| Have you ever seen an business opportunity | | | | anything that you can do (as ordinary as |
| infomercial? I saw one a while ago that was a | | | | "mowing lawns" to as complex as "designing |
| classic. The product was set against a | | | | rocket motors") and anything that you would |
| backdrop of cascading dollar bills (literally | | | | like to learn to do. Obviously, only list |
| money flowing over the equipment). The voice | | | | those things that is or could be a saleable |
| over said something like "want to work less | | | | skill. On the right side put the types of |
| and get rich? - call now!". In essence they | | | | businesses that use the skills from the left |
| were saying that if you bought their machine | | | | side of the sheet. The right side of the |
| you could stop working for a living and | | | | sheet is your "universe" of potential |
| easily get rich. | | | | businesses. |
| | | | |
| You're likely not surprised to learn that it | | | | Once you've identified something that you |
| doesn't work that way. At first, starting | | | | want to do you need to identify whether it is |
| your own business involves more work not | | | | something that you can reasonably expect to |
| less, money paid out rather than taken in and | | | | do profitably. The old saw "If you fail to |
| a steep learning curve. In return you can | | | | plan, you plan to fail" was never more true |
| look forward to earning every dime to which | | | | than when starting a business. Success |
| you are entitled, being able to direct your | | | | demands a clear and articulated vision of the |
| destiny and never having to worry about "the | | | | challenges and opportunities to come. Common |
| boss". | | | | sense dictates that you understand the |
| | | | ingredients for success before you commit |
| I have an expression (at least I think that | | | | time and money to your project. Lenders, |
| it's mine) that goes "Most people want to be | | | | investors and other stakeholders depend on |
| successful, few are willing to be | | | | your ability to chart the course to victory |
| successful". If you want to work hard and | | | | and they'll want to see your proposed course |
| sacrifice to get what you want - if you're | | | | in writing. Step two: |
| willing to be successful - the following will | | | | |
| put you on the path to owning your own | | | | 2. Create a business plan. A business plan is |
| business. | | | | a written proposal. It describes your |
| | | | business and it's environment and forecasts |
| A successful small business is built at the | | | | it's future. More importantly, the process of |
| convergence of a market need and an ability | | | | creating a business plan identifies the |
| to meet that need. In other words, you need | | | | challenges and opportunities to come and |
| to find something that you do well (and | | | | details the key result areas for success. It |
| hopefully enjoy doing) that others are | | | | determines how much money you'll need and |
| willing to buy. Two simple steps to do that, | | | | where it will be found. With a business plan |
| the first: | | | | you are prepared to win. Without one, you are |
| | | | "flying blind". |
| 1. Identify a product or service that you can | | | | |
| produce. You may have a business in mind. If | | | | While there are many ways to create a |
| so, skip this step. If not, ask yourself the | | | | business plan, we think that the best way is |
| following questions:a. Do your present job | | | | to use our business plan software, |
| skills lend themselves to "side work". If | | | | FundablePlans. It walks you through the |
| yes, you can start by developing a business | | | | process, does all of the financial |
| "on the side" while still collecting a | | | | calculations, compiles the plan for you, |
| regular paycheck. If not;b. Can your present | | | | allows you to include graphics and includes |
| line of work (or one that you want to be in) | | | | both online help with your plan as well as |
| be produced by a small business? If not;c. Do | | | | help from our consultants (not customer |
| you have capital to invest? If yes, you can | | | | service reps, people who write business plans |
| look for a franchise to purchase. Franchisors | | | | professionally). It costs $40, more |
| are in the business of starting and guiding | | | | information, here. |
| small businesses. Entrepreneur Magazine | | | | |
| publishes an annual list of the "Top 500" | | | | Starting your own business can be exciting, |
| franchisors, it is available online: 500 | | | | challenging and rewarding. Finding the place |
| Franchisors. | | | | where market need intersects with your |
| | | | abilities is the first step towards success. |
| If not:d. Take a sheet of paper and draw a | | | | A business plan is the tool to help you take |
| line down the center. On the left list | | | | that first step. |