Get motivated to create your own business
Free resources on how to get motivated to create a business and become your own boss.
We now: create a company from scratch is no easy task, but it is possible. We have listed important resources from the Web to help you to become your own boss. Let’s start to create that business you have been dreaming of!
Table of Contents
1. Find or create a business idea
If you want to become an entrepreneur, you have to know where to start or what business to open. If you already know what you want to do, you can skip this section. Otherwise, you can take a look at the links that we have provided. There, you may find interesting business ideas and types of business.
Find a business idea: a list of interesting sites to take a look at
- 54 Small Business Ideas for Anyone Who Wants to Run Their Own Business
- 12 Unique Business Ideas to Inspire You in 2020
- Need a Business Idea? Here Are 55
- If you are into e-commerce: 12 Low-Investment Business Ideas You Can Start From a Laptop (No Inventory Required)
- 101 Best Business Ideas You Can Start in 2021 (and Make Money) on the Side of Your Day Job
- 27 of the most successful small town business ideas
By the way, be careful with magical solutions and easy money. These things don’t exist. When you do your research, be very realistic about your limitations and interests. Be also very careful with the source of the information. Some people on the internet will tell you all that you want to hear only to sell you something.
Keep the momentum!
Mugs to keep your motivation flowing.
2. Get motivated to learn about your personality
To become an entrepreneur, you must have an entrepreneurial profile. Otherwise, it will be difficult to get informed about the reality of the market to create a business plan. This document is very important because it will work as a map for your future company to succeed.
Know yourself: some free personality tests that you can take
- 16 Personalities: free personality test
- Free DISC Personality Test
- Berkeley Emotional Intelligence Test
- Path Assessment (they will request your email in order to take the test)
- Personality perfect
- Human Metrics
- Crystal (another DISC assessment)
- Interpersonal Skills assessment
- Verywell mind
Take as many personality tests as you can, and remember of keeping the results saved somewhere. Some of your personality traits will evolve. It’s a good idea to keep track of how you improve and of the skills that you learn during life.
Keep the momentum!
Prints that will never let you forget your dreams
3. Understand the market before creating your business
Now that you know more about your personality and that you know what you want to do, it’s time to gather all the available information about the industry, including data about the local market.
Free resources to get informed about your industry
- Market research and competitive analysis (U.S. Small Business Administration website)
- How to Do Market Research: A Guide and Template
- Conducting Market Research
- How to Conduct a Market Analysis the Right Way
- Consumer Credit (Board of Governors of the Federal Reserve System)
- Consumer Price Index of the U.S. Bureau of Labor Statistics
- U.S. Income Statistics
- Statistics of U.S. Businesses (SUSB)
- How to do market research in 4 steps: a lean approach to marketing research
The kind of market research that you will conduct depends mostly on the budget that you have available. You have some capital, spend as much as you can here. It’s really important to have a strong and solid foundation before launching your business. Especially you are investing some money on it.
By the way: sometimes, market research fails. Resist to the temptation of writing only good things about the market that you are planning to enter. Sometimes it’s better to move on to the next idea before investing time and money on something that you know that will fail.
4. Work on the business plan
Wow, look just how many things you have just done in order to create your business and accomplish your goal. Congratulations! You are great. Now that you have so much information, it’s time to prepare the business plan.
In short, a business plan is basically a written document where you describe the business’ objectives and how you will achieve its goals.
Business plans can be big and dense or very short. Some startups stick to the short version, so they may change their course of action very quickly if needed. The best thing to do is to look for a compromise between size and versatility.
Free resources to create your business plan
- Investopedia: what’s a business plan?
- Write your business plan (U.S. Small Business Administration)
- SBA Recommended Business Plans & Length (U.S. Small Business Administration)
- Entrepreneur: sections of a business plan
- Why Does a Business Need a Business Plan?
- When Should Entrepreneurs Write Their Business Plans? (Harvard Business Review)
- 9 Ways to Use Your Business Plan
The business plan’s role transcends the company’s initial building phase. It will be an important guide during the implementation of the business and during the first years of operation of the company. Therefore, prepare a business plan with due care. Remember that you can present it to prospective investors, who need to be excited about your idea.
The excitement degree is proportional to the effort that you put into your plan.
Keep the momentum!
5. Fund your business
Now that you have an idea to create your business, a market study, the necessary knowledge of yourself, and a business plan, it’s time to understand funding.
There are several ways to fund your company. Some of them involve credit, banks, and private investors. Another way to fund your company is by using your own economies.
But, as you know, money doesn’t grow in trees. So, it’s really important to be aware of all the funding options that you can dispose of. And of the consequences of your choice.
Free resources on how to fund a small business
- Fund your business (U.S. Small Business Administration)
- A Practical Guide to Funding Your Small Business with Business Loans and Beyond (U.S. Chamber of Commerce)
- A Guide to Funding Your Business at Every Stage (U.S. Chamber of Commerce)
- 10 Ways to Fund Your Small Business
- 4 Realistic Ways To Fund Your Small Business
- Business Funding Options: How to Get Financing for Your Business (National Funding)
Your personality will also have a great influence on your funding choice. Some people like to take risks more than others. Again: take the personality tests that we listed on this page if you haven’t done this yet. Understanding who you are and why you want to be an entrepreneur is very important. Especially when you decide to take a bank credit or ask other people to invest in your idea.
The capital that you have available to invest will also play a great role in this step.
6. Time to start
This is the final step and the one that everyone is waiting for. This is where you finally start to create the business. But this step has also a few substeps: for instance, you have to pick a name, register it, register your company, etc.
Free resources on how to register your business, market and hire
Registering the company
- How to Register Company in USA: Everything You Need to Know
- Register your business (U.S. Chamber of Commerce)
- How to Start a Company in the USA
- Choose an ownership structure (Department of Revenue Washington State)
- Choose a business structure (U.S. Chamber of Commerce)
- List of legal entity types by country
Choosing the business name
- Choose your business name (U.S. Chamber of Commerce)
- 5 Tips for Choosing a Great Small Business Name
- 12 Tips For Naming Your Startup Business
Hiring the right people
- How to Hire Employees: A Checklist
- How to Hire Employees: A Step-by-Step Guide for SMB Businesses
- How to Hire the Right Person
Choosing a business location
- 10 Things to Consider When Choosing a Location for Your Business
- How to Choose a Business Location: 8 Factors to Consider
- Tips on Choosing The Right Location for Your Business
Market your business
- Small Business Marketing 101
- Marketing Your Small Business For Dummies Cheat Sheet
- Small Business Marketing Ideas & Tips for SMB Business Owners
There are a few other aspects involved in this phase, but the ones above are common to any entrepreneur.
Now, it's with you
What did you think of this guide? We tried our best to present you with the most important aspects of building a new business.
Depending on your endeavor, you can find other challenges different from the ones that you have just read. But the two most important things to retain are:
- Don’t quit and
- Work hard!