Friday, July 25, 2008

The Big Idea in your head--now what do you do?

You are considering opening a small business. Congratulations! You have taken the first step in a process of being in charge of your own income. Scary doesn't begin to describe it but think back to when you first learned to drive. That was pretty intimidating, wasn't it? All those big, heavy metal machines able to crush you at your first mistake. But you mastered it, right? Well, it takes practice, experience, and motivation to learn how to accomplish your goals so if you have begun to ask questions, you will begin to get answers.

Start with a checklist--
pack your entrepreneurial back pack and be prepared for this journey!

There are some very important tasks you must address (whether for a home based business or a small retail business or an online business). Once in place, you can truly concentrate on your ultimate goal--making your small business succeed.

You will hear that you must create a "business plan" as the very first step. Don't get too intimidated by it. It is more of a "rehearsal" for the business you have chosen to launch. The following check list will open your eyes to the absolutes in starting a business--a business plan will fill in the blanks of questions you never knew were to be considered.

A business plan is never straight forward--you must let it evolve as you explore this wonderous idea of yours. It can help you make real choices on paper before hanging out that shingle. You will evaluate everything and find answers for yourself and for those invested with you. Think of it as a roadmap but with detours and scenic routes that will all take you to your destination no matter what turns you take. Start with sample business plans from other similar businesses and get an idea of what to expect.

Before you get too overwhelmed by the business plan,

put it aside and come back to it after doing all the "must do" tasks we will cover one by one in this blog. Post your comments and questions about each step so we may cover the subjects in more detail.


Alicia Allen said...

I plan on running my own business soon, so I'll have to bookmark this post. It'll be tough and challenging (though hopefully rewarding in the end), and I can use all the help and advice I can get. Lately I've been thinking about buying a business instead of starting one from scratch. Maybe a franchise? Home based? I'm not entirely sure yet. Do you have any other advice or suggestions? Thanks so much.

Jay said...

Alicia, congratulations for taking the first step. Opening a business of any kind is not for the feint hearted so be ready for challenges.
Depending on your financial situation and your dedication, you have several options. A franchise has its pros and cons so unless you are already very experienced and well funded, I would suggest testing the waters with a biz at home or on the internet. Stay tuned to this blog as we discuss different aspects of several models of startup businesses that may assist you in your decisions.

Alicia Allen said...

Thanks, Jay. I really appreciate your help. This is all fairly knew to me (or at least I'm learning things I otherwise wouldn't have though of). I did do some research this weekend and found what I hope will be a potential business to buy on I'll see what happens... and I'll definitely keep checking up this place for more info. Thanks again!

Jay Russo said...

One of the options I suggest is trying an internet business. My recent blog post introduces the need for fundamentals so check it out and keep commenting (and learning).