Starting Your Own Business

Starting your own business, particularly a home business is a dream for many people, particularly in the current economic climate.

Something like 60% of people are sat in businesses right now wanting to start a home business – but, only 3% actually do it. What holds people back is often fear of failure or lack of skill. However, that doesn't have to hold you back as if you have the true desire to find a home business that can work for you, I can help you to develop the skills, knowledge and set you on a proven path to success.

Go for it!

Particularly in the UK, we are a nation of “what ifs” and “it won’t work”. If you’ve done your homework and believe in the idea of starting a home business, go for it! Also, remember that everyone is an expert, even if they’ve never run a business before. Trust your instinct – not theirs!

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Steps to Starting a Business

You are looking at starting your own business but the Internet is awash of information and you are worried about getting your fingers burned. Don't worry, if you just don't know where to start, this guide gives you the steps, pretty much in the order you should tackle them, to starting a home business online.

I know that if you are anything like me, you might want to skip a few steps and just jump straight in. Take it from me, you need to take things slowly and steadily.

Think about the famous fable of The Tortoise and The Hare.... in that scenario, the tortoise wins because he just takes things one step at a time.

Follow the same approach and you should be fine. In this race, you can't afford to rush headlong into things or you will go broke!

Just follow the steps below:

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Step 1 - Personal Evaluation and Setting Personal Goals

Step 2 - Consider your own Circumstances

How will your circumstances impact on the business you choose?

Different people have different challenges at different times in their lives. Our own circumstances are unique and often we are unsure if we can actually manage to build a home business given our personal challenges.

Retirement work from home

Students worried about having to go into debt

Mums working from home

In reality, many other people in similar circumstances are doing exactly the same thing and succeeding. We just don't know about them.

Step 3 - Research your Niche

Step 4 - Your Personal Business Requirements

Step 5 - Do your Research. Yes, more research!

Also, read about avoiding scams on the Internet.

Step 6 - Your Target Market

Step 7 - Consider your Unique Selling Position

This is something that many people find very hard. In order to be successful you need to differentiate yourself from everyone else and identify your unique selling position. This may be specialist knowledge, experience in a particular field that makes you the right person to do business with. For example, I have a teaching and business background in addition to a degree in computing. One of my unique selling positions is that I have the knowledge, skills and patience to teach anyone how to use a computer to develop an online business.

For a valuable lesson on How to Stand Out From the Crowd (your unique selling position), get your free Renegade University account and go to The Renegade Classroom where you will find a whole host of valuable free training.

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Step 8 - Financial Considerations

When starting out in business you are likely to have to spend out more money than you earn in the early stages. Inevitably there will be set up costs, a fee of some kind to buy into whatever business you enter into, ongoing monthly costs and all before you have earned any money.

Don't expect to start earning a 5 figure income overnight. In most cases, is just won't happen. In fact it may be a good few months before you begin to earn a significant income.

Consider how much money you have to start this business. Don't invest your life savings in one foul swoop unless you are really sure of what you are doing and can afford to lose it!

Consider what your monthly ongoing commitments will be and on that basis how long your available finances will last.

If finances are something that are tight, consider my free training on internet marketing. There are many free resources that you can use to start promoting your business without spending a fortune and many of the resources you can use on the Internet are free. This information on building on a budget shows you many free options open to you.

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Step 9 - Evaluate the Viability of your Business

I have used the SWOT analysis in many different scenarios. Within my time in business, it was something that we regularly looked at to see what direction we should be moving in and for identifying new opportunities to move with.

Consider using the same approach now to evaluate the viability of your new home based business idea.

You should have by now you researched your business and have a good idea of how you might move forwards. Unless you have done this you will not get the most of this process.

Use the process to identify the pros and cons of your business. It will also enable you to decide between different possibilities or to ensure that any "cons" in the equation are minimised before going ahead.

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Step 10 - Writing a Business Plan

Step 11 - Setting Business Goals

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Goal Setting Forms

Top 10 tips for starting your own business online