Starting a Business
Are you an entrepreneur? Do you really want to start a business? If your answers to these questions are yes, and your desire
does not disappear as you go forward researching your business opportunities, here are some "helpful hints" that will enhance
your success.
Commitment. Starting a business is not easy and the single most important factor is your personal commitment. It typically
takes up to five years for a new business to reach profitable levels. Initially, this means that as the business owner there
are nominal returns for your efforts. You must be totally committed.
Need. Starting a business is an undertaking. First, you must review the merit of your idea. Is there a market for your product
or service? You need to also analyze the potential for your market. What is the size; who are the buyers; who are your
competitors; etc.
Preparation. Starting a business is much like a real estate development . . . instead of location, location, location . . . it
is preparation, preparation, preparation. This involves laying out a business plan, developing financial projections, and
preparing a balance sheet of income/expense statement for the first 12 months, together with projected profit and loss
statements for the first five years.
Marketing. You need to know your business' competitive advantage when creating your marketing plan. What will make you unique
that will bring you business? It may be low cost, service, locality, quality, or a combination of factors. Then you must
communicate your uniqueness and play it to your advantage. Remember there is no such thing as ever being finished with
Marketing.
Capital. It is important to also remember that the number one reason that a new business fails is lack of capital. Be sure to
have in place a good source of financing; whether it is coming from your personal savings, family, financial institutions,
government programs, or off balance sheet financing, such as leasing.
Team. Your team needs to include having the best staff that you can. By taking your time, you will be able to hire more and
fire less. It is important to be clear about what you expect from your staff and to provide them with the appropriate tools,
including educational training, computers, and mentoring. There is also a second layer to your team and that is your
advisors. Choose your accountant, attorney, banker, and other consultants based on their understanding of your business' needs and
goals. Your team is there to assist you in meeting the challenges of your new and growing company to make a successful
business.
Remember, starting your company takes commitment, need, preparation, marketing, capital, and a good team! You will get a lot
of advice along the way to starting your business. The secret is to choose what you feel is right for you. Our "advice" is to
seek out successful entrepreneurs; ask them what was the key to their business' success.
Wishing you much success.
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