What Do You Really Need to Start a Business?

business
photo credit via pexels.

Millions of Americans dream of starting their own business and taking control of their lives, time, and finances. Sometimes it may feel like everyone sees success with their startups and there’s no reason you can’t start your own. But, other times it may seem like you’ll never have the perfect idea, capital, or resources, to start your own business and succeed. Between drafting a business plan, finding seed money, creating a brand, designing a logo, coming up with a killer slogan, drawing in customers, etc. it may seem like starting a business is something you’ll never be able to do.

When it comes down to it, starting a business is simpler than it seems. With tools and resources like online slogan generators and budget creators, as well as marketing tools, social media, and so on, most of the minute details can be automated or made simpler, letting you focus on building and growing your business, taking control of your life, getting out of debt, and enjoying the freedom of being your own boss.

So, what do you really need to start a business?

An Idea

Your idea doesn’t have to be new, innovative, and original. Your idea can be built off of something that already exists. In fact, businesses that thrive are businesses with a product or service that solves an everyday problem. Don’t get hung up on creating the next big thing—instead, think about what causes you frustration and what you could do or create to change that.

Time

Even more important than having money is time. You can start a business with little to no money at all—it’s called bootstrapping. What you can’t do, though, is start a business without putting any time or effort into it. If you’re short on time or can’t put in the time you need to, then your business won’t go very far until you commit the time and effort necessary.

Information

After you’ve come up with your idea, you’ll need to do a lot of research to gather as much information as you can about the industry, the niche, and your target audience. The more information you have, the better you’ll be able to market your business and reach your audience. You don’t have to be an expert in your field, but you will need to at least have some basics.

Passion

A lot of people think that they have to be passionate about their product to sell it well and run a successful business. While it’s important to be passionate, you don’t have to have a passion for your product or every single one of your products—you need to be passionate about the business and determined to make things work.

A Business License, EIN, etc.

You wouldn’t want to run a business illegally. Once you have your idea and are ready to get started, you’ll need to apply for a business license, employer identification number (EIN), and anything else that your state requires to operate the type of business you want to start. It’s important that you follow all rules and regulations set forth by your local authorities—even if some of them seem pointless.

Something to Sell

This one is a no-brainer. After you’re all legal and ready to go, it’s time to start selling. Whether you plan to sell a product or products or want to offer a service, you’ll need to have what you’re offering outlined and ready to go when it’s time to launch your business.

A Website

We live in an online world. People turn to Facebook and Google before they’d even consider looking a business up in the yellow pages. Since so many consumers turn to the Internet to find a business, it’s important to have a website and conduct SEO so that you can draw as much attention to your business as possible and bring in more visitors and customers to your site.

A Plan

While having a full business plan is a good idea, you don’t necessarily have to sit down and hash one out to start a business. You will need to have a plan, though. As you start your business, you’ll want to come up with a good idea of where you want your business to go, how you’ll get it there, and in what amount of time.

Final Thoughts

Too many people let fear hold them back from pursuing their dream of being an entrepreneur, but starting up a business could be a lot simpler than you think. Although it takes time, hard work, and dedication, there are a lot of tools and resources out there to help you along the way. Why do you want to start a business?

Melanie Kampman

Melanie Kampman is a web designer, developer and owner of Giveaway Bandit and Farm News for Kids. She lives in Northwest Missouri on a large family farm with her husband and eight year old son, the Giveaway Bandit. They raise cattle with a variety of pets including horses, chickens, ducks, and a slew of cats. By Melanie Kampman If you are interested in writing a sponsored post on Giveaway Bandit please email me at melanie (at) giveawaybandit (dot) com.

Giveaway Bandit is your destination to win prizes in online giveaways, free stuff and sweepstakes. We are a lifestyle blog focusing on product video reviews, travel, giveaways, home, garden, recipes, diy and entertainment.

Submit your listing to our giveaway directory - contests, sweepstakes or giveaways! Plus, we share them with our fans on social media!

Shopping

I Love Zazzle