"Nothing
Happens Until Something Happens"
That "something", in terms of
starting a small business, is The Idea. The Goal. The Reason.
Why are you going into business?
"Making money" isn't a good enough reason. In truth, most
people make more money working for others, especially if they have sales
or technical skills.
Far more important than money are other
motivators, such as
- More time with your family
- More control over what you do and how
you do it
- The ability to offer your clients
something they can't get anywhere else
- The ability to use your creative and
financial talents
These are not necessarily reasons you
tell the banker. They are reasons for You. Know why you are
doing it, and the goal becomes much clearer.
Few of us will find the new non-fossil
fuel. But many of us can make a better community, both for ourselves
and for our neighbors. And that's how to start a small business.
First, tie down what it is that you want
from your new business. Then set out a plan to make it happen.
Preliminary
Questions
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When looking at how to start a small
business, consider some of the preliminary questions, such as:
- What kind of business do you
want? What industry?
- What talents do you bring to the
company? What skills will you need to find via a partner or
employee or contractor?
- How big do you want the business to
be? Are you looking for the flexibility of a sole
proprietorship, or does this business have a much larger potential
customer base?
- Where do you want the business to be
in five years? Will you be content with a small, dedicated
client base, or do you want to grow it over time to encompass more
products/services?
- How much time can you realistically
devote to the business? Can you put in 60 to 80 hours a week to
get it going, or is your time more restricted?
- How will the business begin? As
a home based business, or in an office or in a retail location, or
even a manufacturing facility?
There are no "perfect
businesses." There is only the business that is right for
you. Take some time to make sure you have chosen the right
one. You will be devoting more time and energy to this business than
you can possibly imagine, so make sure you are comfortable in how to start
a small business.
There's a great free program that you can
use to help you make your decision:
ChooseIt. Use it once, or
use it many times to help you narrow down your choices.
Creating
A Successful Business Plan
Not all business plans are intended to raise
funding. Some are less structured, and are intended only to help the
owner clarify her own goals. Let's look at the less-structured type
right now.
First, look at the funding. How much
money will it take to start up? Getting funding for a startup
business isn't easy, so take a good look at the financial end.
Draw out a timeline for starting the
business. What needs to be done before the business is open?
What is the time frame for completing these tasks?
What formalities are needed? How about
a business license? Incorporation? Resale certificate?
Take a good look at your client base.
This is your bread and butter. No clients, no business.
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Over 90 pages, stuffed with information on how
to start and manage your own business. Each publication is under $40,
and is worth lots more.
Click on the book covers for more information, or for many other topics. |
Your
5 Year Plan for How to Start a Small Business
Five years is a long time in most
businesses. Even large companies have a hard time projecting that
far into the future with any accuracy. Rather, look upon it as your
five year milestones. What revenue level do you plan on reaching at
any given quarter? What new products will be in the pipeline?
How will the business grow over time? At what points will you need to look
for outside business funding?
Expect to change it many times before the
five years is over. That's fine. In fact, that's good.
Having the ability to bend with the economy is a strong asset for any
entrepreneur.
Getting a handle on how to start a small
business is a genuine challenge. Read through this website, and many
others, before making your final choice. Come back often for more
information.
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