ShopFlick

By Tara Murphy

It is said that every journey begins with a first step, that is true but I have often thought that it is not so much taking that step as it is deciding which direction to go. I meet so many people who want to start their own business, have a product they want to develop or a service to market but they are overwhelmed with the options and confused about what business structure would work best for them. What I found missing in books about entrepreneurship was a discussion of the different ways to launch a business. I found a lot of books on writing a business plan, but nothing on the nuts and bolts of starting a small business.

Get a clear vision

Take this inventory of your needs, desires and resources to narrow down the business models that would work for you. The four elements to examine are:
1) how much time do you have to devote to the business?
2) how much are you able to invest in the business?
3) what kind of return do you want from the business?
4) what does success mean to you?

Sucsess is personal

I think the most important question to answer is what success means to you. For many people money may not be the strongest motivator. A small business can be mainly a creative outlet and the income generated by it a side benefit. Decide what you want to get out of it and be very specific. Enough extra income to take a vacation? Help to pay for your child’s tuition? Or are you looking for a business that will support you and your family?

Fill in the blanks

Just because you don’t have 18 hours a day to devote to your new business doesn’t mean it won’t be successful, but you need to get your resources in line with your expectations. Needless to say it is unrealistic to expect to make $100,000 a year working 20 hours a week with an initial investment of $2,000. The investment of both time and money has to be balanced with expected return. How much time can you devote to the business? If you are working full time and are in the mode of exploring a new business opportunity where are you going to find the time to work on it? Evenings? Weekends? If you a stay at home parent how much “child free” time do you have? Six hours a day? Four hours a day? Are you an early or reluctant retiree who wants to supplement his income but still golf during the day? Or are you ready to dive in to a new full time commitment? How much money are you able to invest in the new venture? Remember any new business needs time to grow and you want to have some level of comfort while you are building your business. So really examine how much you are able to invest, or how much you are comfortable asking others to invest in your business. This is your homework to answer these four questions and be ready for our next topic– “Throw away your business plan”

Tara