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3 What Do You Want to Do?

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Okay, you definitely want to take the leap and start your own small business. Now comes your first big decision: What type of business are you going to create?

You could decide to provide consulting services on your own, out of a home office, or run a bed-and-breakfast or a home daycare. Some people have coined the term microbusiness to describe these types of ventures. They are examples of the simplest form of business, and if that is your long-term objective, that’s fine.

On the other hand, perhaps you’d like to create a corporation that will eventually have annual revenue of millions of dollars and raise capital from the public for further expansion. That’s fine too; it will just take a lot more time and effort to reach your goal.

There are myriad variations in between the microbusiness and the publicly traded corporation. Maybe you just envision a service business with one location and one employee (like mine is at this point). Or perhaps you’d rather set up a partnership with someone else, a partnership that strives for half a dozen employees. Maybe you’d like to have a store with several locations and dozens of employees.

It doesn’t matter what type of business you want to build. The key is to realize that the stage you are at now, the planning stage, is crucial. Every hour of work you do now will go a long way to ensure you meet your goals.

Remember, you are no longer an employee being told what to do at every turn. You will be the owner and will have to make all the important decisions, and the first key decision you’ll have to make is what business to start.

Entrepreneurial Itch

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