After You’ve Made The Decision to Open Your Small Business

Actually, before you make your final decision to start your own small business  you should have conducted a thorough market research.

And I suggest that you develop a personal resume.  Be honest about your personal strengths and weaknesses – Yes, you have some weaknesses.  List your achievements in both your personal and professional life and the specific skills you used to accomplish them.

When you’ve completed this exercise you will have a good idea of the kind of business that best suits your interests, aptitude, and experience.  Be honest with yourself.   It’s like going to the health club and working out.  You must conduct the workout so that you are going slow enough and are getting the maximum extension on the muscle group your are working  on each of the machines.  Yes, it hurts to do it right – especially the first time, but you’re only cheating yourself if you don’t.  It’s the same with opening small business!

Then there are a number of things you should do before the final breakaway from your present employment situation.

1.  Be sure you leave your present situation professionally and amicably. Give your present employer proper notice of your departure.  Two weeks notice is customary.

Do it fact-to-face with the guy or gal you report to and have a letter ready for them when you break the news.  They will respect you for your professionalism.

The small business world is smaller that you might imagine.

2.  Make sure you have enough cash to take care of all your business expenditures and als enough cash for you to live on until you small business starts doing enough business that you can start drawing a small salary from it.

Most people are not instantly “rolling in the dough” right out of the chute.  Plan for the worst, but expect the bests.  Plan your sales and profit margins with the worst case scenario.  It’s always a good thing to beat your plans soon and consistently rather  than missing your sales and profit goals.  Most people in small businesses are overly optimistic at the beginning of their small business start-up journey.  The rewards of small business ownership are anything but instantaneous.

3.  You must exude confidence with everyone around you.  You will find that attitude is contagious.  Surveys and research shows that at the top of the most common personality traits of small business owners if confidence.  Small business owners have confidence in not only themselves, but also in their ability to sell their ideas and set up trust with everyone associated with their business along the way.  As a small business owner you must sparkle with confidence because the nature of the small business arena.  It is a very, very competitive world and you must have this trait to survive.

4.  Surround yourself with loyal people and other small business owners who have already broken ground before you.  They will be a great source of information and support for you.

5.  Surround yourself  with people that don’t necessarily have the same strengths as you possess.

Depend of them to do the types of things they are good at and involve them in as many of your business decisions as you are comfortable with.  Learn to listen.  You will find that you are not the only person with good ideas about you small business.  Your co-workers will be flattered that you ask them for their opinions and actually act on them.

6.  It’s always good to have a mentor.  But, if you choose one, be sure that person has been successful in what he is mentoring you about.  I would search out mentors for all aspects of my small business.

7.  Finally, you will need to prepare for the realties that come with small business ownership.  The buck stops with you.  You will spend a lot of hours working in and on your small business, especially in the start-up phase.  But be fearless once you decide.  You can become a small business owner.  The world is your oyster.