Entrepreneurship

NOTE: This article is adapted from the upcoming book THE WALL STREET JOURNAL COMPLETE SMALL BUSINESS GUIDEBOOK by Colleen DeBaise (Three Rivers Press, Dec. 29, 2009).

Here are five questions to ask before you start your own business:

1. Am I passionate about my product or service? Let’s face it: the start-up phase is stressful. You will find yourself questioning whether you’ve made the right decision, especially when the hours are long and the initial profits (if any) are lean. As the business owner, you’re also chief salesperson for your company. Your enthusiasm for your product or service— whether it’s hand-knit sweaters or top-notch tax preparation— is often the difference that hooks customers, lands deals and attracts investors. It’s unwise to start down the path of entrepreneurship unless you’ve got a zeal that will get you through rough patches and keep you interested long after the initial enthusiasm has faded.

2. What is my tolerance for risk? Whether it’s quitting your day job or signing a lease on a new space, nothing about starting a business is for the faint of heart. Just ask Ina Garten, who bought a specialty-foods store called The Barefoot Contessa in East Hampton, New York, in 1978 and has since branched out into cookbooks, television and a line of products. Garten tells aspiring entrepreneurs that you have to “be willing to jump off the cliff and figure out how to fly on the way down.” Even with enough passion to launch a thousand ventures, you could find any number of circumstances hastening your failure: a location that turns out to be less than ideal, a problem with city or state zoning boards or a kink in the supply chain that can’t easily be ironed out. There’s no guarantee of success, or even a steady paycheck. If you’re risk-averse, entrepreneurship probably isn’t the right path for you.

3. Am I good at making decisions? No one else is going to make them for you when you own your own business. Consider how you might handle these early decisions: Do I work from home or do I lease office space? Do I hire employees? Do I pursue high-end clients or sell to the masses? Do I incorporate? Do I advertise? Do I borrow money from friends or family? Do I use my entire savings? Keep in mind that the decision-making process only gets more complicated as time goes on, once you have employees or clients depending on you. The choices you make can lead to success or downfall, so you must feel confident in your ability to make the right call.

4. Am I willing to take on numerous responsibilities? While a corporate employee focuses on a special skill or role within the larger corporation, a business owner must contribute everything to the business. Solo entrepreneurs in particular must be versatile and play a number of roles, from chief salesperson and bookkeeper to head marketer and bill collector. If juggling many roles doesn’t suit you, entrepreneurship probably won’t, either. The recent economic downturn has made it more important than ever for business owners to have a good working knowledge of their companies’ finances. While you will undoubtedly learn much on this topic from getting your hands dirty, the more knowledge you have in advance, the better prepared you’ll be.

5. Will I be able to avoid burnout? Working seven days a week, losing touch with friends, abandoning old hobbies and interests and not making time for loved ones can quickly lead to burnout in the midst of starting up— and ultimately to business failure. That’s what happened to James Zimbardi, an entrepreneur in Orlando, Florida, who says he didn’t know any better when he started his first company in 1997 and worked as hard as possible, for as long as possible, until his creativity, enthusiasm and energy were sapped. By 2002, he was a broken man— the business took a downturn, and so did his personal life. Now Zimbardi is at work on his second company, Allgen Financial Services, and sticking to better habits to maintain work/life balance, such as not working on Sundays, making time for hobbies such as sailing and salsa dancing, and building close ties with other business owners through a faith-based support network.

Take some time to mull over these questions, do some soul-searching, and then if you think you have what it takes, go for it.

Adapted from the upcoming book THE WALL STREET JOURNAL COMPLETE SMALL BUSINESS GUIDEBOOK by Colleen DeBaise (Three Rivers Press, Dec. 29, 2009).

Daycare Business

The fun part may be the time you spend with the children; however it is important that you set your business up very carefully in order that it become the success you want it to be. It will be important that you find out the local and state laws that govern your daycare business. You have to be very careful to follow all the rules and requirements for businesses of this nature because you will have the responsibility of taking care of our most precious people–our children.

The cost of daycare has skyrocketed over the past few years and as an income opportunity it is one of the best. If you set it up as a homebased business, it is possible to keep your costs low. Again, it will be important to set it up as a business and keep the appropriate records.

There are two daycare guides available that both provide a great deal of information for you. It will be necessary for you to review what information they provide to set up your business and choose the one that suits your needs the best. In fact, you may decide to buy both because they are not costly and get the benefit of all the information provided.

How to Start Daycare

Starting a Daycare

Both of these Daycare Guides are very full of information and I am sure they will make it a lot easier for you to start your business and will answer many of the questions you may have. Best of luck.

Home Staging

A current trend in our  real estate market is to hire a Home Stager to create just the right environment to make a home stand out and sell before others in the market. If you have the talents of an Interior Designer, the skills of a Handyman  and are not afraid of hard work, then this may be the perfect business opportunity for you.

When someone decides to sell their home, they frequently need the help of a Home Stager to help them put their best foot forward. The service of a home stager is sometimes necessary because it is human nature for us to become so comfortable with our surroundings that we just accept them as they are. It is not always that the home looks that bad or is in such a bad condition. Take a look at this checklist to get an idea of some of the home improvements that may be needed.

