Starting A New Business. Checklist, Direction and Thoughts To Consider

Keeping Checklists

What Do I Need To Succeed?

Typically when you want to start a new business you should have a list of essential things you would want to need. Some of which include the following:

  • Licences and permitsDocuments
  • An office
  • Legal entities
  • Start up money
  • Possibly employees
  • Insurances
  • Business Connections
  • Tax related things such as an accountant for example

And that is just a fraction of things you need. Let alone the hours of time spent on building a blueprint of your new foundation. So as you can tell already there are many essentials you need to consider, when starting a new business. Checklist should be a high priority on your list.

Depending which country or state you might live in, you could face even more issues. I know that in certain countries you can open a company within a week.

But where I’m from (Luxembourg) this process will take you at least 2 months, if you’re lucky.

We could all use a little bit of help starting a new business, but sometimes it can be found easier than expected.

Once You’ve Got The Base

If you were lucky enough to complete the first few stages and finally have an office space, office supplies, the man power etc. you most likely must have gotten a loan of a bank, or have a private investor who now owns part of your company.

So you’re either:

  1. Stuck with debt before you even made your first sale
  2. Gave away a chunk of your heart and soul.. OR
  3. You are lucky enough to have used your own money

This is why being an entrepreneur can be hard and difficult in the beginning. It might take you years to crawl out of the debts you created, to solely open up your business.calculate

This is why I moved away from the idea for now and started working on an online business. (find out what type of business here)

Online VS. Real life Business

I’ve mentioned the benefits several times before, but I can’t mention them enough. So to begin with, starting a business (especially in my country) you will need a minor start up fee of €12.5k which rounds up to about $13.8k.

Finding a property where you can set up all your office related things, which will include rent, phone and internet bills and others, you’ll probably be looking at something of around another grand or more, monthly!

So here’s the difference with an online business. All you need is an internet connection (which you can find for free most of the time or for minor fees) and you a device to use it. Most of us own a laptop/PC/Tablet or smartphone and in a worst case scenario we can enter an internet café.

Online office
Online office

Then you need a niche to promote and set up a website and continuously work on it. Once the traffic is established people will land on your site and buy products they love.

Startup and running cost probably something around $20-$50 a year.

Don’t believe me? Find out how it can be that cheap on this review I wrote!

Say No To Being An Entrepreneur!

If you’ve read this, you might think I discourage people from creating businesses outside the internet. Well no you are wrong. I would love to own a business here and there in various types of markets.

I am just saying that it takes more effort and time, which most of us don’t have. Let alone sitting on debt is one of the biggest mistakes I want to avoid. Mark Cuban wisely mentioned to avoid getting a loan for a start up by all costs!

Avoid Debt
Avoid Debt

If you have a solid idea, did a thorough analysis and count with all the errors and issues that might come up, then go ahead do it! I am just saying that in my current situation I would prefer to spend my spare time, creating a business that is almost bulletproof and proven to work. Once this stands I can focus on other businesses.

Do you share the same thoughts? Have you ever considered opening a business or let alone working online? What are your thoughts?

Thanks for reading and please leave a comment below!

Esteban

4 Comments

  1. Hello, Essi, thank you for your article. I have always wanted to become an entrepreneur. The points you have covered are very realistic and demonstrates that starting an online business might be a better option since I don’t have much capital to invest into starting a business.
    Would you be able to advice me what are some of the best ways I can earn money from an online business? Thank you.

    • Hey Sue,

      Firstly I’m glad you like my points and see the same issues I do. I have been in that boat and it isn’t easy for the average joe to shine through.
      As for the online business, there are tons of opportunities. I’ve only been going into detail with affiliate marketing at the moment. If you want have a look at my profile on Wealthy Affiliate and you can contact me there directly and we can go into detail on my approach. The community is awesome and very helpful there as well.
      thanks for reaching out!
      Esteban

  2. Hi Esteban,
    I totally agree with you that starting an online business is the best way to become financially independent and it can untie your hands for doing anything you want, other kinds of businesses included. I can only wish you all the best and good luck with your online business – I’m doing pretty much the same. To success!

    • Hey Dmitriy,

      I’m happy you have the same opinion and agree with me. It’s not an easy achievement, that’s for sure but I know that if we both work hard on it we’ll get there eventually.

      Good luck to you too!

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