and figure out a way to utilize it in a product or service for the marketplace in general.

Business Plan

A business plan is generally a draft of your business idea and all that you need to make it come true. It contains a series of sections regarding your current financial situation, your business idea, how you plan to make it work, and the possible profits that will come from it. A more complete business plan will also include an analysis of your customers, who they are and what they are looking for, and the local, national, or international market for your products and/or services. A critical part of most well written business plans is a section that dissects the competition that you’ll face as you start and grow your business.

Business plans are necessary to serve as a guide for your business but also for getting approval for a loan from potential investors who might be interested in providing the funds for kickstarting your company.

Assessing Finances

Starting a business comes with its own price tag, so you need to determine if you are ready, willing, and able to pay the price that’s required. Many businesses fail because they often run out of money early in the process of starting their businesses. Hence, assess your current finances and figure out how much you need as a loan - making sure that you have enough money set aside to ensure that you can keep your business afloat when things turn south.

And, as a note to the wise, in the ideal world, I urge my clients to have up to 1 year of emergency operating capital just in case. It’s far better to have money that you don’t need right now, than to need money now and can’t find it anywhere.

You can learn more about how to manage your startups by consulting some of the best professionals in the industry - such as Steve Replin, who is known for being a highly accomplished entrepreneur and strategic planner with years of experience in legal, finance, and accounting that he has utilized to aid new startups move towards the ideal direction as they start and grow their business operations.

One of his notable works includes taking on a controlling interest in a small public company that had severely plummeted in its business progress. But under Replin’s control, the company had all its debt paid off and had over 2,000 shareholders, including two public subsidiaries, one of which was paying a dividend to its shareholders - allowing the company to progress significantly over time.

Furthermore, as someone who has encountered many roadblocks that jeopardize business progress, Replin serves as the ideal mentor to understand what not to do, and what to do, and when. His assistance and coaching can provide assistance to select the best course of action as you face the many forks in the road of what to do, and most certainly, what not to do.