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If you want to start a business, but don't know where to start, then the place to start is with "Start Your Own Business: The Only Start-Up Book You'll Ever Need" by Rieva Lesonsky. The book is put out by Entrepreneur Press and is essentially a compilation of Entrepreneur Magazine's large knowledge database regarding starting a business.
The book literally takes you through the entire business process - from determining if you really have what it takes to run a business to how to deal with failure if your business doesn't work out, and everything in between. The best part about the book is that it covers nearly EVERYTHING in some capacity. If you need more information, it does a great job of suggesting further reading and pertinent web sites.
The book is broken down into seven sections, each with several chapters. The first section, 'You Gotta Start Somewhere' covers determining if you can be an entrepreneur, how to come up with an idea for your business, and whether you should launch your business part time or full time. Most people who buy the book will already have answers to these questions, but going through the exercises in the book can still be helpful.
The second section of the book is entitled 'Building Blocks'. It covers how to name your business, choosing a business structure, creating a business plan, and how to hire a lawyer and accountant. I think that this is the most valuable section of the book. These are the things that most entrepreneurs either struggle with or ignore. The "Naming Your Business" chapter in particular helped me a great deal. Naming your business is not nearly as easy as you think - you need to consider all registered trademark names, registered domain names, and names that are being used but not trademarked. One of the worst things that you can do is to pick a name that is already being used by someone and face a legal battle down the road.
The third section covers financing including where and how to get money to run your business. The fourth section, 'Setting the Stage' is absolutely massive and covers numerous important things such as choosing a location for your business, creating a professional image, offering customers credit, hiring your first employee, and business insurance. Needless to say, all of these things are extremely important to every business owner.
The fifth section covers buying company computers, cell phones, and cars. These things probably won't be very difficult for most business owners. The sixth section, however, covers one of the hardest thing every business owner faces - marketing. The section is nearly 100 pages about advertising, marketing, and public relations. It also briefly touches on web-marketing but those looking to seriously profit online will need to look elsewhere because the book is a little thin when it comes to e-commerce.
The final section, entitled 'By the Books' goes over every entrepreneurs favorite things - accounting and taxes. It gives solid advice regarding basic bookkeeping, financial statements, budgeting, and taxes. For most business owners this section and the web resources listed should be more than enough to get them started on keeping their business legal.
I can't overemphasize how important I think it is for every business owner to have this book. It is a mini-encyclopedia (ok, so 800 pages isn't THAT mini) for everything business related. Having this book on your shelf will save you countless hours. I read it from cover to cover when I got it and I constantly refer back to it. I have recommended it to every person I know that has talked with me about starting a business. Each and every one of them bought it, and each and every one of them came back to me raving about it.
For the amount of depth that is covered in the book, Start Your Own Business: The Only Start-Up Book You'll Ever Need by Rieva Lesonsky is an amazingly easy read. Anyone over the age of 16 will be able to comprehend the simple nature of the book. Reading this book won't guarantee your success as an entrepreneur, but it will help reduce the risk of starting a business by providing you with a sound foundation to build upon.
Before considering taking this major leap it is important to weigh your options and as well evaluate the situation by asking yourself a number of questions. Some of these questions in fact may be very difficult to look at. The end result is an assessment of your current financial as well as employment and career situation at present or in the near future.
Basically these questions focus on a number of areas and financial attributes.
First how well do you know yourself and your passions? While most people view their 50's as a time to slowly transition from the full time work environment to a situation of less time and energy placed on their employment and career tasks, starting a business can be a busy and stressful time. You may not want all the fuss and aggravation. If you enjoy challenges and are willing to burn the midnight oil to see your dream become a reality, then you already have two essential qualities of a great entrepreneur.
Next you do not have to jump into the pool Start slowly and edge toward your goals.. If ending one career to begin a new one seems too abrupt and indeed scary and frightening consider in essence to take baby steps first. You have to learn to walk before you can run. Start your business part time while working with your current employer. Be careful however – some jobs that have a lot of unsupervised time where you are on your own and your terms of employment do not allow this. Best not to throw away 10 $ for a return of a penny. Another area of concern may be that you may be entering a field with your expertise that conflicts with your employers business also resulting in problems for you. In such cases it always best to ask. As is said “It never hurts to ask.”
You can well trust your most valued asset – your experience. How often it is said “If I only knew 10 % of what I know now when I was younger”. While it may be true that youth has drive, energy and strength you have the asset that is most valued – experience, coupled with brainpower and wisdom. Being in your 50's gives you a wealth of work and life experiences that can help you drive this new stage of your life. Use this experience to decide what type of business you want to venture into: such as sole proprietorship, partnership or franchise. If you are indeed a lone wolf who likes to get things done promptly setting up a partnership may not be a good thing and indeed be more than frustrating.
Lastly a major difficulty in starting any business is undercapitalization. The primary source of capital for most businesses comes from personal savings. Using all of your savings may be risky to financing your own business.
In the end everything in life is ultimately the risks involved versus the rewards possible, Do you want a start a new business when you are in your 50's ? Are the risks worth the potential rewards to you?