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

In this example, the business owners almost lost their entire business due to a mistake by an outside accountant that caused a huge tax bill that they couldn’t pay in one payment. It took almost two years for the original mistake to be identified and corrected, however, their business had suffered from reduced business credit, a much tighter cash flow, and reduced lines of credit from their bank.

It is easy when starting a business, and seems efficient, to do some research, hire an accountant, and then put the details of the finances in their hands. After all, they are the experts in all things accounting and you, well, are not. Unfortunately, they are also people who can make mistakes, use software that makes mistakes, and just plain drop the ball. As the business owner, it is imperative that you understand the fundamentals of accounting prior to hiring an accountant or accounting firm, and then keep an eye on all the details after they are hired.

The owner in this example, Diane Carrier, now says, “I’m done relying on financial people to take care of things completely for me. Now I know every dollar that comes into and out of our business.” Sound financial advice from the school of experience!

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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

The STRCIC is a 501(c) (3) non-profit corporation that works to identify technology-based entrepreneurial ventures, increase cooperation between industrial, financial, and Institutions of Higher Education and encourage the formation of commercial enterprises based on advanced technologies. As a resource to its client companies, the STRCIC has a full-time staff, experienced volunteers and a strong collaborative partner organization. For detailed information about the Emerging Technology Fund and the South Texas RCIC, visit the web site www.strcic.com. To date, the TETF has allocated more than $130 million in funds to 102 early stage companies, and $153 million in grant matching and research superiority funds to Texas universities.

When you are searching for funding to either start a business or to expand your current business, don’t neglect to search for state and local economic development entities like the STRCIC that may have access to funding programs that you qualify for.

Starting a Business? Start Here. Go Far. LaunchX.com

There are many records you have that may help document items on your tax return. You’ll need this documentation should the IRS select your return for examination. Here are five tips from the IRS about keeping good records.

1. Normally, tax records should be kept for three years.
2. Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
3. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.
4. Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.

For more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals, which is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676). 

Starting a Business? Start Here. Go Far. LaunchX.com

1. Simplify Your Product — if your customer doesn’t need all the features of your current product in all situations, is there a way to make a simpler (and therefore less costly) version?
2. Make Distinctions — if there isn’t much obvious difference in features between your lower priced and higher priced versions, you are likely to dilute your brand and sell primarily the lower priced version. Use your packaging, point of sale displays, and marketing messages to make it clear that the higher priced version is a better value (features for price).
3. Think Small — instead of creating lower-end versions of the same products, create more affordable with the same brand aesthetics as your main line. For example, an upscale bakery that usually does whole cakes could create individual portion deserts. More affodable, but with the same quality and image as their main product line.
4. Choose a New Name — rather than marketing your new products under your existing brand, establish a new name just for the lower end products. You could have your new brand with a tag line referencing your old brand — in the bakery example, Indulgences brough to you by Supreme Bakers.

There are many ways to provide a lower price point product that will appeal to your existing and new customers without diluting the value proposition of your current brand if you approach the task creatively and with some input from your customer base.

Starting a Business? Start Here. Go Far. LaunchX.com

1 – Size – It was about 3″ x 4″, so bigger than a business card but still small enough to put in my pocket and take with me.

2 – Colors – The colors were bright reds, yellows and white — eyecatching without being obnoxious.

3 – Information – All the information I’d need to contact them was included: phone number, adddress, and website URL.

4 – Content – The back of the card was printed with “street safety” tips of what to do in some emergency situations, such as being mugged, locked in the trunk of a car, and, heaven forbid, being threatened with a gun.

When you put those four things together, the marketing piece served as an excellent way for me to find out about their business, consider them experts in their field, and keep their information until I had time to make contact. When you are starting a business, consider these four factors when you are creating your first-contact marketing pieces.

Starting a Business? Start Here. Go Far. LaunchX.com

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

• A florist with concierge service — you sign up, tell them your important dates and occasions, give them the names and addresses of the recipients, and they call you prior to the date to take your order, recommend specific arrangements, and then send it all out. No more forgotten birthdays and anniversarys.
• A dog training business that provides all types of classes — from basic puppy manners through competitive conformation, obedience and agility. Their unique selling proposition is that they have everything under one roof, something not available at any other facility in town.
• A plumbing repair business that provides all services on a fixed price basis. You pay a flat rate to fix a leaky faucet, no matter whether it takes them five minute or five hours to do the job.

Your unique selling proposition can be related to the products or services you offer, the customer service you provide, the shopping or dining atmosphere, the pricing structure, the customer follow-up, or your guarantees. What is important is that you identify what makes you different from the competition and use that as a basis for selling your business!

Starting a Business? Start Here. Go Far. LaunchX.com

Starting a Business? Start Here. Go Far. LaunchX.com