Like most other things in life, "starting a business" means different things to different people.
Some entrepreneurs have dreams of building an empire that they oversee from a grand corner office.
Others simply want to support themselves through a one-person operation.
Most fall somewhere between these two extremes.
While no one option is better than another, each requires its own set of priorities and business tools to be successful.
Before you begin work on your business idea, it is important to define for yourself the scope of the venture you want to build.
Own Your Job Over the last decade, owning your job has become an increasingly popular option.
Rather than languishing on the corporate ladder, many professionals are opting for pure self-employment.
This option allows you to control your work life in terms of managing your time and deciding who you do (and do not) work for.
Entrepreneurs who are considering self-employment are typically looking to supplement or replace their current income and have a specific, marketable skill.
The independence of having neither a boss nor employees is usually appealing, and the idea of flexibility in their work schedule is often an important motivator.
The road to Owning Your Job is significantly less complicated that planning for the growth of a company, but the same keys to success apply.
Planning, marketing, and financial management are critical for any size business to succeed.
Like any other startup, self-employment requires pre-launch planning to ensure the idea is viable and to make the best decisions for all aspects of the venture.
Effective marketing is essential as well.
The best products in the world do not actually sell themselves.
If your target market doesn't know you exist, they can't buy your product! Even if you have enough business to keep you busy today, it is critical to always be looking for more opportunities.
Turning away clients because you are swamped is always better than begging for work! Financial management is very often overlooked by solo entrepreneurs, resulting in serious cash flow issues.
Failure to manage the money is the primary cause of failure in business, even in self-employment.
Once the three keys are mastered, the bulk of the solo entrepreneur's attention is focused on the day-to-day operations of the venture.
Deciding to go out on your own is likely one of the most important decisions you will ever make.
If you are serious about owning your job and controlling your work life, plan to put in the time and effort that your business deserves.
Starting a solo operation is relatively straightforward, but at the end of the day you are still a business owner and need the skills and tools to run your job like a company.
Start a Micro-Business A micro-business is generally defined as a venture with one to five employees (besides the owner).
A great many startups technically fall into this category.
Having employees increases the work required to startup, but also tends to increase your chances of success.
Most micro-businesses are developed in one of two ways -- incidentally or by virtue of the business model.
Often, entrepreneurs who launch solo enterprises (Owning Your Job) end up with so much business that they need to bring on some help.
Ventures that directly serve the public, like brick-and-mortar retail, insurance agencies, bed-and-breakfasts, etc.
, begin with the intention of employing a small staff.
Either way, once employees are involved, the responsibility of the business owner is dramatically increased.
Whether a company employs one or one thousand workers, most state and federal employment regulations apply.
It is critical to prepare to become an employer long before the first worker is hired.
In addition, your staff relies on you to provide job security, so the importance of the three keys to success is even greater.
You must stay on top of your business planning, marketing and financial management in order to support your staff over the long term.
Typically, micro-business entrepreneurs will still be quire involved in the operations, though not as much as with solo entrepreneurs.
Owning a micro-business is an excellent option for many entrepreneurs.
Even a few employees allows a business to exponentially increase sales and eases some burden of the entrepreneur.
Even if you are launching a solo business, keep the possibility of adding an employee or five in mind.
If your startup idea is a micro-business, prepare yourself before you launch by mastering the planning, marketing and financial management skills that drive success.
Launch a Company Many entrepreneurs develop their business idea with the intention of growing a thriving company.
These folks are generally very driven and often have multiple business ideas they would like to pursue.
They tend to have visions of greatly increasing their personal wealth and being responsible for creating dozens of jobs.
Starting a business with plans to grow a company is the most detailed level of entrepreneurship.
Developing an idea into a thriving company requires significant attention to every aspect of the startup.
Entrepreneurs with these lofty goals must be masters of all three keys to business success.
Ongoing planning prepares you for step-change growth and allows you to respond quickly to changes in the market -- skills you need to build any type of successful venture.
Effective marketing is critical to every business.
Marketing is the only way to reach customers and make sales.
Growing your business requires extra attention to building your brand and customer base through marketing.
The bottom line of business ownership is profitability, and solid financial management is the only path to profitable growth and expansion.