Blog 3. Start Your Own Business
HELP! I WANT TO START MY OWN BUSINESS, WHAT SHOULD I DO?
Are you thinking of starting a business? if so you have a great deal of work to do, beginning with some self-assessment valuations; such as:
Are you currently employed? Maybe so, but are you under-employed, do your talents or skills exceed the qualifications of your current position?
Are you frustrated with the culture and treatment of your present employer, no real bonuses or “that-a-boy/girl?”
Do you feel you are not receiving the right compensation you deserve?
Or did you just get fired or lais-off?
If so, you are a part of a growing culture of frustrated mid-level employees, who are probably over 50 who want something more out of their 50 hour a week endeavors and not just more money, but more responsibility and more challenges with opportunities to measure their efforts, not only, in terms of compensation, but also, promotions and recognition.
If this frustration is the root of your dilemma then you need to read on and continue with the thoughts that will help you make prudent and relatively safe decisions before embarking on your journey for independence and hopefully financial gain.
Luckily, you happened to receive this Blog that may well clarify many of the issues you need to resolve before you take any step toward becoming an entrepreneur and starting your own business.
So, let’s start with some basic questions, that only you can answer and be brutally honest with yourself in the process.
Did you explore or discuss your frustrations with your boss, spouse, personal banker and maybe close friends?
If so, what were the results and don’t try to memorize their responses, write them down for future review; such as:
Creating a checklist (examples below):
TALK TO SPOUSE?
You spouse may applaud your drive and ambition and support you 180% or your spouse may be very upset with your thoughts of starting your own new business. Let’s face it, if it you do not have the support of your spouse then you may very well be on a marital collision course.
The other element to consider, if you do not have the support of your spouse, is eventually he or she will be required to co-sign different documents for bank or personal loans or inclusion as an officer in your new start up business and again, if you do not have their support your “Goose is cooked” and I mean “overdone” as any resistance to signing is a “Red flag” to any lender or investor that you can’ go it alone or your venture does not appear to have much promise.
TALK TO BANKER, PERSONAL FRIENDS & POSSIBLE INVESTORS?
It is vitally important for you to know the possible sources of your capital including how much money you are willing to invest (skin-in-the-game) and the cash reserves your contacts may contribute.
TALK TO CONFIDANTS ABOUT THE IDEA OR VENTURE?
Learn as much as you can about your intended business, explore other business options; such as, purchasing an existing business or a franchise?
Then when you realize you are probably over-your head in this endeavor, do yourself and your spouse the biggest favor you can!
Hire a professional business consultant, who has been there and done that! One with a proven record of success, doing it himself. A Battlefield tested entrepreneur, not a theorist and pay that consultant to do a comprehensive BUSINESS PLAN that will provide many answers to all the issues involved in your quest to start your own business.
In addition to the above, any legitimate investor and/or lender will want to see a professionally written business plan and listen to the presentation, which better be professional and delivered with confidence and honest facts, including but not limited to the Pros & Cons of the venture as well as the a sound “risk/Reward” analysis.
We here at MITCHELLETE & ASSOCIATES do this every day and as a matter of fact the founder has done this for himself as an entrepreneur and an academic teaching and publishing books on the subject.
If we don’t think your fundamentals are sound; we will tell you upfront. If we see a light at the end of the tunnel but to make it brighter, we will tell you that, too.
Most importantly we will be quick, concise and honest in our assessment from the very beginning of our discussion. We have even lost potential clients because we were too honest and direct with them and they did not hear what they were hoping to hear but in retrospect they were happy we saved them time and money and maybe their personal relationship.
You have no idea at this point, what is in-store for you, if you unwisely commit to starting or buying a business and it fails. The failure can and most probably will haunt you personally and financially for years if not a lifetime.
So, pick up the phone and call us at 612 715 9217!
It may well be the “First day of the rest of your business life”