Have a good look at yourself and consider asking yourself these questions:

• Are you an individual that is looking to get out of the nine to five routine of a career under an employer?
• Are you an individual that wants to start their own business and has the hunger to be his/her own boss?
• Do you have your own small business idea that you really can’t wait to have a go at trying to make a success?
• Do you have the desire to work for yourself and think you can succeed going it alone?

If the answer is Yes to any of those questions, then it looks as if you have passed the first personality test it takes to be self-employed – Let us continue.

Starting a small business will be one of the most demanding challenges you as an individual will face in your life time, that I guarantee. The pressure and work load placed on small business owners and entrepreneurs is quite often too much, hence why so many businesses fail within their first two years. A lot of people work at their most efficient when they are under pressure. Pressure drives motivation and a lot of people need that sort of challenge to feel like they are really working towards a target. Some prefer not to be pressured but quite often these types of people aren’t risk takers and generally are left in full-time employment under the command of their seniors. You need to work out which type of person you are. Can you work under pressure and are you prepared to take risks? Or would you rather somebody else relieved you of those pressures? – If the latter, my guess is you’ve found the wrong website today.

Running your own small business is a big commitment to shoulder. It also has a responsibility that you have to be 100% dedicated and committed to, combined with having a hunger for success. Let us not forget that as a self-employed individual, it is up to you to bring home the bread each night, its up to you to hit revenue and profit targets – it’s your business.

I would imagine by this stage you have a number of questions floating around your head, perhaps even a few mild concerns over whether you are truly right for business. I’m not going to lie but so you should, too many small business owners underestimate what it takes to be a successful entrepreneur which is perhaps why failure rates are so ridiculously high. These doubts you may be having are perfectly normal and this is the reason why this is such a topical discussion to help you alleviate those doubts before you make the decision to consider a small business startup.

The thought of a challenge should always motivate you, so to should the thought of your businesses success. You should be prepared and absolutely committed to putting everything you can muster into making your business last through its early months, as these are without doubt the most important for your businesses future. If this isn’t you, that’s fine, but self-employment definitely isn’t for you I’m afraid.

To your success!

Once you’ve established that your small business idea is viable, the time has come to move forward with setting up the formalities. In a past post I gave you some quick fire tips on setting up your enterprise. I’ll now further discuss how to create your own small business startup checklist. A more detailed summary is below:

Pick a business name – and get it registered

This is the first step of the small business startup process that is exciting and fun! Get creative – your business name should be simple, catchy, and memorable, and it should sound like you. Remember, this is how the entire world will view your company, and you want to ensure that your name exudes your branding strategy and is easy to remember.

For example, Kodak’s name was created because the original founder read about a study that said the most memorable business names started with the letter ‘k.’ For good measure, he ended his company’s name with the letter ‘k’ as well!

Once you’ve picked the perfect name for your business, consider getting it registered right away. The costs are minimal – generally no more than a few hundred dollars – and it protects you, just in case someone else comes up with the same brilliant business title that you did.

Create a business plan

You need to clearly define what you’re trying to accomplish, and what earmarks will tell you that you’re moving toward your goals. Decide what success will mean for your business, and give yourself a deadline. Refer to this often, so that you know you’re continually staying on track. Remember, those that fail to plan, plan to fail – a business plan is of vital importance.

Establish a relationship with a bank you like

You want to keep your personal funds separate from your startup business finance. Create an account at a bank you have perhaps used before or comes recommended right off the bat. Do some research, and determine what type of small business bank account fits your needs. A good bank will want to establish a long term relationship with you as your business grows, and will work to do just that from the first. Keep in mind that your bank may be the biggest investor in your startup enterprise – and the earlier you can start relations, the better.

Develop your marketing strategy

Even the “best” product or service in the world will fail without marketing. Making consumers aware of your business is the biggest hurdle in growing your revenues. Create a solid marketing strategy long before you open the doors. Your marketing plan should include several elements: market psychology, target customer, and overcoming competitor strengths.

