I Want to Start My Own Business. What Should I do?

I Want to Start My Own Business. What Should I do?

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I Want to Start My Own Business. What Should I do?
Are you thinking of starting a business? If so, you have a great deal of work to do and some essential questions to answer. Are currently employed? Are you frustrated with the culture of your present employer? Do you feel you are not receiving the compensation you deserve? Finally, are you under-employed? Do you have […]
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Are you thinking of starting a business?

If so, you have a great deal of work to do and some essential questions to answer.

Are currently employed?

Are you frustrated with the culture of your present employer?

Do you feel you are not receiving the compensation you deserve?

Finally, are you under-employed? Do you have skills, energy and desire that’s currently going to waste?

If so, you are a part of a growing culture of frustrated mid-level employees, who want something more out of their 50-hour-a-week-endeavors.

And I’m not just talking about more money.

You may want more responsibility. You may yearn for bigger challenges. You may be searching for the recognition that’s lacking in your current position.

If you feel frustrations like these, you need to read on.

In a few short minutes I’m going to share with you some thoughts that will help you make prudent and relatively safe decisions — before embarking on your journey for independence and hopefully financial gain.

This post should clarify the issues you need to resolve before you take your first step towards becoming an entrepreneur.

So, let’s start with some basic questions, that only you can answer. Be sure to be brutally honest with yourself throughout this process.

HAVE YOU TALKED WITH YOUR SPOUSE?

It’s sounds silly, but this is actually one of critical steps I’ve seen people omit.

The truth is your spouse may applaud your drive and ambition and support you 180% or they may be very upset with your thoughts of starting your own new business.

Let’s face it, if it you don’t have the support of your most significant ally, then you may very well be on a marital collision course.

Believe me, starting a business is not like learning to play bridge.

Even if your partner is a hundred percent onboard, you need to dig deep into what this really means.

How much time are you going to dedicate? How will this affect the family’s finances? What happens if you have a bad month? or six?

Another element to consider is that eventually he or she will be required to co-sign different documents for bank or personal loans or inclusion as an officer in your new start up business.

Again, if you do not have their support your “Goose is cooked” and I mean “overdone and through me in the trash ‘cause I’m one seriously over-fried bird.”

You see, any resistance to signing will be clearly seen as  a “Red flag” to any lender or investor that you approach. It shouts that you can’t go it alone and that your venture does not appear to have much promise.

HAVE YOU TALKED TO YOUR FAMILY, BANKER, PERSONAL FRIENDS & OTHER POSSIBLE INVESTORS?

Let’s get one question out of the way.

Starting a business requires capital.

And it almost always requires more than you initially estimated.

Now, maybe you’re floating in cash.

Perhaps you’ve got tons of money and are just seeking the thrill of being in business.

But if this isn’t the case, you need to line up some funds BEFORE YOU NEED THEM.

It is vitally important for you to explore the possible sources of capital including how much money you are willing to invest (skin-in-the-game) and the cash reserves your contacts may contribute.

HAVE YOU TALKED TO CONFIDANTS ABOUT THE IDEA OR VENTURE?

Let’s face it.

A lot is riding on the decisions you’re about to make.

Your security. Your reputation. Your income.

That means you have to learn as much as you can about your intended business before you commit yourself. Please remember to explore other business options such as purchasing an existing business or opening a franchise.

And then start to call in favors.

Use the contacts you have (and trust) as sounding boards for your plans. Listen carefully to what they have to say and don’t let your adrenalin blind you to potential difficulties.

What I’m saying is DO YOUR HOMEWORK.

Then, when you realize you are probably in over-your head in this endeavor, do yourself and your family the biggest favor you can!

Hire a professional business consultant, who has been there and done that!

Find someone with a proven record of success, doing it himself.  A battle hardened, tested entrepreneur who’s not a theorist. Next, pay that consultant to do a comprehensive BUSINESS PLAN that will provide answers to all the issues involved in your quest to start your own business.

In addition to the above, any legitimate investor and/or lender will want to see a professionally written business plan and listen to the presentation, which better be professional and delivered with confidence and honest facts, including but not limited to the Pros & Cons of the venture as well as a sound “risk/Reward” analysis.

We here at MITCHELLETTE & ASSOCIATES do this every day.

If we don’t think your fundamentals are sound, we will tell you upfront.

If we see a light at the end of the tunnel, but we need to make brighter, we will tell you that, too.

But most importantly we will be quick, concise and honest in our assessment from the very beginning of our discussion.

The truth be known, we’ve lost a few potential clients because we were too honest and direct with them and they did not hear what they were hoping to hear.

At least we sleep well at night.

So, hear me out.

At this point you have no idea what is in-store for you if you unwisely commit to starting or buying a business and it fails. It can and most probably will haunt you personally and financially for years if not a lifetime.

So, pick up the phone and contact us now.

It may well be the “First day of the rest of your business life”

 

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