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Information on starting your own business
A. Do something that you love and that you are already good at – people get into trouble when they start thinking about ways to get rich quick rather than focusing on realistic businesses that complement their skills and abilities.
B. Start with evaluating your hobbies and interests and brainstorm business ideas
C. Think about your skills, abilities, education, experience that would apply to your business ideas
For example, start with evaluating your hobbies and interests and brainstorm business ideas with your friends and family think about your skills, abilities, education and experience that would apply to your business. A lot of people get cut off in MLM or network marketing businesses. Most of these require selling products or services so if you don't have strong phone and sales skills to prospect for business, you could end up buying a lot of things that you are stuck with.
C. What if you don't have skills or experience?
– consider training or going to school to complement your interests. Most people don't have accounting experience so taking a basic course in bookkeeping would be important. Other courses in business management, marketing and other areas are also available online, in books and at your local junior college. If you don't have a lot of experience, consider working for someone else for a while, maybe even your competition. What better way to learn than from the successes and failures that they have.
D. Check out the market for your idea
One last thing, once you've done your research and you have a few good ideas of what you want to do , find out which ones are the most marketable/needed
2. Forget about Location, Location, Location it’s more about Research, research, research
– do some serious research to find out which of your business ideas are the most marketable / needed.
A. Before you do ANYTHING – buy product, set up a website etc. you have to evaluate the need for your product or service
B. conduct surveys of potential clients, find out industry statistics, analyze the competition
C. Once you determine which idea has the best chances for success, improve upon those chances for success by developing a full-blown business plan
3. How to choose the right business
Be REALISTIC – in what you can or can’t do physically, about your income and expenses and especially about the level of your competition
A. When you are developing your business plan be realistic in what you can or can't do physically, about your income and expenses and especially about the level of your competition. It would be a good idea to have a professional read through it after you have finished.
B. What the business objective is
it's always good to have a short and to the point description of what you're doing. You want to create a very effective "elevator speech." this is something that you use when you are riding on an elevator and someone asks you what you do.
C. How the product works
you want to explain what your product is, why you want to do it and why you are qualified to do it. Giving your personal information and showing people that you are enthusiastic and knowledgeable about your product or service is good business.
D. What the market opportunity is
this is where you show who is your target market. You need to construct a customer profile, be very specific -- and analyze your industry trends
E. Competition
knowing who your competition is, what can you offer your customer that is better, why they will be buying from you.
F. Opportunity
Where are you doing to sell or distribute your product or service.
G. The marketing strategy ( how ya gonna get business)
how will you attract customers and get them to buy. Advertising, flyers
4. Have a Solid Business Plan
A. get help with your business plan – it’s not an easy thing to put together – at the very least have professionals read through and critique your plan.
B. Company Information
Company and personal background, details about products and services, this is where you show what you want to do, why you want to do it and why you are qualified to do it
C. Market Research
Industry research, customer profile, competitive analysis
this is where you demonstrate the need for your product or service, who specifically will buy from you and why they will buy from you instead of the competition
D. Marketing Strategy
Marketing goals, marketing tools, distribution channels
this is where you determine how many people will buy from you and how much they will buy, how you will attract your customers and get them to buy and where you will sell or distribute your products or services
E. Operating plan
management & staffing, ordering process, project timeline, supplies needed. This is where you show that you can handle the business once you make that first sale, that you have all the people ready, paperwork ready and a plan in place to get the equipment, supplies and office space you need while you are starting up.
G. Financial Plan
sales projections, break even analysis, profit & loss, cash flow.
This is where you show not only how much money you will be making and how much money you need but it will directly show potential investors whether or not you have the management skills necessary to run a successful business depending on how realistic and thorough you are.
5. Types of Funding Available
A. Traditional funding (money you have to pay back or offer up a percentage of equity in your business)
B. Bank loans – usually challenging to get without a stellar business plan, great credit and some kind of collateral so this avenue is not usually pursued – try to get a bank loan.
C. Venture capital – really only worth pursuing if you have a new and unique idea for a high-growth / technology business and you have extensive experience in the related field.
VC money is commonly lent for marketing to increase sales initially you will need startup funding to purchase equipment, filing fees etc. Often people do not put enough money aside for marketing.
Grants to start or expand your business
(money you don’t have to pay back but is hard top get)
Sometimes companies or organizations may offer grants or have business plan competitions. Most common for non-profit organizations but often take years to get. Be wary of places selling guides to grants are those that ask for payment up front.
D. Government Grants – SBIR Grants (Small Business Innovation Research Grants) but these are usually in high tech fields and for established businesses and have specific requirements that most small businesses just don’t fit. Be wary of places selling guides to grants – all the info you need is online & free
E. Private Grants – some companies or organizations may offer grants or have business plan competitions that result in grant funding for the winners. Be wary of organizations asking for donations or payment up front to apply for grants.