If your budget is limited, be creative in how you can reach your target audience. With the popularity of the Internet, there are plentiful ways to reach large amounts of customers that are very affordable. For example, you could start a blog, join a forum, or write articles in the industry – all these marketing avenues are essentially “free,” yet introduces you to the world of your target customers.

Establish your prices

Conduct market research to determine what the going rate for your product or service is, and establish your own prices accordingly. Consider what your branding strategy is. Are you positioning yourself as the “luxury” provider, and thus, will have higher prices? Or will you undercut the market rate and position your company as the “budget-friendly” company? Remember, the key is to ensure that your branding is in line with your pricing.

Network with other professionals

Attend events within your community that give you a chance to network with potentially valuable business contacts. Join the board of a charity you care about, or even host a networking event yourself in celebration of your business’s launch. Word of mouth still remains the most powerful form of advertising, exchange business cards whenever possible. You never know when an important business contact may become a powerful asset to your company.

Consult with a lawyer (if necessary)

If any of the legal aspects of establishing your small business startup seems confusing or dense, don’t hesitate to consult with a lawyer. Even if the legal fees may seem expensive, they will often offer a consultation for free, and in the long run, they can be worth every penny that you may have to pay.

Build your team

Your business is only as powerful as the talent that works within it. Recruiting talented individuals for your business creates the solid foundation that will allow it to reach its full revenues potential. However, if your startup funding is limited, you may not have an opportunity to take on employees. Nonetheless, there are many freelance independent contractors you can hire. You benefit from their specialty, but only have to pay them when you need them – making it a win-win situation for your company.

Once you’ve reached the point that you’re able and looking to hire, recruit the best talent you can find and afford – Your small business startup will thank you!

Starting your own small business while you are in full time employment is actually a very sensible route to pursuing your dream of running your own enterprise. The good news is, it’s absolutely possible to run a small business alongside your day job, the key question you need to ask yourself however is whether you have what it takes to take your business to the next level.

One of the advantages of pursuing this route over dumping your employer and risking it all are the financial security benefits. The vast majority of us require a moderate level of sustained income and depending on your financial or personal circumstances; it really may not be a sensible idea to risk you or your families lively hood by pursuing your startup business idea without some form of financial security. Running a startup business part-time alongside full-time employment is a viable starting route, sure it’s not easy to manage your own business, your day job and your family all at once but those who are committed will make it work.

Unfortunately you really can’t afford to leave your full time job (especially if you are on a career or development path) until your startup is truly off the ground and making adequate income to support you and your family. Of course some people do, but that is an extremely risky strategy and I would be inclined to say that timing is everything and leaving your day job premature carries heavy consequences should your startup fail.

The dilemma of balancing your own time will be what you will find most difficult, especially if you have a family to consider too. There is no hiding it, it’s a real struggle to manage a startup business whilst still being in full time employment and trying to fulfil your family responsibilities.

In order to move forward, you need to consider making the “big break” – a decision to pursue your startup business on a full-time basis.

A few of the questions you should be asking yourself before doing this are:

• Have I developed my business to an established and profitable level thus far?
• Do I have enough scope to develop this to support me financially?
• Have I developed my business plan enough to provide the direction for my businesses future?
• Do I have what it takes to run my own business on a full-time basis?
• Is the time right in my life to take things forward? Are the risks too high? What are the consequences if things don’t go to plan? How can I plan to cover myself in the event of failure?

It’s not an easy choice to make, as you can see – don’t take the decision to take the plunge lightly.

The startup phase of your company is critical to its future success. This phase determines whether you put the proper infrastructure – legally, financially, and in marketing terms – that will propel your business to success. The key is to develop a solid support system in place, which will assist you with startup guidance when you may need the help.

Mistake #1: Selling the wrong product

For many entrepreneurs, the greatest hurdle occurs when you realize your product or service is not one that public demands – or one where they will beat down your doors to obtain it. Therefore, in terms of startup business advice, the key is to nip this problem in the bud. Before you even open your doors, you must evaluate the strength of your product or service. The economic principles of supply and demand must come into play in your startup guidance.