Free Exterior Home Staging Checklist:

1: Cut the Grass

2: Trim any bushes, trees, shrubs

3: Weed any gardens, mulch as needed.

4: Paint the home if required

5: Clean driveway and other non-planted surfaces

6: Clean windows

7: Remove any excessive lawn ornamentation.

Free Interior Home Staging Checklist:

1: Dust all Surfaces

2: Sweep and Mop or Vacuum.

3: Remove Photographs, Souvenirs and Personal Items

4: Removal Large, non-furniture items excluding lamps and lighting

5: Pick a neutral color scheme for the room

6: Add Sparse Accessories.

For more information, visit our site under Explore Business Ideas.

Bookkeeping Business

Many small business owners look for a bookkeeping service to help them in operating their business. In your local area, you may find quite a demand for this type of service as many business owners do not have a business background and taking care of their financial records is one of the hardest jobs they have to take on when they start their own business.

Bookkeepers who have started their own services have found much success and it may be possible for you to find someone with whom to speak about the business. Getting first hand knowledge and experience from someone in your own area is a great help and can keep you from avoiding many pitfalls when starting a new business.

If you think a Bookkeeping Business is right for you, please visit Secrets to Starting and Running Your Own Bookkeeping Business

Starting a Business

If your dream to own a business has moved to the back of your mind because money is tight, change your thinking. First know that starting and operating a small business requires far more time and energy than it does money. Second, there are plenty of businesses you can start cheap and grow to millions even. I started with $100 and grew a multimillion dollar company. Here are ten things that can make it happen for you.

1. Choose a business that fits. Start a home-based business using resources and talents available to you. You can go on the internet and learn about hundreds of businesses you can start from home, many of which have low startup costs that fit a home base. Starting a service business is usually cheaper than one where you need inventory. Whatever business you decide on, know that starting and running a small business needs far more time and energy than it does money.

2. Grow slowly and thoughtfully. If you do not have start-up money, you do not have much choice but to grow slowly and thoughtfully. You will be thoughtfully trying to figure out how you can do all that you want to do in the shortest time. Stay focused and purposeful and remember cash is king. Without it there is no business to grow. Good cash flow is a sign of a healthy business.

3. Create an Image. No matter if you are a one-person shop, professionalism, quality and customer service can make your company appear larger and more prominent. Here are some actions that will heighten your image at little or no cost:

• Get good business cards and letterhead. You can develop both on the internet free.

• If you use your home telephone as your business phone, answer it professionally during business hours.

• If your business is home-based, set meetings at your clients’ place of business or do lunch meetings and dress for success.

• Go above and beyond servicing your customers. It will not matter to your customers how small your business is if they are more than just satisfied.

• Choose your name carefully. Your name helps you create a professional image.

• Computerize your invoices, proposals, and other business forms.

4. Network, Network, Network. Networking sets up mutually valuable relationships that offer an exchange of ideas, advice, contacts, leads and strategies that will increase your business revenues. It is an essential skill to develop, especially for entrepreneurs.

5. Build and Manage Relationships. Loyalty can mean the difference between landing a contract and losing it. One example - your suppliers can partner with you to secure contracts by offering longer payment terms or reduced pricing for the promise of future business. As well, your banker becomes most important when you are ready to borrow money.

6. Be Creative. Be open to new and effective ways of getting what you need for less money. This is a talent that can carry you far even after you are pulling down millions. For example - partnering with other small businesses to buy supplies in bulk or bartering for supplies and services can save money.

7. Attend Industry-related workshops, conferences and trade shows. Your attendance promotes a professional image and boosts your credibility to the hundreds of other participants, many of whom are your potential clients.

8. Be patient. Take the time to network and promote your company realizing it will take time for it to come back to you in contracts and clients. That client you keep meeting at events, visiting or calling regularly will either admire your perseverance or grow tired of you and give you a chance. If you quit, you will never know how close to success you were.

9. Embrace the Risk. If you have no money to start your business, you stand to make a profit the first day out. There is no risk. But there is everything to gain — a better life, a better you, a dream come true. Starting and growing a successful business takes hard work, belief in you, the wish to learn, patience and perseverance, far more than it takes money.

10. Name Your Success. Decide what success means to you and perform as if it is right in front of you. Imagine yourself running your own business. Practice this vision several times a day. See yourself making much money in your business. Feel the fulfillment. It is essential to have a positive mind-set in business. But it is not something that comes naturally. You learn it.

Carrie H Johnson is founder of three businesses including a cleaning service she started with no money and grew to a multimillion dollar contract-cleaning company that supported 165 employees. During her 17 years as President of this company she received several business and community awards.

Ms. Johnson is a small business adviser specializing in business and program development, business planning, public relations and marketing. She also is a journalist and author. She has written for several newspapers and has a book scheduled for release in early 2009.

Ms. Johnson has served on several Board of Directors including for The Center for Women and Enterprise, a nonprofit organization whose mission is to empower women to be economically self-sufficient and prosperous through entrepreneurship. She also served on the board for the New England Minority Supplier Development Council, Wayside Youth and Family Network, and the Boston Area Rape Crisis Center.

Ms. Johnson has a BA and MA in journalism from California State University, Los Angeles and Northeastern University in Boston, MA. Please visit http://www.carriehjohnson.com.

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