How to Be Your Own Boss, Made Easy: Tips for Aspiring Perris, CA Entrepreneurs
Who says taking care of business must be complicated or expensive? If you’re interested in starting your own business, you have choices. You can buy a small franchise or start your own home-based business. A few easy businesses you can start from home include freelance writing, arts and crafts, catering, or dog walking. Keep in mind that regardless of the type of your dream business, there are common steps you need to complete first. The Perris Valley Chamber of Commerce explains them below
Consider Your Personal and Professional Goals
Many business owners start by figuring out why they want to become entrepreneurs. Listing some of your interests, skills, and knowledge can help you discover if a brick-and-mortar franchise is for you or if something more creative would better fit your personality. You also have the benefit of learning if a shorter business plan is sufficient and if a business loan is necessary. Most home-based businesses require planning instead of large loans. Learning about yourself, including your motivation, will guide you in your dream role as a business owner.
Make a Business Plan
If your business needs funding, The U.S. Small Business Administration is a great place to start. The SBA is government-run and has many free resources. You can also find information on market analysis, start-up costs, and choosing your business structure from the Business Guide tab located on the SBA website.
You can also find online help with writing a business plan, which is a crucial step in launching your business. The good news is that there’s no wrong way to draft a business plan as long as it meets your needs. You can always expand on it later. If you feel stuck, you can use one of the free business plan templates available online.
If you write your own business plan, include a few of the following sections.
Executive Summary. An overview of your business plans, up to two pages long.
Products and Services. Your products and services are the problems you're solving.
Market Analysis. List your target audience as well as information about the growth of your chosen industry.
Marketing and Sales. Describe how you plan to sell to your target markets and distribute your products.
Since you may use your business plan to solicit investors, it’s best to make it through even though it will likely evolve with your business. Ask a mentor or follow entrepreneur to review the document for you. A free PDF editor is one option for getting and giving feedback when you can’t meet face-to-face. You and your mentor can add notes, highlight sections, and add virtual sticky notes to provide feedback and prompt revision.
Establish Your Business
You’ll also need to include your business structure in your business plan. There are many entities to choose from, and the right one depends on several factors. For example, if you want to save on your self-employment taxes and want the option of claiming company losses as tax deductions, an S corporation designation might be right for you. Be sure to research your options and recruit the help of an online formation agency to file your paperwork so you can rest assured it was done correctly.
Consider Whether You Need Employees
If your business is a sole proprietorship, you might not need employees. If you do plan on expanding to include employees, there are some things you need to know. It's true you can use social media and job boards to connect you to local talent, but you don’t have to sort through dozens of applicants alone. You can use a recruiting agency to help you find team members who are a good fit for your business.
Get Your Business Running
Starting your own business is challenging, but it doesn’t have to be overwhelming. You have access to online tools to help you grow, and there are plenty of great resources to help you when you run into complications. Find support in fellow entrepreneurs and mentors, and keep pushing forward to make your dream a reality.Access even more great resources to help your business grow and thrive in our community by joining the Perris Valley Chamber of Commerce.