July 16, 2010

Are You Starting The Right Small Business? Part 3 of 3

Business Rule# 6- Laying the Foundation
Now that you have figured out what business you would like to start, let’s start examining if you have what it takes to successfully start and run that business. You first have to research the business you plan to enter.

Once you begin your research on that business, answer the questions below:
  •  What are the day to day activities of the business?
  •  Is this truly a job that you can see yourself doing every day?  
  • What kind of skills, certification, license or knowledge needed in order to start and run your business idea?
  • Do have these necessary skills, certification, license or knowledge?
In order to figure out if the business you are considering is for you must be able to see yourself doing this job until you retire. It cannot be a quick fix or an illusion of what you believe the job would be like. It's hard enough to work at jobs that you hate but it’s an even harder when it’s your business and you have so much invested. You not only run the risk of failure but there is no real foundation laid that will encourage your business to grow. Your odds of a failed business are greater when you start a business only because it sounds like a great idea. In order to better your odds, it is best to figure out what it takes to run the business and figuring out if you have what it takes to start that business.

To lay the right foundation for your business it must be business that you are qualified to start. If you research the market you plan to enter it will allow you to better understand if you have the necessary skills, knowledge, experience and any other necessary attribute needed to start that business. Knowing this will help you find the right business for you and it will increase your chances of success. Once you complete your research and can answer the above questions confidently, you should have a solid business idea that supports and strengthens your business goals. A successful business idea not only stems from your skills or experience but it strengthens your business goals and prepares you for the next step in starting a small business.

SBS Business Start-Up Rules 
#4- Value your Skills & Experience
#5- Business Idea vs. Business Goals
#6- Laying the Foundation

SBS business start-up rules 4-6 were geared to help you figure out how to find the right small business venture to start. It is important to choose the right business to increase your chances of success and to limit your risk factors. Using the Business Rules as a resource will help you make your first solid decision as an entrepreneur by deciding what business you should start. After establishing the small business you are going to start, it's now time to start thinking about what's next.

Are you starting the correct business? 
What do you think is the next?

No comments:

Post a Comment

Did you find SmallBiz Stew to be helpful?

My goal is to discuss topics that will simplify the intricate parts of starting a small business to help alleviate some of the stress that’s associated with small business start-up. Did you find this information to be helpful, if so then please donate. Any amount is appreciated.