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 permits
- An office
- Legal entities
- Start up money
- Possibly employees
- 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:
- Stuck with debt before you even made your first sale
- Gave away a chunk of your heart and soul.. OR
- You are lucky enough to have used your own money
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.
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!
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!