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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
Starting Your Own Business, Part 1 of 4
It’s time. You have decided that you are finally going to live the dream of starting your own business. Everything is falling into place and doors are open all around you. The question is, where do you begin?
Starting your own business is an impacting decision. Every step must be thoroughly thought out and calculated. Diving in without a plan for success and a process to get there will inevitably break you.
Therefore, this week we are starting from scratch. The next four days will cover the basic steps for becoming an entrepreneur and starting on the right track.
PART 1 – FOCUS AND IMPACT
Find Your Focus
The most important initiative to starting a business is to find your focus. Write it down, and keep it accessible. You might even consider keeping this information in plain sight so that you see it daily, for example, posted next to your computer.
Knowing your focus in your mind is one thing, but having it in front of you in black and white provides a clarity and permanence that can be very encouraging in times of doubt. Be as descriptive and thorough as possible, leaving no stone unturned.
When writing down your focus, be sure to address the following:
What is your goal on a personal level?
• What do you want out of this business?
What is your goal on a familial level?
• What sort of income are you looking to generate for your family?
What is your goal for others?
• What need do you plan to address with your product/service?
• Who will be your primary market?
It’s important to remember that, most likely, someone else has started a business quite similar to yours. You may also face self-doubt based on the questionable reactions of others when you mention your venture to become your own boss. Always remember that no one else has your goals or your intent.
When in doubt, revisit the focus that you mapped out to remind yourself of your determination and desire. Also, share it with those that may question the viable success of your business. You will likely impress upon them a stronger confidence in your ability to succeed.
Instant Impact Message
The first question that comes to the consumers mind when he sees a new product or service is “How will I benefit from this?” Step two in developing a successful new business is to develop an “instant impact message” that will help the consumer to immediately answer this question. This is a single statement that is highly powerful and reveals the core value of your business. Put simply, it is your slogan.
To develop your instant impact message, revisit the third item on your focus list – your goal for others. Pull out the main descriptive words that you feel truly portray the core of your business. As cheesy as it may sound, your instant impact message should reflect your heart. It is what your business stands for and should become such a crucial part of your business that, should you withdraw it, your business would not be the same.
Part 2: Research and Protecting Your Idea.
This week’s source:
• Entrepreneur.com – Starting a Business
Related Small Business Buzz Posts:
Starting Your Own Business, Part 3 of 4
Starting Your Own Business, Part 4 of 4
Starting Your Own Business, Part 2 of 4
Executive Summary, Table of Contents and Appendix – How to Write a Business Plan : Part 6 of 8
Inexpensive Ways to Conduct Marketing Research