In this post, I will outline some lessons and provide a few pieces of advice that I have learned throughout my 23 years in business.
At the end of the post, I have included two organizations that can help with starting a business.
While this post will not be an "all-encompassing" guide to starting a company, it will provide you with a framework of very basic principles.
1. Be properly funded.
It takes capital to start a business. Most banks will not lend you money until you have been in business at least five years. So, you may have to tap into savings or borrow from family or friends. The rule of thumb is to have at least SIX months of business operating capital, along with funds to pay your household expenses.
2. Decide whether you will offer a product or service.
In my opinion, service businesses are less expensive to operate, as you will not have to carry inventory. Further, you can start out smaller and then add employees (or subcontractors) as you grow.
3. Will you start your own business or buy into a franchise?
There are pluses and minuses to each. Just make sure you read the fine print on any franchise contract and talk to other franchise owners. Often, franchisees are bound by a lot of rules, and can't use "out-of-the-box thinking" when it comes to marketing, as the "brand" needs to remain consistent. When you have your own business, you call all the shots.
4. Be realistic about whether your idea holds merit.
Conduct due diligence, which includes researching the competitive marketplace, identifying your target demographic, and determining pricing. In addition, determine which licenses or permits you will need to run your business.
5. Build a business plan.
This is your road map to guide you. Make sure that you identify EVERY cost you will incur. In fact, enter amounts that are MORE than you think something will cost. That way, you won't be stuck if prices change. However, make sure your business plan is a fluid document. If you find that something isn't working, change it.
6. Create a marketing plan.
This is one document which entrepreneurs typically neglect to formulate. Identify the "advertising" mediums that will bring you the most business for the least amount of money.
One thing to note. When you start your business, you will get calls from every kind of advertising company trying to sell you their service. Never sign on the dotted line until you have given yourself 24 hours to think about it.
7. Network and form alliances with businesses who can enhance your offerings.
For instance, I do not conduct career coaching. So, I have a network of colleagues to whom I can refer my clients.
Another example would be a plumbing company that establishes trusted relationships with heating / air conditioning companies and / or pest control services.
8. Be an expert in your industry.
Participate in continuing education in your industry. Keep up on emerging trends in your business and be ready to jump on those opportunities. However, carefully evaluate whether the trend is real based upon fact-based research or if it is made up by someone just to bilk money from customers.
9. Provide outstanding customer service and deliver a quality product / service!
There is a saying: People buy from people they like and trust. By providing exceptional customer service and delivering quality work, you will set yourself apart from your competition. Further, you will gain referrals. As your referral base grows, you can knock out advertising costs.
In the resume writing business, I have thousands of "competitors." Some of them charge less than I do and others charge more.
However, I have built a strong level of trust with my clients by consistently creating and delivering interview-winning resumes, selling them only what they need for their job search, and providing advice about the employment market. This has resulted in a 98% referral rate. Now, I spend very little money on advertising.
Where Can You Go For Help?
There are great resources available in your community which provide free counseling, including SCORE and Small Business Development Centers, which are funded by the Small Business Administration.
Remember though, just because someone gives you advice, it doesn't mean that it's the only way to run your business. Take the advice given and run it through your mind to determine whether it makes sense.

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