I recently read an article in Inc. Magazine about entrepreneurs who started their businesses during a recession. Like many small businesses, we are not totally immune to the macroeconomic cycles of the day, but if you have a good business, it doesn’t matter what the consumer confidence is. If you’re thinking about starting a business, here are some things to consider before making the leap:
1. Jot down a rough business plan; this helps you to focus your time and energy in the right direction.
2. Pick something you really enjoy doing since you’re going to be doing it a lot.
3. Network and make new contacts, utilize your existing rolodex.
4. Start the business while you are still working, this ensures adequate flow of money while you are still going through the startup phase. Try giving your product or service away for free to get your first customers. This will also help you learn a great deal about what your future customers will expect.
5. Get a support system while starting your business, people whom you can bounce ideas off of and get to listen to your latest business decisions.
6. Join a related industry or professional organizations prior to starting your business and do more and more research on your industry, services, until you become an expert.
7. Save your time and money in the long run by hiring or partnering up with expertise that compliment your skill sets and experience.
8. To finance the business, save your money, as well as approach potential investors and lenders. Also prepare a backup plan in case your first financial plan falls flat.
9. Bring a professional attitude and process to your business right from the start, to let people know that you are serious about your business.
10. Before starting your business, learn about the legal and tax issues.
- Bryan Daigle
President & Founder of ideatango.com – the #1 site for inventors & invention ideas For more good info & advice, check out the official IdeaTango Blog
