Last week we discussed Business Networking and the Power of a Vision. This week let us chat about starting a new business.
Many of you at this time may be thinking of starting a business. Some already own a business and some are just thinking what if?
Over the past few months we have talked about goals, visions, persistence, business networking and more. Many business professionals are concerned about their future. Some of you may be thinking about starting your own business. I would say go for it however, business ownership is not for everyone. Before you embark on this journey there are a few things one must know.
First do you have the passion for the business you want to start? Is your expertise in this area? Does your idea or product solve a problem? Is your idea a niche idea?
Do you have the stamina and discipline to manage your new business. Partnerships can be tricky and you should think twice before taking on a partner.
If you are working now - can you continue to work until your income from your business is enough? How will you finance your new business. Think twice before you pull from your retirement fund or mortgage your home.
The best way to make a decision is to write your business plan. By writing a business plan you will be able to make decisions based on fact. There are many good software programs that will assist you in writing a business plan. Look for one that includes financial, projections and cost of doing business sections. Buy completing these sections it will give you a broader view of what you can accomplish.
Starting a new business can be very rewarding however, it can be a ton of work for little or no money for some time. Are you ready to make the sacrifices?
Over my business career I have started 6 businesses. I have sold 4 of them. It is a labor of passion.
It is awesome becoming your own boss. It is awesome having the potential of unlimited income. It is grueling until you receive the income. It is very long long hours for little or no money at times. One needs to be very self directed. If you have a business you will not be able to golf every afternoon.
Maybe you have already thought of an idea for a business. Have you thought about a name? Once you have thought about this and found one you think will work you will need to protect your ideas. There are trademarks, patents and copyrights you may need to file. Do your research.
Where will you do business? In your area only, Internet, from home office or in a mall. How much rent will you have to pay? What will be the long term lease you will need to sign? What if you outgrow your space can you move?
There are many considerations - employees, insurance, payroll, taxes and benefits. These will now be your responsibility.
Seems a bit overwhelming - not if you educate yourself and are a great business networker. By networking you will find the expertise you need.
Over the years the largest part of my success has been with a mentor. I have more than one. You will need a business mentor, a personal mentor to keep you going. Your business mentor provides you with an objective view of your business.
Your mentors are your pillars in your world of business. The best way to find mentors with expertise is through business networking.
You can always pick out the business owners who do not have great business mentors. They struggle with new processes and ideas. They sometimes appear scattered or convoluted. With mentors they help you keep focus of your goals. They make you think differently about your decisions.
The biggest decisions you will have to make about starting a business is money. Money is a big key in starting a business. Most business professionals that I have consulted have the money to set up they business. They have the plan on how to make money. They know who and what they will sell. They know where their business will be done. They know who their potential customers are. The one thing almost all new business owners forget is marketing.
Marketing can make or break your business. Business networking and word of mouth advertising is key. But you will need more.
Back in 1993 the inception of the Resource Group which later became the Twin City Resource Group did just that. The Resource Group was a group of about 72 business professionals that primarily dealt with business to consumers. Many had brick and mortar stores that sold their wares. This conception of co-op marketing was at it's prime. In place of spending 2600 dollars per month we all had the reach with 250 dollars.
When you are building a business marketing should be a huge part of your start up costs and way to grow your business. Radio, TV and Print advertising can be costly. When planning you marketing program, as a business professional you need to look at your target audience and what would be the best solution for your new business. Find out the success and cost of each. It can be very a very expensive mistake. Research and results from each consideration need to be studied.
The good news is there is a whole lot of information to assist you in making the decision and plan. Planning and research are key in the start of a new business. Over the next few weeks we will discuss different aspects of owning your own business.
Today their are many websites that provide good reliable information. Here are a few:
Your vision should be clear and concise this is the key to making your dreams and visions come true. One must have a clear vision knowing exactly what you want.
If you do not have a clear, concise vision you will not get to your destination.
Today: Get Started!
See you at the top!
The Genie Network provides you with the tools to create and build a business referral network and grow your business.
