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ASK
OUR EXPERTS...
I am thinking about starting my own business. Can you offer any
advice?
By RWM Experts
Excellent! You have found a passion for something that you believe you can
make a business out of. Pursuing something you love is definitely ideal,
however make sure you do the research. Is what you love to do a product or
service the marketplace understands and are in demand of?
The first project you need to do before starting your business is to create
a business plan. You can access business plan templates off the internet, or
better yet, sign up for a business start-up program through a local college
or independent company that off these courses. A business plan is a vital
project that will help you to determine whether your concept is viable.
Through your research you will be able to determine market trends,
competitor statistics as well as budgets and revenue projections. A business
plan also gives you the stepping stones for the first few years that you
need to take to be and stay successful.
While creating your business plan it is also important to get yourself out
into public, such as joining related industry or professional associations
and networking groups. This is also a great way to connect with people to
start a support group or find mentors to sound ideas off of; very important
during, through and beyond the start-up stages of any business. If you can,
invite a few of the people you meet and respect for their business savvy to
get together as a group once or twice a month for a business “rap” session.
Experienced advice is priceless.
When your business plan is completed and you are ready to take the big leap,
it is time to start shopping around for all the other “services” you will
need to make your business run smoothly. This includes getting your legal
and tax issues figured out, registering your business name, opening a bank
account, getting credit card and debit services in place, etc. This also
includes retaining money to finance your start-up. Do you have sufficient
savings or do you need to approach potential investors and lenders? Don’t
expect to start a business and then walk into a bank and get money.
Traditional lenders are leery about new ideas and businesses without proven
track records. Have a plan!
While you are working out the “operations” details, you also need to start
working on your corporate identity, such as having a professional logo
created, having business cards and brochures produced as well as developing
a website. All in all, start with a professional attitude and pursue every
detail on a professional level. This guarantees you success!
To have your marketing questions answered by our Experts, email
experts@risingwomen.com
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