READY TO START YOUR OWN BUSINESS? – So you’re trying to dip your feet into entrepreneurship because employment life isn’t for you. Most millionaires are self-employed. In a world where working for yourself and building your business is a great reward, it’s widely seen as the biggest self-actualization right now.

Ready to start your own business?
Ready to start your own business?

And with that, here are 5 important things to note when you are ready to start your own business.

1. LOVE WHAT YOU DO – This is a non-negotiable for me. You only start a business in a service or product you love to do. I guarantee you, if you do so, you will enjoy this 100%.

2. HAVE A SOLID BUSINESS PLAN – The plan is to create as much value as you can. Write down and articulate what you are trying to produce, buying & selling, to whom you are selling, and what your price is. Create a business plan (READ here: Have Clear Goals & A SMART Plan) and include financial forecasts. Adding into that, learn also how to understand your cashflow.

3. CREATE YOUR IDEAL LEGAL IDENTITY – Do you have an accountant or work with a company secretary? Ask for their help in determining the ideal legal entity you want to create. Do you plan to be a single entity business or do you want to set up a company? Do you want to be liable for the amount of capital you infuse and invest? There are plenty of options in every country and it varies from different types of taxation obligations. I don’t need to stress enough the importance of paying your own taxes now that you have your own business. This makes you more ready to start your own business.

4. CHOOSE YOUR BUSINESS PARTNERS WISELY – Having failed in some of my business ventures in the past, I can’t tell you how important it is when choosing your business partners. As much as possible, try to keep 100% ownership of your company as long as you can.

Give up a share of it if you really have the need to add a business partner and/or investment partners. These partners may only provide money as capital, but not be involved in helping run and grow the business further.

Get partners that will be invested fully in the business, not just financially. Look for partners that provide plenty of value to the business. I will not elaborate in this, but veer away from opening business partnerships from these type of people:

– Government Officials
– Religious Leaders (Priests or Ministers and the likes. Unless it’s a non-profit organization)
– Lawyers (Retainer work only)
– Police Officials/Military Personnel

It should be self explanatory to some, but for those that need explanation, send me a text 09989941104 and let’s chat about it.

1 more tip for you to be ready to start your own business.

5. LOOK FOR GOVERNMENT HELP OR SUPPORT – Being ready to start your own business can be tough. But another way to get support is through the government. They provide various kinds of support to new start-ups or for businesses that have a good financial standing. The local government has an annual budget as an initiative for new business owners. There are various bodies or small business administrations that can be approached for business loans or support.

Furtheremore, in the Philippines, the DTI (sometimes through Landbank) is the first one that comes to mind when it’s about small to medium business loans prior to approaching banks for business loans.

Book your 1-on-1 coaching session with me here: Coach Antonio


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What people talk 17 Comments

February 15, 2021 Aldwin

Conduct market research. Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

February 15, 2021 Aldwin

Write your business plan. Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.

February 15, 2021 Aldwin

Fund your business. Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.

February 15, 2021 Aldwin

Pick your business location. Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.

February 15, 2021 James Santos

You don’t need a physical store: One of the beauties of the modern business landscape is you don’t need a store front to be in business! You can sell information or services. You can sell products through your online website and have your inventory stored with your fulfillment house. You can run a software platform that loads through the web, and thus again, requires no physical store.

February 15, 2021 Nigel

Be an influencer: There is now huge market value behind people with substantial followings on social media. If you run a channel on Youtube, having hundreds of thousands of loyal followers on Instagram or are the new rising star on TikTok, you might have market value in that reach. You could start a business where brands might pay you to talk about their products or co-promote with them.

February 15, 2021 Edward

Turn Your Hobby Into A Job. Many entrepreneurs actually start out by turning their hobby into a job. Examples of this route to market include model train shops, cookery classes, niche websites or blogs, or arts and crafts stores. These all cater for niche hobbies that other people share, meaning a great market of people to sell to that you may already know through expos or exhibitions!

February 15, 2021 Anton

No matter how you decide to start a business, though, you have to be ready to work. Any business owner will tell you that it’s a lot of hard work to start and manage a business. You need to be able a self-starter, be willing to get out there and market yourself, and sometimes work more than you did with a traditional job. It’s very rewarding to be a business owner in the long run, but during the early phase of your business, there is a good chance that you will work harder than you have ever worked before.

February 15, 2021 Genesis

Social Media Marketing is a great tool to enhance a business and have a visual impact on the customers. The best part of social media is that it provides freedom to the user.

Social Media constantly demands updates and is a very transient platform. The strategies for growth that worked even a week ago might not work today.

The wheel of information of different social media platforms used for different purposes clearly depicts the wide range of the world of social media.

February 15, 2021 Rome

Don’t focus on money. “Don’t necessarily worry about where an income will come from. A good product/service will always find a way to make money.”

This is true. A myopic focus on money can pull your business off track. Whether it’s funding, capital, business loans or the perfect pricing model, back off and let things evolve. Growth doesn’t equal funding. Growth means hacking, straining, selling and doing things other than asking for money.

February 15, 2021 Joseph Santos

Talk to your potential customers.

A startup does not exist in the entrepreneur’s mind alone. A startup exists in the landscape of customers and potential customers.

If there will be people buying or using your product, you need to learn all you can about these people, from these people and for these people. Your business will live or die based on their receptivity to the product or service.

The sooner you learn about your customers, the faster you’ll be able to pivot and serve them better.

February 20, 2021 Aldwin

Refine your idea. If you’re thinking about starting a business, you likely already have an idea of what you want to sell, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can deliver something other companies don’t (or deliver the same thing, only faster and cheaper), you’ve got a solid idea and are ready to create a business plan.

February 20, 2021 Nigel

Know yourself, your true motivational level, the amount of money you can risk, and what you’re willing to do to be successful. Sure, we all want to make millions of money. But what are you willing to give up to reach that goal? How many hours a week will you work on an ongoing basis? How far out of your comfort zone are you willing to stretch? How far will your family stretch with you? To be successful, keep your business plans in line with your personal and family goals and resources.

February 20, 2021 Edward

Be sure there really is a market for what you want to sell. One of the biggest mistakes startups make is to assume a lot of people will want to buy a particular product or service because the business owner likes the ideas or knows one or two people who want the product or service. To minimize your risk for loss, never assume there is a market. Research the idea. Talk to real potential prospects (who aren’t family and friends) to find out if what you want to sell is something they’d be interested in buying, and if so, what they’d pay for the product or service.

February 20, 2021 Edward

Plan to succeed. If you’re not seeking investors or putting a huge sum of money into your business, you may not need an elaborate business plan, but you still do need a plan – one that specifies your goal – your destination – and then lays out at least a skeletal roadmap for how you’ll get to where you want to go. The plan will change as you progress and learn more about your customers and competition, but it will still help you stay focused and headed in the right direction. Use our business planning worksheet to help develop that basic plan.

February 20, 2021 Genesis

Some people believe that entrepreneurs are risk-takers. But for the most part, successful entrepreneurs don’t like walking blindfolded on a limb. Instead, they take controlled risks. They test an idea on a small scale, then build on what works well, tweak what shows promise, and discard the disasters.

Start on a small scale before going all out.

March 30, 2021 WHY I DON'T READ THE NEWS - Antonio Aguirre Jr.


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