So you want to start a business
Now, fasten your seatbelt.
Being a business owner sounds glamorous. In many ways it is very satisfying, but many have some delusions about starting a business. You have to understand that most businesses fail. It can be heart breaking. It will be stressful. If you are determined to work through all of that, then you might have a fighting chance.
Just remember, hope is not a tactic. It will take resources and planning. Don’t under estimate the amount of personal energy it will take in the way of resources. A company that has no resources, does not have a chance.
Business starts here:
Are there enough customers to buy your products or service so that you can make a profit?
Can you survive long enough to get the word out to those potential customers?
It may take 2 years or more to be able to support yourself with a new business. Unfortunately, your original vision of how this should go may get re-written several times. The path to success is NEVER in a straight line. Even the best business folks will tell you that you have to remain flexible, and you have to listen. I mean listen to what the progress of your new company tells you in a manner of speaking. You may think you know what is going to be your best product or service, but the customers will tell you verbally if you are lucky, or they will tell you by their purchacing habits.
When you are making a pitch to a new prospect, really listen and watch the reaction of the prospect to see if there are any indications of which part of your presentation is getting through. Every prospect is different and will respond or react to your words. There is an old business rule out ther called the 80/20 rule. 80% of your business will come from 20% of your products or services. You cannot predict with any amount of certainty just how that will fall.
The best thing that will happen is you will have a ‘happy accident’ when it comes to determining your best, most profitable item.
Search your soul. The early struggle of a new business will test you in ways that you have not been tested, and may have never thought of. Someone told me you must have the patience of a Monk. As I look back on that, I think it is true.
As we go forward, we will talk about risk. It is not just about money. You will risk a lot more than that. If you want the reward, you will have to accept the risk. You can’t have it both ways.
I am not the best one to assess risk. I think it is more risk to work for someone else.
So, if you were hoping I would talk you out of this, you will have to find somebody else for that.