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One Through Nineastages In Making Your Ideas Reality

Aug 29, 2008
1. What is it that you want to do? Summarize your objective. Try to get it into one sentence. If you are aiming to start a business or build a franchise, spell that out. 2. What is your vision? Where do you want to be when youve accomplished it will affect how you get there, and what youll do when you are there. 3. What is the purpose or benefits of what you are doing? 4. Youve got your goal. You have a clearer idea of why you want to do it. If you still want this idea to be a reality, the next step is this: how do you get there?

Now is not the time for spreadsheets, what you need is to plan is the actual birth of your dream. 5. What are your requirements? There is bound to be something that you need, whether it is initial capital or just a few extra hands here and there. 6. Decide how far you are willing to take this. While you might not want to think about this right at the start, there may come a time when you have put everything you have into your idea and, with nothing left to give, realize that you just canat make it. At least not right then. Knowing in advance when you will need to walk away can keep a dream from turning into a nightmare.

7. Make a list of projects based on your ideas. What takes precedence in that list? For the goals outlined previously, try and decide what you can do to reach them. For example, if someone wants to start a business, some possible options include:

Option 1: Build my business up in my spare time while continuing to work full time. Pros: Continued income and the knowledge that I can take care of my family. Health benefits continue. Cons: Basically dealing with two full time jobs, the actual full-time job and my business that is intended to be so in the future. No spare time for anyone or anything else.

Option 2: Give notice and then go into business for myself full time without the distraction of another job. Pros: More likely to succeed, and more time to work at it. Cons: Iave lost all my health benefits so Iad best not get sick or hurt, and either way Iad have to start earning money quickly or Iave given up my job for nothing.

Option 3: Buy into a franchise, or buy an already-existing business outright. Pros: The foundation of the business is already laid; presumably there are existing clients who I might be able to keep. It might be possible to pay for the expertise of the current owner while bringing myself up to speed. Cons: Why are they selling the business in the first place? Is it really something I want to get into? If itas a franchise, there are bound to be fees.

8. You have your options spelled out, with the advantages and disadvantages all detailed out. The risks and rewards are now known. Now comes the hard part - pick one. 9. Now that youve picked your plan, being planning it in detail. Lay out a time line for its implementation. More importantly, create your initial budget. How much can you spend on advertising, office space, and even your own salary?

Example: Starting a construction business on the side while working full time. 1. A business needs a name and a number; print a set of business cards to hand out. 2. Get some jobsiafriends are good resources for referrals, and so are friends-of-friends. 3. Complete as many of the job offers youave received as possible. 4. Save the money from the completed jobs to be put towards insurance before starting bigger jobs. 5. Get the insurance. 6. Turn the business into a corporation; this can help with taxes and things like setting up retirement funds. 7. As much as possible, continue to work and build the business. 8. When the business is large enough, hire someone to help out part time. 9. Turn the side business into a full-time business, and quit the first job. Well done if you reached this step, but if not you can always go back and try again, now with some firsthand knowledge of possible pitfalls.
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