Starting a business is never easy, but it can be the most fulfilling, exciting experience of your life. Sure, you’ll need to be prepared to weather ups and downs and work harder than you ever have before—especially in today’s uncertain economy. But the upside is that you’ll be forging your very own enterprise and shaping your future in the process.
“Stepping out of a safe secure position into your own startup is scary, but the end result is that you will achieve more, live longer and be happier,” says Robbie Motter, who left a well-paid position to start her marketing and public relations business in the 1980s. “I was a single parent with three children and when I quit I had no additional income coming in, and no reserve money. It was not easy, but it can be done—and is well worth doing, believe me.” Motter urges other would-be entrepreneurs to ask themselves these seven questions before they leap into startup mode:
What is your passion?
A burning passion for the product or service you plan to provide will smooth your path to success—and make it easier to put in the effort essential to building a successful business. “My passion was people, so marketing and public
relations was a natural field for me,” says Motter.
Can you afford to quit?
Take a hard look at your finances before you make the move. You’ll need to be able to fund both your business and your life until profits start to roll in—which could take a year or more. But don’t let a lack of savings stop you from pursuing your dream, says Motter, who suggests keeping your job while you ramp up your venture if you can’t afford to jump in full-time.
Who will your customers be?
And how will your product or service help them? “It’s not what’s in it for us but what we can do to help customers or clients,” says Motter. “Make sure you have something substantial to offer.”
Where will you work?
If you plan to work at home, designate a space for your business and consider what tools you will need. If you plan to rent office space, you’ll likely be required to pay a deposit and sign a lease, which will boost your overhead. “I started my business at home then later rented office space,” recounts Motter, who notes that sharing space with another business owner can lighten the rental load. “After a while I moved it back home because I was taking work home anyway so it seemed to make sense. What’s more, now that I don’t have a large overhead I can pass that savings on to my clients.”
What’s your plan?
It does not have to be fancy but everyone needs a business plan. At a minimum, yours should describe your product or service, outline business goals for the next few years, and explain why you feel they are achievable.
Who else has a similar business?
Look at your competitors’ market, pricing and customer service. “Good customer service from the beginning is important,” notes Motter. “People buy from those they like, trust and know will care for and supports them.”
What skills will you need?
Make a list of areas where you lack experience and tasks simply don’t enjoy, urges Motter. “Then think about who you know who has those skills and might be willing to help in return for skills you can offer in exchange.”
Once you’ve answered these questions, you’ll be in a better position to move into startup mode.
Robbie Motter (at www.rmotter.com; rmotter@aol.com) is a marketing and PR consultant, certified life and business coach, certified national speaker and seminar leader. Her company, Contacts Unlimited, has been helping entrepreneurs and small business owners since 1985. Robbie is also the NAFE Western & Mid Atlantic Regional Coordinator and the Gold Founding Sponsor of the For You Networks located in Southern California.
