Starting a New Business 101

[kc_background_pac_2_highlight_5 size=”38″ color=”#000000″]Starting a New Business 101[/kc_background_pac_2_highlight_5]

Some things never change and how to start your new business the right way is one of those that over the last 2 or more decades has not changed. So what is that magic sauce? None other than your core interest, what you like to do and what are you good at. Since you will be sleeping, eating and breathing your new venture, it needs to be something that you are passionate about. Not rocket science here.

What comes even before this passion is there a need? Here is where you need to put your nose to the grind stone right from the very beginning to see if there is a customer base out there that is willing to part with their hard earned money. Go to the library, ask other business owners that are in the same business or related businesses, search online to see if the numbers are there.
Just because you are passionate about something doesn’t mean that there is a market for your passion. This is where you can spend some money to validate your desire or to shoot it down. If you shoot it down now you will be thousands ahead later.

Once you have verified the existence of a valid market you can start moving forward toward choosing your location. This is where the Realtor’s really have it right, Location, location, location, is the 3 most important parts of your choice. Here is where the simple method of sitting outside of the location that you are looking at and see how many of your core customers actually pass or stop by this location.

Another way would be just asking a group of your customer types, where they would like to see a business like yours to be, or where would they go to shop at your type of business.

Crunch the numbers by writing a business plan. One step that I like to add here is what I call a Ben Franklin, and this is a simple method that can help you make a decision about your business right from the start. Do this by taking a piece of paper and drawing a line down the middle of it and place 2 words at the top, “PRO” and “CON”. You start by listing all of the Pro “positive” things about your new business and of course “Con” all of the reasons that you shouldn’t start this new venture of yours.

This is starting a new business 101.

Good luck or better yet “Good Skill” as I hope that it is your skill that makes your business flourish and not luck.