Archive for the ‘Getting Started’ Category:
Lots of people talk about how much they want to start a business. They are tired of the workaday life, where there is nothing they can do to improve their own lot in life. They are bored with the routine of staying within their job description, and they are frustrated at seeing their own blood, sweat and tears turn into profits for somebody who is NOT them.
People have dreams of taking control of their lives, setting their own schedules, and breaking free of the restrictive nature of being an employee. They want an opportunity to make more money, or spend more time on family or hobbies, or to work on something they really enjoy doing. There are as many reasons for wanting to be entrepreneurs as there are actual and potential entrepreneurs.
There is just one thing that separates the would-bes from the actually-ares: commitment to make a change. Sure, there are other reasons (excuses) people make to explain away their unwillingness to start their own business, but at the end of the day all those excuses are a simple lack of commitment to change.
There is always a way to get around obstacles – if you need the steady paycheck, start the business in your spare time. If you have trouble motivating yourself, find a partner or mentor to work with. If you are risk-averse and frozen by fear, treat the planning process like therapy. If you don’t have skills that you believe can translate into a successful business, read and learn. If you don’t have cash to pour in to a startup, save up, sell things, do side-jobs. Whatever is holding you back, there are plenty of ways to work around it as long as you have the commitment to do so.
Obsessing about the laundry list of reasons you have for wishing you worked for yourself and all the excuses why you don’t is a recipe for aggravation and depression. Make small changes today that will put you on the right track. Instead of eating out, buy a frozen dinner and put the difference in your startup piggy bank. Visit businesses in your area that do what you want to do. Attend networking events. Start talking to everyone you know about your business idea. Order the LaunchX System and get to work planning your future.
Whatever steps you take, no matter how small, you will at least be moving in the right direction. Remember, nothing changes if nothing changes.
Starting a Business? Start Here. Go Far. LaunchX.com
Most people see entrepreneurship as all about the risk. By going out on your own, they assume you are risking your assets, your worklife, even your reputation for a slim chance of wild success. In fact, successful entrepreneurs are all about managing the risk…and doing whatever it takes to cut that risk down to the bone.
Entrepreneurs do not require a sky-high risk tolerance. They DO need the drive to learn all they can about the potential pitfalls and the creativity to find multiple ways to get around those obstacles. They need to put in the time and energy to learn their own business inside and out – where every dollar goes and how every dollar comes in, who the customers are and what makes them tick, who else is pursuing the same consumer dollars and how to stay a step ahead of them.
Risk-tolerance is an excellent trait for extreme sports, gambling, playing the stocks and other activities that are truly hazardous. Entrepreneurship does not require a tolerance to risk. In fact, it is an intolerance for risk that sets the winners apart from the losers in the world of business ownership.
Starting a Business? Start Here. Go Far. LaunchX.com
Parade magazine, that ubiquitous Sunday newspaper insert, ran their annual salary survey this weekend. I found several things in the article to be quite interesting. Here are some of the highlights of what people earned:
Working for Others:
- Janitor – $39,800
- Dance Instructor – $10,000
- Call Center Manager – $85,700
- Tractor Salesman – $58,100
Owning a Business
- Motel Owner – $440,000
- CEO Facebook – $3 billion
- Ad Consultant – $110,000
One thing that I just want to point out is that all the people listed under “working for others” could be owners of their own businesses, doing substantially similar work to what they are doing now. Owning your own business is one of the best ways to increase your personal wealth — and there is a business idea that will work for you!
Starting a Business? Start Here. Go Far. LaunchX.com
This recent NY Times article, “How to Prepare Your Business for Succession,” points out some of the problems that can result from a failure to plan for succession in your business. When you are first starting a business, you should at least consider possible exit strategies for your business. The method you expect to use to exit the business can have implications for the type of business entity you select and other decisions that are made during startup.
Starting a Business? Start Here. Go Far. LaunchX.com
I was watching some re-broadcasts of Gordon Ramsay’s Kitchen Nightmares this weekend and was struck by the frequency that an inability or unwillingness to make a decision (any decision, not just a good decision) was cited by the staff of the restaurants as evidence of the lack of leadership among the owners.
When you are starting a business, there are hundreds of decisions to be made. Some big, some small, but they all rush at you demanding you pick a direction, choose an answer, and then move on. Don’t let that discipline of decision-making fade once your business has opened its doors for business. Your staff and your customers deserve leadership, and that includes making timely, clear decisions.
Having trouble getting into the decision-making habit? Read more about a five-step decision-making process that will enable you to make decisions and keep your business startup moving!
