A lot of people are doing it – some out of want and some out of necessity. You may already have your own business now. Even if so, some of this information will be of help.
Question: How do I find the right business for me?
A good starting point is to make a list of your strengths and figure out a way to apply them to a business that interests you. Next, analyze the industry to determine how you could run a similar business better. Now make a list of five to seven things in which you excel, and another list of things you don’t like to do. Then do the same for things you like and dislike about your business life. This will help you discover a business that you will not only enjoy, but at which you will excel.
Once you pull the trigger on starting your business, there are several things that you will need to do yourself, then hire, contract other people, delegate, and/or create alliance partnerships to thrust your business forward. The three main reasons to start a business in order of importance are: (1) Provide a product and/or service; (2) Provide jobs, yours being the first; (3) Make a profit.
Following is a list of your main concerns.
- Products and/or Services: What are the cutting edge benefits and the quality you strive for in your industry?
- Sales & Marketing: These are two very different things. Marketing defines and gets your name and what you offer to your target audience. Sales are how you get the cash register to ring.
- Finances: Monies and an accounting system are needed for startup and through the first year.
- A Proforma: At least a 12-month projection of gross sales by month and cost associated with the sales, and overhead cost to get your net profit or loss before taxes.
- Staffing: People to hire, contract with and form alliances/partnerships.
- Space: To operate your business. It could be your home or rental space.
Starting a business is very rewarding but it can be overwhelming. However, like eating an elephant, you just take one bite at a time. These few bits will get you started and focused on creating your business. Having your own business can be a beautiful thing or a nightmare – so do it right. There are several books that I recommend that could be of help.
I have often been referred to as the “Business Person’s Coach.” This is my specialty. If I can be of any help, please contact me.
All the Best to You!