Are You Considering Starting Your Own Business?

As the recession woes increase and pink slips propogate, perhaps you’ve thought about starting your own business.  Or if you’re the business development manager inside a company and responsible for new business, you may be trying to think of ways to start new income streams at your company.

So where do you start if you don’t want to invest a lot and you’re ready to take a new path?

My short list of do and don’ts for starting on a shoestring:

• Don’t rent an office, hire employees and buy a bunch of furniture. Keep overhead very low until you have an income stream.  One way cash flow is very discouraging.
• Do take 3 different people who are doing your potential business now out to lunch.  Ask their opinion. Make a list of questions you want answers for and jot down what they say.  Even if you don’t agree, it will be helpful to you, either now or later!
• Do talk with people who currently buy the product or service you’d be providing and find out what is important to them.  Solving a problem makes the purchase go from “a want” to “a need.”
• Do get a customer first.  Or two or three.  Then think about renting an office and bringing employees into the business.  Or maybe independent contractors.
• Do plan to stay flexible since things will change and it will be different than you think.
• Do get a business card, a website and a mobile phone.
• Do develop a network of business associates who have started their businesses.
• Don’t be discouraged by people who have never tried to start their own business.  Yes, it’s hard, but it’s not impossible!

There is a lot to think about and consider before jumping in, but here are some resources to help you make the decision:

Business Week‘ recent article:Preparing Corporate Professionals to Start Businesses suggests some insights– like writing your business plan now, before you jump in.

Two Books to Read:

1. The Art of the Start by Guy Kawasaki – I’m in the midst of re-reading it again.  Even after 10 years of running my own business, I find this book to be a bit daunting. I think if everyone who started a business did it the way Guy describes it, things would be great.  He obviously knows about innovation, product development and what matters in getting a business off the ground.
2. The E-Myth (Entrepreneural Myth)  by Michael Gerber – This book will help you balance all the roles of developing a new business.  While each role and function is important, some are more important than others at different stages of the business. 

Look for helpful Websites & Blogs: Yesterday I “met” Jean Hanson when she decided to follow me on Twitter.  She runs business that is called:  Start Your Own Cleaning Business . This membership website is filled with helpful resources for anyone considering running their own cleaning business. I was impressed with her Reference USA mailing list tip. It’s something that many businesses over look in pulling together a prospect list. Of course to get to the meaty tips, you’ve got to take a membership.   Seems to me, if someone wanted to start a cleaning business, an inexpensive monthly membership in this “how-to” tutoring website would be a  no-brainer investment. 

You may want to do a search to find out if there are membership websites that focus on your potential business type!  Let me know of other membership sites you’ve run across that might be helpful for people who are considering putting out a shingle! 

Here’s a handy list of HOW Questions that aid in the sales process from the Cleaning Success blog.