So, you want to head out on your own? Congratulations, this could be the best decision you have ever made or my condolences because this is the worst decision you have ever made. Just because you went to business school or worked at a larger corporation does not mean you have the skills and savvy to be an entrepreneur. Entrepreneurs and employees are very different people. You can not be a successful entrepreneur if you believe the job will be from nine to five with a defined job description. You will work every hour of every day, seven days a week and 52 weeks out of the year. You will also wear many hats from sales to shipping to accounting and many more – sometimes all at once. You are the face of your business and if successful, will be in control of your own destiny J
Choose a product or service you know, understand the competition and ascertain the capital requirements (Business Plan). Feasibility is the key to understanding whether your idea will work. The cheapest and easiest form of feasibility is to ask family and friends for their thoughts. This allows you to talk about your product or service with people who might buy it. You can put together focus groups to solicit feedback. There are even websites, such as Spigot (Helpful Resources / Links) that allows you to post your idea and then hear opinions from members.
Here are some other Startup Do’s and Don’ts:
– Do your homework
– Do make sure you know what you are getting into in terms of cash commitments and financial obligations.
– Do a business plan (Business Plan)
– Do consider buying an existing business or a franchise to get your feet wet (Franchises)
– Do pick an industry, product line or service you know something about
– Do start a business to be excellent at what you do.
– Do develop a relationship with a commercial loan officer.
– Don’t dive in head first
– Don’t invest in businesses that promise an immediate ROI
– Don’t overextend yourself financially and cognitively
– Don’t go into a business you know nothing about.
– Don’t start a business from a panic standpoint
– Don’t start a business with the sole purpose of making money.
– Don’t start a business in which your strategy is to offer low prices and high volume. The key is not what you make but what you keep.
Five Easy, Low Cost, Work-at-Home Business Ideas
– Online auction business via ebay.
– Start an informative bog and sell advertising.
– Mail order business.
– Reseller of goods and services though a website.
– Offer services such as tech support or bookkeeping.
Tips on How to Launch a Business and Get it Right
– Start a Business You Will Enjoy: look to you hobbies, interest and talents for ideas.
– Develop Ways to Attract Clients: there are many ways to attract new clients such as: print a flier, get involved in local clubs and other
networking opportunities, prepare a direct mail piece, teach a class or free seminar and investigate advertising alternatives.
– Check-out Local Zoning Laws: if you plan on having a home based business, make sure you can legally operate from there.
– Develop a Big Biz Image: even if you are working from your house, make all your presentation information impressive and professional looking.