Starting a Business? Start Here. Go Far. LaunchX.com
Why is right now, in the middle of a significant recession, a great time to start a business? I’ll tell you why…the economy provides opportunities to get into business for a much lower entry cost now and the opportunity to grow a business, both during the recession and during the economic recovery that will come. It is a lot like the stock market adage — “Buy Low, Sell High.” And this economy provides the opportunity for entrepreneurs to “buy low.”
Startup Costs – Everything from retail space leases to commercial vehicles to equipment and supplies are at historically (and sometimes unbelieveable) low prices. Those businesses that supply your business are competing for customers, liquidating inventory, and working hard to be successful. They want you to be able to start a new business, both for the immediate sale and for the long term potential.
Hiring Costs – Unfortunately for the millions without a job, unemployment is at a record rate in many markets. Fortunately for you (and for your new hires), that makes hiring employees to staff your new business easier than ever. Labor prices have dropped some, but more importantly, many high quality, very reliable employees are looking for a job and can start immediately. Instead of spending months looking for the right fit, it may only take days or weeks!
Competition – While many of your competitors are struggling with too high rents, too much debt, and too much unsold inventory, you will be able to open without those problems. All boats seem to float when the economy is expanding and growing. When the downturn came, however, many businesses that had poor financial management and planning, poor marketing planning and execution, and just overall poor management, were not able to hold on. If you can do it better, you can win their old customers and some new ones of your own.
The reality is that if you have ever thought of starting a business, right now is a great time to follow-through on that idea. Use the advantages you find in this recession to get your business started and growing, and develop the right habits so that when the recovery comes, you are in the right position to ride the wave!
Starting a Business? Start Here. Go Far. LaunchX.com
My last blog post provided a number of reasons that entrepreneurs choose a franchise. There are plenty of entrepreneurs that choose to start a business of their own and not purchase a franchise. Some of the reasons they give are:
- Not enough independence. Franchisees are required to open a minimum number of hours per day and days per week. You must operate the business exactly the way you are taught — no add-ons to the menu or improvements for efficiency.
- The initial franchise fee and ongoing franchise payments cut too far into the profit margin. One entrepreneur said, “If I am going to spend that much money for them to tell me how to make a sandwich, I may as well spend a month or two learning to do it on my own and pay myself with that fee.”
- For most franchises, even with a “national brand”, your individual store’s customers are only a few miles from your store. So you still have to do local marketing and advertising.
For some entrepreneurs, a franchise is the best way to own their own business. For others, after evaluating the alternatives, starting up on their own is the best choice. Whichever you choose, it is true that owning your own business is the best way to create long-term personal wealth.
Starting a Business? Start Here. Go Far. LaunchX.com
There are a number of reasons that entrepreneurs choose to purchase a franchise instead of opening their own independent business. Some of the main reasons given by entrepreneurs that own francises are:
- While you are in business for yourself, you aren’t in business by yourself. There is a “corporate” there to assist you, especially with the operations of your business.
- You get detailed instructions in how to do the operations of the business. If it isn’t a field you are familiar with, this provides a quicker start than learning on your own.
- There is the power of the existing brand recognition and the ability to rely on some “field of dreams” customers. (If you build it, they will come because they already know and like the brand).
Tune in to my next blog for the reasons why entrepreneurs choose not to purchase a franchise.
Starting a Business? Start Here. Go Far. LaunchX.com
One of the most frequent sentiments I hear among business owners is that it is a joy to come to work because I know the business is mine! It is far easier to put in 80 hour weeks, deal with unhappy customers (especially those that are unhappy before they get to your business), and juggle all the balls at work when you are the owner because you know that you will reap the rewards.
Historically, owning your own business is the best route to personal net worth and financial independence. If I told you that in five years you would never have to worry about money again, would you be willing to work for half-pay, twice as long, for those five years? Many people wouldn’t. Those that are willing make great business owners! Ready for the most demanding and most rewarding job you’ll ever enjoy going to? Start a business and get on the road to independence and wealth!
Starting a Business? Don’t Know Where to Start? Start Here. Go Far. LaunchX.com
This posting, 10 Twitter Applications for Small Business, provides descriptions and links to some twitter apps that you may not have seen before. With the reality of any small business, whether just starting or long-standing, being that more things have to be done in less time, you may be able to find a tool or two on this list to improve your use of Twitter and social media in your business.
We already use bit.ly, and have several more on this list that will bear investigating! You can follow LaunchX at http://twitter.com/LaunchX.
Starting a Business? Start Here. Go Far. LaunchX.com
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