Break down the analysis into smaller categories, and ask yourself the following questions:

1. Does my service or product I’m offering satisfy some need that previously went unsatisfied?
2. Does my service or product target a market already in existence in which demand is known to exceed supply?
3. 3. Can my service or product compete with already established businesses that target the same demographic I’m looking to pursue?

If you can answer ‘yes’ to one or more of the above, you’re in good shape to launch your small business startup!

Mistake #2: Becoming a “Jack-of-all-trades”

Too many businesses overextend themselves – and end up closing their doors. An illustrious example is the Chinese restaurant that sells coffee and bakes donuts, as well as sends out faxes and DHL packages.

In today’s competitive marketplace, it is critical to develop your niche market. Keep the old adage “a jack of all trades is a master of none” in mind as start up guidance, and this wisdom can serve your business well.

If your product of service is too generalized, you could overextend yourself – as well as undercapitalize upon your target audience. In too many scenarios, general companies leave their customers unsatisfied, because a seemingly over-promise is under-delivered.

Mistake #3: Underplanning for contingencies

Another common mistake that many startup business entrepreneurs make is that of underplanning. The more you plan, the better you’ll do. The power of your business plan resides in planning for the future. When you can think out the varying scenarios, and how you will appropriately react, you already set the foundation to guide your business the right direction.

Sometimes mistakes lead to unexpected benefits

Most of all, don’t forget that sometimes mistakes can lead to future successes! The donut, light bulb, and fireworks are all great examples. When something goes wrong, learn from that mistakes and move forward stronger. However, during the startup stage, the more you can empower yourself with knowledge and plans, the more likely your business will enjoy future success.

Startup Checklist

Starting a new business can often be a stressful and busy time for you and your family. Maintaining your business will require good organisational skills – The following checklist for business startups can be useful when you’re first brainstorming small business startup ideas:

1. Pick a business name – and get it registered
2. Come up with a business plan
3. Establish a relationship with a bank you like
4. Network with other professionals
5. Consult with a lawyer (if necessary)
6. Establish your prices
7. Determine necessary financing, and how to get it
8. Find some office space
9. Plan for the worst – always be prepared
10. Organize a data recording system
11. Recruit new employees
12. Utilize a daily management plan, and stick to it

There are many steps involved in setting up and launching your small business startup, and many go beyond the above small business startup checklist. Remember, the more you plan in advance for your business, the greater your chances of entrepreneurial success!

The Three Stages: think, motivate, plan

Small business startup ideas all stem from the same place: your own ambition and experience. You made the first leap in deciding to start your own business – which shows that you’re different from the typical person because you’ve decided to become an entrepreneur. This fact alone separates you from being an ordinary member of the public to being a potential business owner.

Think about your logical strengths

From there, you must ask yourself certain questions regarding your own background, experience, and interest. What do you know how to do well? What are you passionate about? Take an ample amount of time to really sit down and evaluate your strengths, as this will ensure that you are choosing a path that is logical for you. This also increases your chances of being ultimately very profitable.

Motivate with your goals

Motivation is the next step to take your small business start up idea into reality. Most people have a 9 – 5 while they startup their dream business, and extra motivation is key to creating a prosperous, realistic company. Write down your goals for the business – and for yourself – to help with the motivation. Times are not easy during the startup phase, but having your goals in front of you will motivate you to take your business to the next level and beyond.

Create a detailed business plan

Those who plan – plan to succeed. Creating a powerful business plan is the key element to turning your small business startup idea into a profitable reality. Your business plan forces you to walk through each step of the process, which helps you determine whether your strategy is feasible. Make sure you carefully evaluate your target customer base, pricing, financing, advertising, budgeting, and market competition. The more you plan, the more likely your business will enjoy the sweet taste of success and avoid falling into one of the most common business startup mistakes.

Always keep costs and the financial aspects of your endeavor toward the forefront of your mind, but also don’t let them hamper your creativity. Come up with a rough ballpark estimate as to what amount of capital you’ll have to launch your business, and then work within those confines when brainstorming small business startup ideas. It’s a good idea to have this financial framework in place before you start brainstorming; this ensures that you do not waste time with ideas that may be outside of your financial limitations.