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

I did it the Hard Way…So you don’t have to

I started my business with a good idea but no experience. A single Mom, I maxed my credit cards and made tons of mistakes. But somehow I managed to survive. And I got on QVC where I have since sold hundreds of thousands of my products. I used QVC as a launch pad to get into mass retail and now my product is sold at Wal-Mart, Target and drugstores across the USA — and also on Shopflick! www.shopflick.com/users/tarammshop

Looking back, it would have been great to have had a reliable source for clear-headed, unbiased and practical advice on how to start and grow my own business. It could make a world of difference for you.

What’s Coming to You, Inc.

Well, I got very lucky, so now I want to give back. So, each week, I am going to share practical, actionable real world advice — from me, other successful entrepreneurs, attorneys, accountants and consultants — all hand-picked for their relevance, quality and honesty.

Putting Together the Pieces

Starting a small business is like putting together an overwhelming puzzle where do you start? In You, Inc, we are going to learn together from others who put the pieces together.

Why I Believe in the Power of Video and Shopflick

As a successful seller on QVC, I have experienced the power of video to connect with customers and explain my product. But only a tiny percent of entrepreneurs ever get on QVC, and it’s a very expensive proposition. Shopflick enables sellers to sell with video easily and inexpensively, 24-7. It also giving sellers the tools to collect share and spread the word to potential customers. The great thing about selling via video is that you can convey your passion for your products and really explain what makes your products special and desirable. Shopflick and other on-line selling sites provide a unique opportunity for entrepreneurs. It’s a little more work to get the video, but its well worth it.

Now is a Great Time to Start a Small Business

Sure the economy is tough, but the internet has opened up a world of information and marketing opportunities. Sites like Shopflick, Ebay and the many product specific sites allow a smaller vendor to get in the game and almost overnight reach an international audience. Owning my own business has been the most satisfying, profitable and fulfilling professional experience I have ever had, and I have a secret to tell you, it is not that hard, with a little guidance and some concentrated effort I believe anyone can run their own business.

Next Week: 4 Essential Questions to Answer Before You Start

In next week’s blog I will talk about the four essential questions that you must answer before you start your own business. To get to know me better and hear how I invented a multi million dollar product click on this link to watch a recent interview.

Posted by Tara