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You Got An Idea So What Do you Do Next?--Tips On Starting Your Own Business Part 2

Aug 17, 2007
Probably in the beginning everything will be small. So act accordingly. Do not make monster orders without knowing that you will be able to sell all of the order. You don't want to have a huge inventory in the beginning so that you can keep your cost down.

Sell out most of what you got and get orders coming in before you invest in thousands of dollars of merchandise. Test everything; the products with your customers or potential customers, test ads that you run to see how many orders it pulls in, test location, test method of marketing, test small changes in wording, logos, designs etc...

Still before you begin you have to decide how you will create your business entity. Will you be a sole proprietor? An LLC? A Corporation or a general partnership? At first this may not be necessary but it will be necessary further down the road. Focus on what you would like to achieve? If your goal is to work at home so that you can be with your kids, and you just want to make a few hundred dollars per week, it probably is not necessary to incorporate.

Planning as much as possible is key, analyzing the cost that is absolutely imperative for you to start, maintain, and to grow your business consistently. Next you must get orders, you must get your name in front of the buyers in the most cost effective manner possible, work a plan of action to do so. Take consistent steps, cut your cost as much as you can without cutting quality, and you must keep in your mind exactly where you wish to end up. Visualize yourself and your business from beginning to end.

According to the Small Business Administration, most small business fail because they are undercapitalized. That means they don't have the money to jump on an opportunity for growth, or to keep their products well stocked, or spend money when it is imperative for their business. Instead of jumping head first into a new business, and losing your shirt, it might be better to plan it and put away some money for a period of time, such as six months, one year or two years for the eventually launching of your business. You need to have enough money to be able to sustain yourself and your business for about six months to one year.

Another way of acquiring capital is with a joint venture partner who puts up the money, or through a loan. If you have a home equity line of credit you could use it to capitalize your business. If you don't have those avenues available to you, you may have to maintain a full time job and do your own business on the side until it can be your only source of business.

You should decide upon a brand or logo and signage for your business so that you can build product recognition. This is also a cost effective solution of advertising if your personnel, trucks and packages have your contact info, logo and phone number on everything that goes out. Make it clear for your customer to read, get in touch with you and order or reorder.

You would be surprised at how careless people are with their signage. This is a reflection of you and the quality of your products. I have seen signs with misspelled words, incomplete phone numbers, disconnected or no phone number at all. I have seen signs with the words crammed together, or with scratch-outs, to make it unreadable, and confusing. You don't want your potential customer walking past you because he/ or she doesn't know what you offer.

If you're marketing, keep it simple. For an example at a quick read, "TASTY CHICKEN TOSTADAS" is more effective than Marguarita's and Dave's tasty extraordinary, famous, Mexican Tostadas in chicken with a fine sauce or meat in a cream sauce. You have about ten to thirty seconds to make an impact and consequently a sale with your customer.

All this planning prior to your launching is not to intimidate you but for you to know how much it will cost you, to clearly target your customer, and what marketing method will work best in getting them, and keeping them, what products do you need on hand immediately, and to plan an effective campaign that will take you to your goals of starting and of course succeeding in your business. Even though you have to do the work prior to, during, and on an on-going basis don't let this stop you from fulfilling your dreams of your own business.

Take some time today to envision yourself and where you want to be in one year, three years, five years or ten. If you don't like the outcome, now is the only time you have to change your future. You can make it happen!! Take action and do it now!!!! At least start!! There is really no perfect time to start. You will not have all the elements perfectly in place but if you don't start to take steps to accomplish your goals now, the years will come and go swiftly whether you are fulfilled or not. copyright 2006 Yoga Kat
About the Author
Yoga Kat teaches children's yoga ages 3-6, 7-12yrs and Adults in NJ. The Author of the book DAUGHTER BELOVED and created a children's affirmation CD and an adult affirmation CD. Available for speaking and reached at yogakat@verizon.net or 201 970-9340--COMING SOON -http://www.thecircleofpeace.com
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