| Q: I'm ready to start my business. What do I do now? | | | | they market and what their competitive advantage is. |
| A: OK, you've got your business idea. You're fired | | | | Go into their stores and watch their customers. Find |
| upready to quit the rat race and be your own boss. | | | | out what they are doing and why, and how customers |
| What do you do now? | | | | respond. Once you think you have a clear |
| The first thing you need to do is decide on the goals | | | | understanding of what the market wants, then move |
| for your business. What do you personally want to get | | | | ahead with your product or develop your service. |
| out of it? How many hours do you want to work? | | | | You'll also need to decide what kind of company |
| How many employees do you want to have? How | | | | structure will best fit your plans (S Corp., LLC, sole |
| much money do you want to make? The idea here is | | | | proprietorship and so on). |
| to get as clear a vision as possible of what your | | | | If possible, work out of your home for awhile or rent |
| business will look like when it is established so you'll | | | | the minimum space and equipment necessary to run |
| know what needs to be done to get there. For a very | | | | your business. It's important to keep your overhead as |
| clear step-by-step method to do this, I highly | | | | low as possible, at least until things start to take off. |
| recommend a program called E-Myth. | | | | Resist the temptation to rent a nice office and fill it with |
| Next, do the math. So many peopleincluding | | | | furniture and equipment. I used to think that was |
| mehave learned the hard way that the business | | | | impressive, but I came to realize it was just expensive. |
| they created is not capable of meeting the goals they | | | | From the start, it's critical that you communicate a |
| set for themselves. To help avoid this problem, do | | | | consistent message to potential customers. Start with |
| some market research to determine how much you'll | | | | the following: |
| be able to charge for your product or service and | | | | 1.Business cards. Get plenty and hand them out at |
| what volume you'll be able to sell. Think about how | | | | every opportunity. A good place to get |
| many hours you'll be able to work in a day and get a | | | | professional-looking but inexpensive cards is |
| rough idea of the maximum amount you could make. | | | | 2.A Web site. This can be free (I recommend ) for |
| Once you have rough estimates for those figures, you | | | | starting |
| can decide if the money you could make or the time | | | | 3.A simple one-page flier. Create something that |
| you need to put in will be worth the effort. You'd be | | | | explains clearly what you offer and why someone |
| surprised at how many people spend years working in | | | | should buy it from you. Customers want information to |
| a business that is just not capable of becoming what | | | | help them make buying decisions, and often just |
| they hoped it would, even if everything went perfectly. | | | | knowing what you sell will get them to buy from you. |
| Many new entrepreneurs think success is all about | | | | It's very hard to figure out what some businesses are |
| developing a great product or service, but actually it's | | | | selling or why you would want to buy from |
| all about selling it. Before you spend tons of time and | | | | themdon't let this be your problem. |
| money developing your product, make a prototype or | | | | Starting a new business is scary, exhilarating, |
| develop a clear and concise description of what it will | | | | challenging and at times downright confusing. It's easy |
| be, and do some market research. Figure out who | | | | to get overwhelmed by the huge number of tasks in |
| your prospective customers will be, and go talk to | | | | front of you. When you get in that state, step back |
| them! Ask questions. Find out what they'll pay. Consider | | | | and think, "What can I do today that will get my |
| their feedback and modify your design accordingly. | | | | message in front of my customers?" If you're thinking |
| Look at other companies that are selling similar | | | | about this all the time, the other details will fall into place. |
| products or services. Find out what they charge, how | | | | Good luck. |