B. Start with evaluating your hobbies and interests and brainstorm business ideas
C. Think about your skills, abilities, education, experience that would apply to your business ideas
For example, start with evaluating your hobbies and interests and brainstorm business ideas with your friends and family think about your skills, abilities, education and experience that would apply to your business. A lot of people get cut off in MLM or network marketing businesses. Most of these require selling products or services so if you don't have strong phone and sales skills to prospect for business, you could end up buying a lot of things that you are stuck with.
C. What if you don't have skills or experience?
– consider training or going to school to complement your interests. Most people don't have accounting experience so taking a basic course in bookkeeping would be important. Other courses in business management, marketing and other areas are also available online, in books and at your local junior college. If you don't have a lot of experience, consider working for someone else for a while, maybe even your competition. What better way to learn than from the successes and failures that they have.
D. Check out the market for your idea
One last thing, once you've done your research and you have a few good ideas of what you want to do , find out which ones are the most marketable/needed
2. Forget about Location, Location, Location it’s more about Research, research, research
– do some serious research to find out which of your business ideas are the most marketable / needed.
A. Before you do ANYTHING – buy product, set up a website etc. you have to evaluate the need for your product or service
B. conduct surveys of potential clients, find out industry statistics, analyze the competition
C. Once you determine which idea has the best chances for success, improve upon those chances for success by developing a full-blown business plan
3. How to choose the right business
Be REALISTIC – in what you can or can’t do physically, about your income and expenses and especially about the level of your competition
A. When you are developing your business plan be realistic in what you can or can't do physically, about your income and expenses and especially about the level of your competition. It would be a good idea to have a professional read through it after you have finished.
B. What the business objective is
it's always good to have a short and to the point description of what you're doing. You want to create a very effective "elevator speech." this is something that you use when you are riding on an elevator and someone asks you what you do.
C. How the product works
you want to explain what your product is, why you want to do it and why you are qualified to do it. Giving your personal information and showing people that you are enthusiastic and knowledgeable about your product or service is good business.
D. What the market opportunity is
this is where you show who is your target market. You need to construct a customer profile, be very specific -- and analyze your industry trends
E. Competition
knowing who your competition is, what can you offer your customer that is better, why they will be buying from you.
F. Opportunity
Where are you doing to sell or distribute your product or service.
G. The marketing strategy ( how ya gonna get business)
how will you attract customers and get them to buy. Advertising, flyers
4. Have a Solid Business Plan
A. get help with your business plan – it’s not an easy thing to put together – at the very least have professionals read through and critique your plan.
B. Company Information
Company and personal background, details about products and services, this is where you show what you want to do, why you want to do it and why you are qualified to do it
C. Market Research
Industry research, customer profile, competitive analysis
this is where you demonstrate the need for your product or service, who specifically will buy from you and why they will buy from you instead of the competition
D. Marketing Strategy
Marketing goals, marketing tools, distribution channels
this is where you determine how many people will buy from you and how much they will buy, how you will attract your customers and get them to buy and where you will sell or distribute your products or services
E. Operating plan
management & staffing, ordering process, project timeline, supplies needed. This is where you show that you can handle the business once you make that first sale, that you have all the people ready, paperwork ready and a plan in place to get the equipment, supplies and office space you need while you are starting up.
G. Financial Plan
sales projections, break even analysis, profit & loss, cash flow.
This is where you show not only how much money you will be making and how much money you need but it will directly show potential investors whether or not you have the management skills necessary to run a successful business depending on how realistic and thorough you are.
5. Types of Funding Available
A. Traditional funding (money you have to pay back or offer up a percentage of equity in your business)
B. Bank loans – usually challenging to get without a stellar business plan, great credit and some kind of collateral so this avenue is not usually pursued – try to get a bank loan.
C. Venture capital – really only worth pursuing if you have a new and unique idea for a high-growth / technology business and you have extensive experience in the related field.
VC money is commonly lent for marketing to increase sales initially you will need startup funding to purchase equipment, filing fees etc. Often people do not put enough money aside for marketing.
Grants to start or expand your business
(money you don’t have to pay back but is hard top get)
Sometimes companies or organizations may offer grants or have business plan competitions. Most common for non-profit organizations but often take years to get. Be wary of places selling guides to grants are those that ask for payment up front.
D. Government Grants – SBIR Grants (Small Business Innovation Research Grants) but these are usually in high tech fields and for established businesses and have specific requirements that most small businesses just don’t fit. Be wary of places selling guides to grants – all the info you need is online & free
E. Private Grants – some companies or organizations may offer grants or have business plan competitions that result in grant funding for the winners. Be wary of organizations asking for donations or payment up front to apply for grants.
