Miss P continues her series with a look at the possibilities of running your own business…

While everybody has to make money to survive and buy the things they need, what we do to make money is entirely up to each of us — and that means the sky is the limit on what we can pick! For some, being an entrepreneur might be the right fit. You’ll work very hard, and sometimes, you’ll have to work even when you don’t want to, but it’s not unlike a high paying job in that sense. Most people who make six figures are chained to their desk whether they own the company or not. The downside of course is that like anything else, your company can have a hard time making money, like during an economic downturn. But, regardless of what you do for a living, there will likely be pros and cons to it. I’ve been employed and I’ve been an entrepreneur, and I’ll be honest. The steady, stable paycheck is my preference. I also enjoy not having to worry about handling taxes — when you work for someone else, it is so much easier as it comes right out of your paycheck. But, I also love the freedom and flexibility of being an entrepreneur just the same. The work is heavy and you do work a lot but you at least have some ability to take an afternoon off when you want to. It does take a ton of motivation, also — you have to be a real self starter to launch and run a business. But, it can be a great fit for someone who is ambitious and a go getter. In fact, believe it or not but a lot of the skills that people learn on the street are the exact same skills needed to be a great entrepreneur.

If this sounds like you, here are the three quick steps to launching a business:

1. Find a need for a product or service. One of the most important things you can do before launching your own venture is to research the marketplace and find something you like to do that is in demand. It can be virtually anything — in some cities, there are businesses that decorate people’s houses for holidays. The sky can be the limit. Just make sure that whatever you choose is something that people need or you will have a hard time finding customers. Service related businesses like house cleaning, lawncare, etc. can all be launched for fairly low costs, but don’t be afraid to explore creating a product as well. A young aspiring fashion designer once got her start putting together things out of scrap fabric. Today, it’s one of the biggest new clothing brands. Take a little time and think about what you like to do, what appeals to you and what might be in need or demand and you’ll be on your way through the first and most important step of entrepreneurship.

2. Find support (including financial). Launching a business can seem like a giant mountain to climb but it really isn’t. You will need to weed through a lot of steps, learn new things, and of course, possibly finance it through a loan or some type of capital. There are endless resources for things like this. Mentors, government programs for small business, incubators, and all kinds of other support is available. If you’re thinking about taking the leap into owning your own business, do a quick Google search and/or check around in your city for resources. In San Jose, a local organization partnered with a flea market to create an incubator for people who were making and selling products, and it has since increased employment in the area. So, be sure to take a look around. Don’t give up if things take time or require a little bit of effort. It’ll all pay off later if you find the right support at the start. Some people finance their companies on their credit cards — be careful doing this. You’ll want to always keep your expenses very tight and resist the temptation to spend on things you may think you need but don’t.

3. Launch it! Once you’ve got your business in place, it’s time to launch! Ways to market a company can range from passing out fliers to sending out word of mouth emails to family and friends, to advertising and publicity, so after you’re business is ready to go, look into various means to get the word out about it. Believe it or not, most local media around the country can be reached by everyday people who have news, like you. Check out online marketing capabilities as well — social networks are free to join and use, and can be a great way to market a business and draw new customers.

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