Thursday, October 20, 2011

How to Start Your Own Business - From Dream to Reality

You have an idea for developing your own small business and it's a good one. But how do you take it out of the idea stage and into the real world? It's easier than you think. Every successful business started with an evaluation and a plan

  1. Find a need and fill it. Let's take the auto industry as an example. At the time of this writing the nation's auto market is on the verge of collapse. Is there a need for more car sales associates? No. But perhaps there's a need for keeping and improving the existing vehicles of drivers. What could you do instead? Auto detailing, auto repair, auto sharing, transportation services for the elderly, or working in the public transportation industry.
  2. Decide whether you have the necessary skills to run your own business and if not, find a partner who has complementary skills to fill the voids. You'll want to know how to market and keep customers, how to track your accounting and banking and how to provide better customer service than your competition.
  3. Know the values that you will make up the heart and soul of your business and if you choose to start up your company with a partner, be sure your values match. True story...there was a man who decided to go into the construction business with a partner who knew more about the business end than the actual labor, so this man, we'll call him Mr. A., thought they would be the perfect match. Two years later Mr. A. was in jail for fraud and Mr. B. was long gone with the money. Choose your partner as carefully as you choose your values.
  4. It probably goes without saying, but make sure you choose a business that you're interested in. Look back over your history and remember what it is you were doing when you were happiest. Perhaps it was quiet research, or reading, or it could have been group gatherings of some sort. It makes no sense to start a catering business if your real love is baseball card collecting. Follow your interests and make a business out of them.
These four spiritual principles are the bottom line keys to starting your own business. There are plenty of places to go for help and you should avail yourself of them all. Talk to others who have discovered and achieved their life works. Attend your local chamber of commerce meeting. For quicker results, find and make use of a business coach who can show you step-by-step how to take your goal from an idea into a business. It's one thing to know what you want to do and another to move aside the confusion and start implementing a workable plan. Go ahead, make an honest evaluation, a sound business plan and do it!

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