starting a business

I have always loved entrepreneurship even as a child. I have started several micro businesses already but they didn't become as successful as I envisioned them to be. But I never lose the heart to keep trying. Finally, after several tries, I have found something that provides the amount of earnings that i need. The business is related to my hobby. I buy and sell stuff. Looking back, I guess these were keys in achieving this. 1. I never gave up. I've been unsuccessful several times but I kept on trying. 2. At the start of my business, I kept on working hard even though I earn very little for I know that eventually (when I learn how the market works) I'll be earning big. And yes, it paid off. 3. I kept myself updated especially about the market price of the stuff I sell. 4. I made connections with people who have been in the business longer that I have. 5. My business is related to something I am passionate about so I'm happy doing it.

I am succeeding with Platinum One Destinations. If you visit my blog there is a link. you can watch the video to learn more.

An awful lot depends on what type of business you're planning on starting. For some, there's no alternative but to jump in with both feet. With others, you can start slowly and part-time, keeping your current job while you try to build the business .... and get a feel for whether it's viable or not. Rule number 1 - do your research. Do some reading on financial planning, cash flow forecasts, etc. Do some research on your proposed business .... who is the competition, what's the market like (size, growing or contracting), who are your customers (businesses or consumers, specialist or mass market), what equipment (if any) do you need, can it be bought second-hand, and so on. Also, check out what you MUST do, such as telling the Inland Revenue (or HMRC, as they now are) that you're going into business. Check out whether you need to register for VAT, and even if you don't need to, check whether it might be a good idea anyway, Look at whether to be sole trader/partnership or a limited company (or LLP) including the tax implications of that choice. Talk to banks and, when you're close to going ahead, talk to an accountant. If you aren't sure what you're doing (and you aren't, or you wouldn't be asking here) then a bit of timely advice could save you a lot of money in the long run. Get advice on what accounting records you need to keep, and perhaps get yourself a computerised accounting package (if the scale of your business justifies it). Doing some accounting yourself will save you some money, but be aware .... time you spend doing accounts is time you can't spend building your business, so again depending on the nature of the business, doing too much yourself might be false economy. Be aware that running your own business gives you a degree of control over your own life that's impossible to achieve working for someone else BUT it also requires a certain mindset. You need to have the drive to do it, the stamina and resilience to keep at it when things are hard or go wrong (and they will, at some point) and the stubborness and determination to pick yourself up and start again if the first attempt goes pear-shaped. So be aware, the early days (year or two) are going to bve a learning experience. Brace yourself for that. But if you can do it, then the rewards (both financial and personal) can be very great indeed.