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 Kohli Ventures
17 August 2016

Start Your Own Business: A How-To Guide

Becoming your own boss is the dream of millions of people around the world. It might be making it as a best-selling author, it could be getting your name out there as a reality star – but for most people, it’s setting up their own business that holds the appeal. Who hasn’t struck upon an idea that they think might be business gold, only to lack the knowledge of how to take that pipe dream and make it a reality?

If you’re dedicated enough to start really considering setting up your own business, you’ve already taken the right step – research. Here’s our guide on what to consider next.

Step 1: Take a long hard look at yourself

Chase the vision; not the money. The money will end up following you[1]

Tony Hseih, CEO of Zappos

 Not everyone has what it takes to run a business. Commitment, dedication and tenacity are essential – not to mention the willingness to make personal sacrifices to help it succeed. Do you have what it takes to work long hours and put in the hard graft before enjoying the fruits of success?

If you’re just in it for the end result, you may be in for a bumpy ride.

Step 2: Develop Your Concept in Detail

Ideas are easy. Implementation is hard”[2]
Drew Houston, CEO & Co-founder of Dropbox

Make sure that your idea has legs. It should be something that you’re passionate about and have some experience in, not just something that you’ve seen other people have success with. Start crafting an in-depth business plan – this should cover:

Target market & Market strategies – Who do you want to sell to or service, and how will you position yourself to appeal to them? How will you differentiate yourself from your competitors?

– Design, Development & Operations – Describe how your product or service will make money and explain the logistics of how the business will function on a day-to-day basis.

– Costs & Budget –
It’s essential to have a clear idea about the costs of running your business and how much investment you’ll need to set it up in the first place.

Step 3: It’s All About the Money

You can have everything you want in life if you just help enough people get what they want in life.”[3]

Zig Ziglar, Motivational Speaker

To get your business going, you’re going to need an initial injection of cash. That might be from credit cards, a loan, your savings… or from investors. This is where having a persuasive business plan will really come in handy. Finding the right investor will give you support to really go for it, plus will provide an invaluable source of advice.

Step 4: Think About the Structure

“By failing to prepare, you are preparing to fail.” [4]
Benjamin Franklin, Founding Father of the USA

Now comes the nitty gritty; what will the ownership of your company look like? Are you a sole proprietor? An LLC? A partnership, cooperative or non-profit? This will affect your tax obligations and what permits and licenses you need to operate.

It can be helpful at this stage to employ the help of an accountant or a lawyer – someone with a good grasp of the financial and legal requirements of your business.

Step 5: Put in the Hard Work 

I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”[5]
Steve Jobs, Co-Founder of Apple

Trying to get a business off the ground is going to be hard work. You will get rejections and criticisms. You may have to be flexible about the route you take to realise your vision. You will work long days and late nights. The quality of the character will be tested – but work hard, take rejections on the chin and keep on going. It’s the only way to make it happen.

One thing sets entrepreneurs apart from everyone else; they made the move to start something. Even the Tej Kohli business group did not begin as a billion-dollar organisation, it began with just one man. So if you really want to pursue your dream, don’t put it off. Start thinking about how to make your dream a reality, today.