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Thinking About Starting Your Own Business?

By Marilyn Ellis

Republish: EasyPublish™ Published: 08Jan2009 Word count: 698 Viewed: 300 time(s) Get Free Content For Your Site

Thinking about starting your own business? Good for you. There's a big difference in the way employees and business owners think. Do you know the difference? If you truly understand the difference, then you are ready to skip to the head of the class. If you don't, here are the critical points that once understood, will accelerate your success.

Attitude:

Company Employee
You must follow company policies and procedures Your work performance is done by your supervisor You think inside the box and do and go where you are told.
You don't worry about the bottom You put up with office politics
You don't pay for advertising
If you work overtime,you usually get paid

Entrepreneur
You make the policies and procedures (when you get around to it)
The money you make IS your ONLY performance review The only ideas are yours
Sometimes you don't get paid.
There is no overtime
Sometimes you miss the office politics

As an Entrepreneur,you are the CEO, President, and Chairman of the Board, also the receptionist, administrative support, bookkeeper, collections department, marketing, customer service, R&D and janitor.

Are we having fun yet? Yes, we are because as an be your own boss and create unlimited wealth

But first, you have to get your head screwed on straight.

Infrastructure

The problem with most entrepreneurs is that they jump in quickly and fail to develop a clear picture of their business AKA Business Model. This is not the same thing as a Business Plan. A Business Model answers the questions, Who, What, Where, When and Why of your Business. A Business Plan answers the question How.

Business Model:
WHO is your ideal client? It can't just be anybody with a pulse or you will be in trouble fast. Define your target market and then narrow it down to a niche.
WHAT products or services do you provide? Better be specific here too or you will stretch yourself too thin
WHEN do you work? Don't wish later that you hadn't agreed to work evenings or weekends.
WHERE: What areas do your service? Will you travel? WHY should they hire you over a competitor? Better know this at the beginning. If you don't believe you're the best, you can't expect your clients to believe it.

Business Plan: If you are starting out in a small solo venture, then a simple plan is all you will probably need. If you require investment capital, then take a course with the Small Business Administration so you can write a plan that will impress investors.

A simple business plan is the HOW you are planning to grow your business. What do you want your business to look like in 6 months, 2 years, 5 years and How will you get there. A simple Business Plan has only five parts:

1.Define your target mark
2.Identify your must do's
3.Advertise and Spread the Word
4. Find Power Partners and Strategic Alliances
5. Stay on Track

Make sure all of your actions marry with your goals. If it isn't working, either tweak it until it does or stop doing it. Remember, the market is the market genius.

Here are a few more Attitude Adjustments to go with your Infrastructure:

1.You only take ideal clients: Those who already appreciate the value you bring, are willing to pay you and have the money to pay you. Don't ever let scarcity thinking hold you back. You are not a charity. This is your business and people will always find the money for the things they really want.
2.Confidence, Professionalism and Passion are essential. If you don't believe in yourself, how can expect others to believe in you?
3.Don't be reluctant to hire others to do the small stuff so you can focus on what you do best. That's where your power is. Consider the cost an investment.

And finally, and most importantly, determine the life you want FIRST and then design your business around that life, not the other way around. Don't let your new entrepreneurial business become your employer. Don't let it become a JOB.

Congratulations, you now have the tools to move forward, you will skip making costly mistakes. Go get 'em!

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