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How to Create Your Own Business

By Charles Hopkins Published 09/19/2006 | Entrepreneur

If you want to start a business of your own there are a few things that you need to think about. Do you have good business skills or just good ideas? Do you have the financial wherewithal to quit your job and risk some time with no income?  Are there people you can trust to come into a business venture with you? Will your bank manager be as enthusiastic as you are and loan you money for a start-up? These questions are only the beginning. Once you have answered them there will still be many more questions youll have to ask yourself before you open your own business.

The most important question is what do you have to offer to consumers that will get them to spend money? Are you a professional like a doctor, dentist or lawyer who is ready to set up his or her own practice after having worked for another firm? That will require some advertising and word of mouth until your practice builds up as the clients or patients begin to hear good things about you. This takes time and you will sometimes sit alone in your office waiting for people to come in. If youre good at what you do, have a nice manner to deal with, and offer your services for a reasonable rate then over time your practice will build up and you will be pleased to see how your business grows.

Perhaps, you want to open a retail outlet of some kind? If so location is everything. You must make sure that you have a good source of walk-by-traffic.

Again advertising is important to bring in the customers. Flyers in mailboxes, advertisements in locals newspapers and handed out to people passing by will help to bring them in. Perhaps some perk for first customers, a giveaway or product discount will get the consumers to come and look. A catchy name never hurts either. In only a few words you want the customer to know exactly what you have to offer that will make them walk in your front door. Use your front display window to lure them in. Remember first impressions go a long way in winning customers. It doesnt matter if you are a restaurant, clothes store, DVD rental or laundry mat. How the customer feels in that first few minutes will make their decision on whether they will come back, having sung your praises to their friends or walk on by the next time.

No matter what it is you are going to do when you open your very first business be sure you have a good accountant and a good lawyer. These two professionals will be essential to whatever type of business you have. Be prepared to call on them if you need advice. Remember you cannot expect to handle all aspects of the business that you will be running and just like you might need experts in marketing or managing, youll need your legal and financial experts to help keep you on the right track.