So you want to become an entrepreneur? Lots of people are doing it and with great success. However, in business there are no guarantees.
You can't eliminate all of the risks, but you can improve your chances of success with good planning, preparation and insight. Luckily, there are a lot of great resources out there and you should take the time to research, research, research.
Follow these 10 steps to turn your dream business into a reality:
1. Start by evaluating your strengths and weaknesses as a potential owner and manager of your own business.
• Are you a self-starter? Can you organize your time, develop projects and follow through on details?
• Are you good at making your own decisions quickly, independently and under pressure?
• Do you have the physical and emotional stamina to run a business? Starting a business can take up to 7 days a week and 12-hour workdays to get started.
• Is your drive strong enough? Strong motivation will help you survive slowdowns and push you to change and adapt.
2. Gather as much information as you can about the business, product or service.
Talk to other people in the field, be a secret shopper, evaluate why some are successful and some are not and try to find your own niche. At the library or the Small Business Development Center, you can find books that list thousands of products and what they sell for regionally. Use this information to help determine how you would price your product versus the cost to make or purchase it, plus a markup.
3. Get educated and find a mentor for guidance.
SCORE and the Small Business Development Center have great classes on How to Start and Manage Your Own Business. These classes cover topics such as legal issues, accounting/bookkeeping, business plans, marketing and resources.
Identify someone you can trust and who understands your business to provide guidance. The Carlsbad Chamber of Commerce provides small business counseling and you can meet with a counselor on a regular basis.
4. Contact the city for licensing and permits, trademarks and etc.
Contact the city your business will be located in and speak to the Business License Department. They can help guide you through the process of licensing and necessary permits.
5. Identify a potential location and leasing.
Determine if you want to start the business out of your home, in an office or as a store front. Executive offices offer you the opportunity to walk right into a setting with just your computer.
6. Determine financing, including your lease, staffing and etc.
Many considerations have to go into this component and you need to be realistic about your costs and what you can live on for at least the first two years of business. If you want to obtain a Small Business Administration loan or traditional bank financing, the banks will look at your personal history, whether you have experience in the business you are starting, your credit history and your business plan.
7. Develop a business plan with a strong marketing component.
This is one of the most important things to do, whether you are seeking outside financing or not. Going through the process of developing a business plan requires you to write down your goals and think through exactly how you will make your business work successfully.
There are many free business plan models you can follow online. Or, you can contact organizations like the Carlsbad Chamber for information on upcoming workshops and resources.
8. Once you have identified your source of financing, whether personal or through loans, begin to develop your marketing tools.
Consider using a marketing and public relations firm if that is not one of your strengths. A public relations component can often be beneficial to help promote your product or service through articles, speaking engagements and on-site promotions.
9. Develop your Web site to coordinate with your marketing plan.
If you simply need a Web site presence, consider some of the less expensive programs such as Microsoft Office Live Small Business or the template programs. If you need a more sophisticated program, contact your local organizations for recommendations of experienced Web site providers.
10. Join the ranks of the many entrepreneurs who are enjoying success.
Celebrate your opening by inviting your friends, family and potential business contacts. Join an organization, such as the Carlsbad Chamber, that can help connect you to the community and your clients, as well as help you develop partnerships that will lead you to a successful small business.
You can't eliminate all of the risks, but you can improve your chances of success with good planning, preparation and insight. Luckily, there are a lot of great resources out there and you should take the time to research, research, research.
Follow these 10 steps to turn your dream business into a reality:
1. Start by evaluating your strengths and weaknesses as a potential owner and manager of your own business.
• Are you a self-starter? Can you organize your time, develop projects and follow through on details?
• Are you good at making your own decisions quickly, independently and under pressure?
• Do you have the physical and emotional stamina to run a business? Starting a business can take up to 7 days a week and 12-hour workdays to get started.
• Is your drive strong enough? Strong motivation will help you survive slowdowns and push you to change and adapt.
2. Gather as much information as you can about the business, product or service.
Talk to other people in the field, be a secret shopper, evaluate why some are successful and some are not and try to find your own niche. At the library or the Small Business Development Center, you can find books that list thousands of products and what they sell for regionally. Use this information to help determine how you would price your product versus the cost to make or purchase it, plus a markup.
3. Get educated and find a mentor for guidance.
SCORE and the Small Business Development Center have great classes on How to Start and Manage Your Own Business. These classes cover topics such as legal issues, accounting/bookkeeping, business plans, marketing and resources.
Identify someone you can trust and who understands your business to provide guidance. The Carlsbad Chamber of Commerce provides small business counseling and you can meet with a counselor on a regular basis.
4. Contact the city for licensing and permits, trademarks and etc.
Contact the city your business will be located in and speak to the Business License Department. They can help guide you through the process of licensing and necessary permits.
5. Identify a potential location and leasing.
Determine if you want to start the business out of your home, in an office or as a store front. Executive offices offer you the opportunity to walk right into a setting with just your computer.
6. Determine financing, including your lease, staffing and etc.
Many considerations have to go into this component and you need to be realistic about your costs and what you can live on for at least the first two years of business. If you want to obtain a Small Business Administration loan or traditional bank financing, the banks will look at your personal history, whether you have experience in the business you are starting, your credit history and your business plan.
7. Develop a business plan with a strong marketing component.
This is one of the most important things to do, whether you are seeking outside financing or not. Going through the process of developing a business plan requires you to write down your goals and think through exactly how you will make your business work successfully.
There are many free business plan models you can follow online. Or, you can contact organizations like the Carlsbad Chamber for information on upcoming workshops and resources.
8. Once you have identified your source of financing, whether personal or through loans, begin to develop your marketing tools.
Consider using a marketing and public relations firm if that is not one of your strengths. A public relations component can often be beneficial to help promote your product or service through articles, speaking engagements and on-site promotions.
9. Develop your Web site to coordinate with your marketing plan.
If you simply need a Web site presence, consider some of the less expensive programs such as Microsoft Office Live Small Business or the template programs. If you need a more sophisticated program, contact your local organizations for recommendations of experienced Web site providers.
10. Join the ranks of the many entrepreneurs who are enjoying success.
Celebrate your opening by inviting your friends, family and potential business contacts. Join an organization, such as the Carlsbad Chamber, that can help connect you to the community and your clients, as well as help you develop partnerships that will lead you to a successful small business.