| Starting a new business is scary, | | | | capable of becoming what they hoped it would, |
| exhilarating, challenging and at times | | | | even if everything went perfectly. |
| downright confusing. It's easy to get | | | | |
| overwhelmed by the huge number of tasks in | | | | Many new entrepreneurs think success is all |
| front of you. When you get in that state, | | | | about developing a great product or service, |
| step back and think, "What can I do today | | | | but actually it's all about selling it. |
| that will get my message in front of my | | | | Before you spend tons of time and money |
| customers?" If you're thinking about this all | | | | developing your product, make a prototype or |
| the time, the other details will fall into | | | | develop a clear and concise description of |
| place. | | | | what it will be, and do some market research. |
| | | | Figure out who your prospective customers |
| The first thing you need to do is decide on | | | | will be, and go talk to them! Ask questions. |
| the goals for your business. What do you | | | | Find out what they'll pay. Consider their |
| personally want to get out of it? How many | | | | feedback and modify your design accordingly. |
| hours do you want to work? How many employees | | | | Look at other companies that are selling |
| do you want to have? How much money do you | | | | similar products or services. Find out what |
| want to make? The idea here is to get as | | | | they charge, how they market and what their |
| clear a vision as possible of what your | | | | competitive advantage is. Go into their |
| business will look like when it is | | | | stores and watch their customers. Find out |
| established so you'll know what needs to be | | | | what they are doing and why, and how |
| done to get there. For a very clear | | | | customers respond. Once you think you have a |
| step-by-step method to do this, I highly | | | | clear understanding of what the market wants, |
| recommend a program called E-Myth. | | | | then move ahead with your product or develop |
| | | | your service. |
| Next, do the math. So many people-including | | | | |
| me-have learned the hard way that the | | | | You'll also need to decide what kind of |
| business they created is not capable of | | | | company structure will best fit your plans (S |
| meeting the goals they set for themselves. To | | | | Corp., LLC, sole proprietorship and so on). |
| help avoid this problem, do some market | | | | |
| research to determine how much you'll be able | | | | If possible, work out of your home for awhile |
| to charge for your product or service and | | | | or rent the minimum space and equipment |
| what volume you'll be able to sell. Think | | | | necessary to run your business. It's |
| about how many hours you'll be able to work | | | | important to keep your overhead as low as |
| in a day and get a rough idea of the maximum | | | | possible, at least until things start to take |
| amount you could make. Once you have rough | | | | off. Resist the temptation to rent a nice |
| estimates for those figures, you can decide | | | | office and fill it with furniture and |
| if the money you could make or the time you | | | | equipment. I used to think that was |
| need to put in will be worth the effort. | | | | impressive, but I came to realize it was just |
| You'd be surprised at how many people spend | | | | expensive. |
| years working in a business that is just not | | | | |