How to Start Your Own Business

Hello Everybody,

This week I will be writing about chapter 11 in What Color is Your Parachute, How to Start Your Own Business.

Is starting your own business as difficult as everyone makes it out to be? When looking at past success stories there are a few things that they have in common. These people didn't need a whole lot of money to launch their own business. They did have to do research, sometimes plenty of it, to make it work. A lot of them use the internet to make their product, service, or expertise, known. None of them went down the traditional paths that people used to go down, when considering self-employment, such as buying a franchise, or being sucked in by one of those well-advertised "work-at-home" projects. Being "self-employed" wears quite a different face.

When you have no idea what business you want to go into there are four steps.

1. Write.
   Do the flower diagram, (see posts part 1, part 2 and part 3). Ultimately, what you decide to do should flow from who you are. Jot down any ideas. Use same piece of paper for any ideas as you read the rest of these steps. Write your resume answering all the questions in chapter 2 under a starter kit for writing your resume (or read my post on that chapter). If nothing inspires you, try Daniel Pink's Prescription. List 5 things you're good at, list of 5 things you love to do, list of where the 2 lists overlap, and read that list and ask yourself, "will anyone pay me to do these things?" If none of that works check out O*Net.
2. Read.
   Read up on all the virtues that perils of running your own business. Self-employment has become a broader concept than it was in another age (not just people with own businesses but also independent contractors, temps and contract employees, limited-time frame workers, consultants). Try checking out Working Solo, Small Business Administration, A Small Business Expert, Business Owner's Toolkit, The Business Owner's Idea Cafe, Nolo's Business LLCs & Corportations, and Home Businesses.
3. Explore.
   

   A - B = C

   "A " is what skills, knowledges, or experience it takes to make this kind of business idea work, by interviewing several business owners.
   "B" is skills, knowledges, or experience that you have.
   "C" is list of skills that are required for success in such a business. Go hire someone that does.
4. Get Feedback.
   Are you cut out for this sort of thing? Only you can answer that.You can try to find out by doing self-examination questionnaires on working solo. Check out Checkster, which is a free talent checkup. It emails 6-12 people you choose, and asks them to answer a few brief questions about you and your past work. Then it removes the names and mashed the info together and gives you a summery report. 

This may go without saying, but since Bolles felt the need to specify, I will too. If you have a spouse or partner, tell them what you're up to and what you're thinking. Find out what their opinion is and explore whether this is going to require sacrifices from them, and not just you, and how they feel about that. You only have one life, so while you're here you should do what you want. There is always some risk in trying something new. Make sure ahead of the time that the risk aren't avoidable, but instead manageable. Talk to others who have already done what you are thinking of doing; then evaluate whether or not you still want to go ahead and try it. Have a plan B as to what you will do if it doesn't work out.

Good luck!

Until next time,

Caitlin Campbell