Today, ABC news was talking about how, during this time where nationally the unemployment rate is at 10% +, more than ever people are getting their own business. There was a 27% increase over last year of people looking to be their own boss.
Here are the summary of the tips they suggested:
1. Be clear why you want to own your own business.
Small business ownership can be the best avenue of success with the highest potential for your greatest financial security.
2. Determine your business type.
Put your own twist on your business based on your personal experience and the things that are of interest to you. You can buy an existing business that best fits your wish list then add your new energy and put your special stamp on it. Or you can take over a great location from one that currently doesn’t offer what you plan to, but that can be tailored to your plans. Either of these options often saves quite a bit in start up costs.
3. Create a simple business plan.
Initially, create a one page business plan that covers what you offer, who you’re targeting, how much you’ll charge, and what you’ll do to make it happen.
4. Nail your target customer.
The more you can pinpoint your targeted client, the more focused and effective your marketing efforts will prove in reaching them.
5. Perfect your pricing.
Know what costs are associated with delivering your product. Review the existing pricing and analyze all the current costs. It does not require fancy charts, just play around with the numbers so you know what is realistic as you start working toward your own profit and cash flow.
6. Make sure you have the money to start.
If you are looking for a creative financing option, one of the fastest growing ideas is “crowd funding”. Instead of approaching the bank, this concept allows your network of friends and family to contribute to your start up cost. Keep in mind that keeping costs down when just starting a new venture is critical.
7. GET OUT. GET CUSTOMERS.
AND … SELL-SELL-SELL
This is really where the magic happens; nothing matters if you do not have customers and the more the better. So hit the ground running by selling your new business to everyone you see and can reach out to.
Dreaming about how fabulous your business can be is good, but doing something about getting started? Now that’s sensational. It is all a matter of hustle: it is the decisions you make and the actions you take each and every day that will get you where you want to go.
So look over www.hughesproperties.com to find your new business. Then call for a tour of that place you’re about to turn into something special.
Robert Hughes is a commercial broker and president of Hughes Properties, Inc. in Palm Springs. An MBA from USC, Hughes has a wide variety of entrepreneurial experience with the personal ownership and sale of over sixteen businesses, including founder and publisher of Orange Coast Magazine. Additional business tips can be found at www.hughesproperties.com.