aka: How to Survive Your First
Year in Business
Take a look inward
and evaluate your strengths and weaknesses before going into business.
by Brett Krkosska |
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What's the best way to
create a profitable business? A business you really love that makes the kind of money you
really want?
Planning, planning, and more planning.
Before jumping head-long into a new business, you must
lay the foundation for long-term success. A good foundation is rooted in a solid plan.
Many new businesses skip what is perhaps the most important part of a solid business
plan... assessing individual strengths and weaknesses. |
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But does a self-assured, go-getter such
as yourself really need to do a self-analysis?
Research has shown that many businesses collapse in their first year because of inadequate
planning. A thorough self-assessment is the first step in planning a business which lasts
well beyond the first year.
 What happens if you skip this first step?
Picture yourself standing on a grassy knoll looking out upon a desert - a sea of sand. You
must cross this desert to reach the cool, refreshing waters on the other side.
You begin your journey in the brisk, night air. The warm sand feels good between your
toes. But then, you feel a nip at your feet. It is a creepy creature of the night which
has mistaken your curly little toe for a frisky, hopping snack.
A thought... should have planned for boots.
It then occurs to you that your little toe will become quite curly tomorrow when the sand
heats up from the blazing sun.
Not a pretty picture, is it? Ya gotta plan. Bare feet at first... great for comfort. Boots
for later on... that's thinking ahead.
The questions below will help you to prepare yourself...
for business.
Why do you want to start your own business?
Understanding your motivation helps you to see past the romantic notions of being
self-employed. The questions below have no correct answer. They are different for
everyone. Just look at your answers critically. Evaluate how important your answers are in
choosing to start a business.
1. Do you want better work hours? If so, what hours do you want
to work?
2. Do you want to be your own boss? If so, why do you want to be your own boss? e.g.
creative freedom, current boss is a Neanderthal, better use of your skills...
3. Do you want to improve your financial condition? If so, by how much? How much income do
you want every week? Every month? Every year?
4. Does your current job leave you unfulfilled? Why? Can your desire to be self-employed
fill this need? How? In what ways?
5. Do you have a business idea in mind? If so, why did you choose this business?
Are you prepared for the physical and emotional demands?
A new business can be very demanding. A business owner must wear several hats, be able to
switch hats in the blink of an eye, and wear them till the job is done. This can be
stressful to your physical and emotional health. The following questions will help you
gauge your stamina.
1. Are you prepared to put in long hours to succeed? It's not
uncommon for the entrepreneur to work 12 or more hours a day, including weekends.
2. Do you have the support of your family? Without that support you are far less likely to
succeed. Understand that they must also shoulder additional hardships and
responsibilities.
3. Are you pursuing a business venture which fills you with excitement? If not, the highs
and lows of doing business can effect your well-being. A strong passion for your work is a
powerful shield against burn-out, physical illness, or emotional distress.
What skills are you bringing into the business?
Every business requires the application of certain skills to be successful. Without these
key skills you run the risk of failure. The important thing is to recognize the areas of
your business requiring additional support. These questions will help you identify the
skills you possess and those you need to acquire.
1. Do you have previous experience in a business similar to the one
you're starting? If not, you should research your chosen
industry. It's necessary to understand your market, your customers, and your competitors.
2. Are you good at planning and organizing? You must stay on top of things such as: your
schedule, your promotions, your accounting and financial records, your inventory, etc. For
help in this area check out Organized-Living.com.
3. Are you a good decision-maker? Do you work well under pressure? Can you take projects
through to their completion? These are essential skills for the small business owner. If
you've never worked in a supervisory capacity, you may want to take some specialized
training to develop and maintain these skills.
Follow through on your answers to all of the above questions. Take
action to strengthen your weaknesses. Doing so prepares you to move forward into market
analysis and the start-up planning phases of your business.
All this preparation will increase your likelihood of surviving the first year in
business. It's like buying a great pair of boots for your business.
ABOUT THE AUTHOR:
Brett Krkosska provides how-to advice on small business and home-based work issues. His
site, http://www.HomeBizTools.com, helps small
businesses reach their fullest potential. He is also the publisher of Straight Talk, a
fresh and original newsletter that offers a unique perspective on today's business issues.
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| Real-world, common sense strategies
for small and home based business success. Your issues... real answers. |
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