whats the first step in owning your own business?
The first step is knowing that there is no right first step! Parthey has a great list of recommendations for next steps but I'll answer from a different perspective
I retired from my corporate role to start my own 'thing' which I thought would offer me a lot of flexibility in terms of setting my own schedule, spending more time with my family, and feeling more secure. All of those things "could" happen, but don't happen right away. You need to be patient, be willing to adapt daily to new challenges, and always take the customer point of view. To that note, here are a few things you can do to get started:
Tom recommends the following next steps:
It's great to see that you're interested in owning a business! I hope I can provide some advice based on my experiences with my family. My family has had a couple different experiences with owning businesses. First, my parents owned a general goods/grocery store for 3-4 years. After those years and a lot of incredibly hard work, they switched to working corporate jobs for a few years. Then they entered the hotel/motel business, where they have been for the last 7-8 years. Here is my advice from what I have seen:
- Understand that owning a business means that a 9-5 job does not exist. If your goal is to have the freedom to be your own boss (which is definitely a great benefit) you must also understand that if any issues come up in your business, you are ultimately responsible. For example, if an employee does not show up for their Friday or Saturday night shift, you might have to run and take the shift for them, no matter what your plans are for the weekend.
- Get used to potential swings in your income. You may not see a regular paycheck for the same amount every week or every two weeks as you would working for someone else or for a company. Your income will depend on the success of your business and how much work you put into it.
- Flexibility is a huge plus-side. Sure, you may have to work during odd hours sometimes to meet the needs of the business, but you can also take a morning off for a doctor's appointment, leave early to finish errands, etc. This requires organization and planning in advance, but immense flexibility can be achieved if planned correctly.
Parthey recommends the following next steps: