Let’s face it- finding work is tough right now! Many job seekers are asking my advice about starting their own business. So is it the right time to branch out on your own and start the business you’ve always dreamed of? How can you be prepared to have the best possible chance for entrepreneurial success?
I advise the first thing to be considered BEFORE you start a business is to IDENTIFY your business opportunity! What are you good at? Where does your passion lie? Then consider: Is there a need or a market for this talent?
And then RESEARCH is so important when starting up!
You may need a license or permit. You may have too many competitors in your area, the industry may be dying off. All of this will help you make an educated decision!
Create a “niche” or specialty for yourself!
For example- Millennium Personnel Corp. has a niche of placing administrative assistants and receptionists in Manhattan.
Then when you have the passion and the talent needed to start a firm the next step is to create a business plan! A good business plan consist of:
Financial goals, advertising goals, hiring goals! A start-up with a business plan grosses 50% more profits than those with out one, so it just makes good sense.
Some of the worst mistakes people can make when it comes to taking partners is not putting everything in writing!
This can cause the destruction of relationships for no reason. If everything is clear up front both parties know what they can expect.
And I always tell people to make sure they have an exit strategy!
Be hopeful for the best, but plan for the worst! Put in your business plans some kind of goals and then a strategy for if those goals don’t come to fruition. I have seen too many people throw away their life savings and financial well being for businesses that are just not working. Set your LIMITS!
And about financing:
Get investors, or see if assistance is available in your area. Sometimes you can get grants or loans for small start-up companies. Use any resource that might be available to you!
The bottom line for start ups:
Everyone has to make their own personal decision that is right for them. But if you do your homework and take advantage of the market- you can create the dream job you want at the salary you deserve!