It is no secret that there are countless benefits to taking on a career as an entrepreneur and starting your own business or businesses. Seeing the world entrepreneurially can help you beat the nine to five routine that so many become stuck in, while simultaneously allowing you to unlock potentials that you thought you could only dream of. 

Beginning your small business journey is tough, but it's also fun and rewarding when you know what you have to do and once you've begun checking off the items from your list. In this article, we'll help you prepare for this journey and let you know what you'll need to do in order for your business idea to actually flourish and help you roll in profit.

Researching your target market and developing your product

Starting your own businesses may seem easy, especially when you have an idea and possibly a fair amount of cash. However, before you start pitching your product or idea to others, you should learn the legal and financial aspects of entrepreneurship so you don't get caught with your pants down or like a deer in head lights. If you find out too late, you could be in some trouble with the law. Read further to see if you've completed the check list so far on your journey of being an entrepreneur.

We are all experienced at competing in our personal lives. One of the first things learned by babies is how to capture attention by competing with other things that direct attention away from them. Competing is a natural instinct and you need to focus on constantly tapping into it in order to improve your business.  Don’t be afraid to compete. In fact, look at it like is a game. The bigger and juicer the competition, the greater the challenge. The greater the challenge the larger the payoff will be when you reach that sweet spot of growth and increased revenue.

Planning is everything when you are launching and running a business. Creating a business plan keeps you on point but allows for flexibility to meet unexpected challenges and surprises. There are several free business plan templates available online.  If you need assistance and guidance, consult a professional to get you on track. Free downloads of business plan templates are at the end of this post.

Some critical elements to a business plan are as follows:

1. Executive Summary