Your job takes up a huge amount of time in your overall life, which is why it is so important to do something you love and that enriches your life. With this in mind, it is quite possible that you have already considered the benefits of starting up your own business.
Running your own company can be a wonderful thing as it allows you to make a living doing something you feel passionate about while also being your own boss at the same time. The freedom and excitement this can bring to your life is fantastic as long as you are prepared to put in the hard work to get things off of the ground.
To help get your creative juices flowing and thinking about your future business in real terms, this guide has been compiled to aid you in achieving your goals and loving your work.
Study, study, study
If you are going to go into business, you need to make sure you have the right skills to make it work. For this, a good place to start is by going on the Southern Cross University website and reading up on some of the online business courses they run, which include:
- Master of Business Administration
- Graduate Diploma in Business
- Graduate Certificate in Business
Why study business?
Studying business will give you a foot in the door to one of the most exciting and vibrant industries out there. Furthermore, by studying business in an online course, you will be getting the skills needed to go into a range of industries, as courses encompass a wide group of programs. Some allow you to specialize in subjects like human resource management, economics, strategic management, and accounting.
What’s the big idea?
Once you have some of the essential skills of business under your belt, you need to develop the big idea that is going to govern what you do with your business and there are many different ways to come up with a winning business idea.
One of the things that often stifles people from coming up with great ideas is the incredible pressure to be wholly original right from the very start. Instead, compile a list of ‘maybe’ ideas that do not have to be perfect or come to you fully formed but are simply an example of blue sky thinking. When going back over this list, you might see something promising that you didn’t think of before which can form the foundation of your business.
In conjunction with this, write two lists, one of the things you enjoy and the other of all the skills you have that you can bring to a business. With these two lists, you will then be able to see some correlations between the two that will allow you to pinpoint exactly what your strengths are for what business.
Once you have your idea, you need to learn how to write a mission statement. If you don’t already know, a mission statement refers to the ethos and drive behind your business, the values your company and products represent. Writing a mission statement that is impassioned and personal will help to excite customers about your business and encourage them to spend their money with you.
The money to get things started
To get your business off of the ground, you are going to need some money to get started, which means securing a loan. If you have never had to apply for a business loan before, then looking for some tips to improve your loan application will increase your chances of being successful. These tips include:
- Having a clear and well thought out budget for what every single penny is going to be spent on
- Remembering the 5 C’s: capacity to repay the loan, how much additional capital you need, the current condition of your business, the collateral you use to secure the loan, and your overall character as a business owner.
- Making sure your credit score is high before you apply
- Building a relationship with the lender
All of these tips will help you to secure the start-up money you need to succeed.
Assembling a team
The final thing to think about is what to look for when holding interviews.
With a new company, you will never have had the experience of hiring someone and it can be tempting to rope in your friends and family to help out, but this is not the best course of action. Choose people who have a track record of working well and skills that will aid your business.
