Ready to Start Your Own Business? Tips for Getting Started
June is National Women’s Confidence Month. Many women find that owning their own business gives them tremendous confidence. It helps you take control of your finances, set and reach goals, and enjoy the satisfaction of accomplishing what you set out to do.
This economy has been a tough one for many families. Many people have lost their jobs, and families have been forced to find new ways to earn an income. One way families have done so is through direct selling. It’s a low investment way to start your own business. What’s nice about direct selling is that it can be done around other priorities. So if you’re looking for work, you can do it on the side and still bring in some income. Others start part time, with the intention of going full time once they reach a certain income level.
Have you thought about starting your own business? Here are some tips to help you get started:
- On Your Own or With Support? Decide if you’ll start a business from scratch (larger investment of time and money), or if you’ll start a business under a company (direct sales or franchise).
- What Kind of Business? Are you interested in consulting, sales, virtual administrative support…there are many things you can do. Decide what you’re most interested in doing, and where you’ll earn the income you’re looking for.
- How Much Will I Need to Invest? Be sure you understand the costs involved in starting a business. Do you have the money, and are you able to earn your initial investment back quickly?
- Do your Research! Research the type of business you want to start. Who has been successful in this business? How much time is required? Will you need to learn any new skills to be successful? Is training provided? How much income can you earn? If possible, talk to others who have run a successful business in the field you wish to work. A women’s business center in your area can be helpful as you conduct this research.
- Check Out the DSA Website. If you’re thinking about a direct selling opportunity, check out companies that are Direct Selling Association members (http://dsa.org). These organizations agree to comply with the DSA code of ethics, which protects you and the consumers you’ll work with. It’s a great idea to choose a DSA company that offers a product line you love.
- Tap Your Warm Market. Talk to your friends and family about the business you’re thinking about starting. Are any of them potential customers? Would they do business with you? It’s great to get a feel for your “warm market” prior to starting your business, as this can be a great foundation from which to start.
- Read Any Contracts Carefully. When you start your business, you’ll likely need to sign agreements or other contracts. Be sure you read these carefully, so you know exactly what terms you’re agreeing to. When in doubt, consult with an attorney who specializes in small businesses.
Above all else, be sure you choose a business you’ll enjoy. After all, you’ll most likely be spending a lot of time on your new business. Be sure it’s something you’ll still enjoy a few months and years from now.
Owning your own business can be a fun and profitable experience. It also helps you develop new skills, and the confidence you need to succeed. For additional resources related to running your business ethically, we invite you to check out the resources on our Facebook Page. We wish you luck with your new business!