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Starting a business is one of the best things you can do to secure your financial future and independence. A business of your own is one of the best ways to enjoy financial freedom and turn your passion or hobby into a lucrative earning opportunity.

Things To Consider Before Starting A Business

Whether you are starting a business on a part time or full time basis, it is important to consider a few things first. One of the most important things to consider is what type of business you are most comfortable with.

One of the most important things when starting a new business is to start a business that is a reflection of your own interests. Starting a business that is based around an area in which you have expertise can greatly reduce the learning curve and increase your chances for success.

After all you will already have to learn the ins and outs of running a business; starting a business based around a familiar subject can make getting that business off the ground a great deal easier.

Research The Availability Of Small Business Loans

When it comes to starting a new business, it is important to seek out the financing and help to which you are entitled. Starting a business can be an expensive proposition, but fortunately there is plenty of help available, in the form of grants, loans and other opportunities.

It is a good idea to thoroughly research the availability of small business loans and financing before you start up that new business.

Consult With A Tax Advisor And An Accountant

It is also a good idea to consult with tax advisor and an accountant before starting that new business.

A good tax advisor can help you reduce your tax burden while the business gets going; while an accountant can help you structure your business in a way that will maximize profit potential while increasing the chances for success.

Writing A Business Plan

Before you start your business it is a good idea to write a business plan. The business plan is one of the most important documents you can have when starting a business.

Set Yourself Free From The Nine To Five

Starting a business is not an easy process, but it can be an important step toward getting the financial freedom you have always strived for. Starting a business of your own can be a great way to achieve success and set yourself free from the nine to five world.

Shaunta Pleasant is a professional writer and editor on business planning topics. Visit my site to learn more about planning a business start up at http://www.yourbusinesspal.com/home_internet_based_business_opportunity.html To download our business start up work shop at http://www.yourbusinesspal.com/business_start_up_work_shop.html

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Every entrepreneurial venture starts with a good idea, evolves to a bunch of amazing ideas, and with any luck, ends up as a successful business.

But how do you move from that first idea to your final success? Here are some steps to move your dreams into reality:

Define the difference. You need to be clear about how your product is unlike other competitors.

Do your homework. Are you the first with this idea, or will you have competition? Research online, visit conferences in your industry, talk to experts and search for mentors. You don't want to discover that someone else got there first after you invest valuable time and money.

Define your customer base. Who are your product or service's early adopters? Will people choose your idea over something they already spend time and money on, or will they decide this is a brand new way to spend time and money?

Determine your resource requirements. What exactly do you need to get started? Can you build it in your basement using standard tools and materials? Can you handle the startup alone or do you need a team? How much money do you need to get your idea off the ground? Expect to spend a fair amount of time on research, checking with suppliers, and talking with industry experts and specialists.

Build a prototype. Yes, this is critical with a product, but just as important if you're offering a service. If you're creating a service, your prototype can be a process map that details customer contact points and what has to happen internally to meet customer needs. A physical prototype should be working and include a clear understanding of function, reliability and production requirements.

Do the math. No plan is complete without a thorough financial analysis. This includes a realistic and convincing revenue projection and accompanying costs. You should be able to detail the estimated break-even point and future profits. If you need help on this part, get it.

Write your plan. I'm not talking about the pitch you give potential money people, I mean your internal plan for taking your dreams all the way to the finish line. You need to have this in place for yourself, so that when you wake up tomorrow you know what to do. It will keep changing, and that's okay. In fact, it's important to maintain flexibility in your plan.

When you take the leap with your big vision, you'll either bounce, crash or fly. But one thing's for sure, you'll never find out if you don't take action.