First Steps in Starting Your Very Own Small Business

When people begin to think about opening their own small business most worry about whether or not they have what it takes to be an entrepreneur.  That’s just natural.

While most succeed, many do fail. One of the main reasons the failures come is because of a lack of preparation.  Some of the key questions to ask yourself are:

1.  Do you have enough money to start a small business?

2.  Is your family ready for your undertaking?  Will they be expected to participate physically, emotionally, and/or financially?  These are big things to consider, because all small business people usually need this kind of support.

3.  Have you done market research?  Is there a need for products or services you are going to be offering, and is there a lot of competition in your market area already?

Is their a compelling reason for come to your business establishment?

It’s not necessary for you to risk everything you have to start your own small  business, but if you are willing to do that then that is a good sign that you are emotionally ready to start now.

You must have a great commitment to strike out on your own.  You may have a tremendous upside, but you will undoubtedly have misgivings in the “early days” of your start up.  

Many people daydream about owning their own small business.  Some perceived “major” event makes them stop dreaming and take action on getting started.  More likely it is a series of frustrations in their present situation – like being passed over for a promotion or “outsourced” – today’s nice way of saying you got fired.

Many people want to control their own destinies.  This is probably the number one reasons for people starting their own small businesses.  After many years in the corporate world that is why I finally struck out on my own, and while I went through some lean times at the beginning I’ve never looked back in regret.

Many people are just never happy in following someone else’s plan for having a boss.

These people are candidates to start a small business.

Many people feel they are working below their skill level.  Some people feel they are working at a dead end job, with no other way out of their present situation that to do something else.  And of course, most of us think we are working below our potential salary level.  All people that feel like this are good candidates to become a small business owner.

Some people just find a need or service they think someone like them can provide and go on to form their own small business from that perspective.

Many years ago I read an unauthorized biography about Ross Perot.   He’s the guy who left IBM in the sixties to form his own computing company named EDS I believe.

The short version of Mr. Perot’s philosophy was:

Learn everything you possibly can about an industry.  Find the void. There are usually a number of voids in any business plan or operation.  Then, to be successful one simply

fills that void.  Sounds simple doesn’t it?

That’s exactly what he did, and he got a government contract to automate the systems of  a couple of its  agencies with computers and the rest is history.  His small business didn’t stay for long after that!

And if you do what he did, neither will yours.  Bottom line is – if you’re young enough (I call anyone under 50 young enough) just go for it.  But have a back up plan if yours doesn’t work out!  Small businesses are the lifeblood of America.  Good Luck!