| u ever seen an business opportunity infomercial? I | | | | the business of starting and guiding small |
| saw one a while ago that was a classic. The | | | | businesses. Entrepreneur Magazine publishes an |
| product was set against a backdrop of cascading | | | | annual list of the Top 500 franchisors, it is |
| dollar bills (literally money flowing over the | | | | available online at .If not: |
| equipment). The voice over said something like | | | | 4. Take a sheet of paper and draw a line down |
| "want to work less and get rich? - call now!". In | | | | the center. On the left list anything that you can |
| essence they were saying that if you bought | | | | do (as ordinary as mowing lawns to as complex |
| their machine you could stop working for a living | | | | as designing rocket motors) and anything that |
| and easily get rich. | | | | you would like to learn to do. Obviously, only list |
| You're likely not surprised to learn that it doesn't | | | | those things that is or could be a saleable skill. On |
| work that way. At first, starting your own | | | | the right side put the types of businesses that |
| business involves more work not less, money paid | | | | use the skills from the left side of the sheet. The |
| out rather than taken in and a steep learning | | | | right side of the sheet is your universe of |
| curve. In return you can look forward to earning | | | | potential businesses. |
| every dime to which you are entitled, being able | | | | Once you've identified something that you want |
| to direct your destiny and never having to worry | | | | to do you need to identify whether it is |
| about "the boss". | | | | something that you can reasonably expect to do |
| I have an expression (at least I think that it's | | | | profitably. The old saw "If you fail to plan, you |
| mine) that goes "Most people want to be | | | | plan to fail" was never more true than when |
| successful, few are willing to be successful". If you | | | | starting a business. Success demands a clear and |
| want to work hard and sacrifice to get what you | | | | articulated vision of the challenges and |
| want - if you're willing to be successful - the | | | | opportunities to come. Common sense dictates |
| following will put you on the path to owning your | | | | that you understand the ingredients for success |
| own business. | | | | before you commit time and money to your |
| A successful small business is built at the | | | | project. Lenders, investors and other stakeholders |
| convergence of a market need and an ability to | | | | depend on your ability to chart the course to |
| meet that need. In other words, you need to find | | | | victory and they'll want to see your proposed |
| something that you do well (and hopefully enjoy | | | | course in writing. Step two: |
| doing) that others are willing to buy. Two simple | | | | 2. Create a business plan. A business plan is a |
| steps to do that, the first: | | | | written proposal. It describes your business and |
| 1. Identify a product or service that you can | | | | it's environment and forecasts it's future. More |
| produce. You may have a business in mind. If so, | | | | importantly, the process of creating a business |
| skip this step. If not, ask yourself the following | | | | plan identifies the challenges and opportunities to |
| questions: | | | | come and details the key result areas for |
| 1. Do your present job skills lend themselves to | | | | success. It determines how much money you'll |
| side work. If yes, you can start by developing a | | | | need and where it will be found. With a business |
| business on the side while still collecting a regular | | | | plan you are prepared to win. Without one, you |
| paycheck. If not; | | | | are flying blind. |
| 2. Can your present line of work (or one that you | | | | Starting your own business can be exciting, |
| want to be in) be produced by a small business? | | | | challenging and rewarding. Finding the place where |
| If not; | | | | market need intersects with your abilities is the |
| 3. Do you have capital to invest? If yes, you can | | | | first step towards success. A business plan is the |
| look for a franchise to purchase. Franchisors are in | | | | tool to help you take that first step. |