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Part VI: I've Decided on My Business - What Do I Do Now?
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A good place to start is with a business plan. Many people get so excited about their new business that they rush right into it without planning. When  the enthusiasm wanes because the money isn't coming in, they abandon their business and start looking for another one.
A business plan can help to prepare you for the ups and downs and keep you focused. You can work through the lean times in order to get to the more lucrative times. I'm not an expert in business plans, so I would suggest you search the internet for assistance there.
Now that you have your business plan, time to make your lists. Lists are the backbone of successful businesses. They help you to organize your thoughts and measure your progress. Your lists, once made, will have to be maintained and updated. Below are a few lists you should consider:
List of Things to Find Out:
- Laws, Rules, Regulations: Is it legal for you to run your type of business from your home? Are there local ordnances prohibiting it?
- Professionals: Eventually you will probably need the services of an accountant and/or a lawyer and you'll definitely need to open a bank account. Do your research to find which ones will best fit your needs.
- Business Name: Should you Incorporate or not? Will filing a business certificate be sufficient?
Some of these things may be fleshed out when creating your business plan, but they are worth mentioning again.
Make a List of Your Competitors
- You want to find out as much as you can about your competitors. Talk to them. Get them to open up and share some of their experiences with you. This can be tricky because they may view you as a threat. Some people are helpful and others aren't.
When I was considering opening a word processing business in my local area, I went through the yellow pages to find what my potential competition was charging. Some of the people were very nice and honest and gave me advice, others didn't. Either way, I knew more after I contacted them than before, so pick up the phone or drop an e-mail and ask.
- Look at your competitors pricing and advertising. This can give you an idea of what to charge and what works as far as advertising for your business. Remember, use this information to help formulate ideas. Do not steal your competitors ideas or work.
List of Places for Advertising and Customers
- Methods of advertising:
- Newsletters
- Press Releases
- Business Cards
- Stationery
(if you are computer savvy, you can do all of the above yourself at minimal cost).
- Website. It is important to advertise both on line and off line. Websites are a great plus. If you are unable to put together a website for yourself, hire someone. (here's a shameless plug - Tidbits and Stuff will be offering affordable website hosting starting July 2006).
- Newspapers
- Make a list of people you know and people you don't know. For example,
- If your product is a beauty product, in addition to your friends and relatives, you might want to get a list of all of the hair salons and beauty shops in the area and give out samples of your products.
- If you're in the dog walking business, you might want to list all of the vets in the area, or advertise in the pet stores in your area
- If you're creating web sites, you might want a list of all of the new business registered at your local county office. More than likely, they'll need a website.
You get the idea. Spend some time making your list. Once the list is made, you're not done. Keep adding to your list. Lists are an important tool in successful businesses. Remember to network.
List of Helpers
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When starting a business, you'll probably have to do everything yourself. However, as the business grows, you'll need help. At first its best to get help that you don't have to pay. Or if you do have to pay them, hopefully they'll work for food or some other commodity that won't take from your meager profits.
- Enlist the help of your kids, if they're old enough, their friend, your friends, relatives, neighbors, baby sitter. Make sure they are qualified for the task. The last thing you want to happen is to think that you've delegated a task to someone only to find out that they are incapable of handling it and you're stuck doing the task in addition to your own responsibilities.
List of Supplies and Suppliers
- You may not be fully aware of the necessary list of supplies when you start out, but having a preliminary list is helpful. Being aware of your supply list will come in handy when in the event you're out and about and find some of the items on sale. In the beginning it is very important to save money wherever you can. No sense in spending full price for something you can get for half off.
- Depending on your business, you may have the option of choosing between two or more suppliers. For example in the greeting card business, printer number 1 on Main St may offer a discount after 2 full priced print jobs whereas printer number 2 on Prospect Lane offers the same discount after 3 print jobs. As a business owner, you need to be aware of the best priced suppliers.
Words of Advice:
- Beware: Do not infringe on your competitions turf. Be aware of copyrights and trademarks.
- Be honest and trustworthy. Word of mouth is a great endorsement.
- Price reasonably. Take into consideration the cost to do what you do and the time it takes you to do what you do (your time is valuable). You also have to consider your competitor's prices and the additional value you offer. Pricing your product or service may not be easy and may require adjustment the more you learn about your business and the cost to run it. Just remember that if you provide a quality product, generally, people will pay a reasonable amount for it. Do not short change yourself by charging too little and do not waste your time by charging too much (people will not pay for it). Time will tell.
- Live, eat and dream your business (within reason, you still have kids to look out for). Things foremost on your mind seem to be the things that get accomplished.
If you don't want to start your own home-based business from scratch, maybe there are a few work from home alternatives that might be a better fit for you.
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 ABOUT THE AUTHOR: Felicia A. Williams is a freelance writer and webmaster of this website, Visit Hudson Valley.com and No Job for Mom.com. She also blogs about Living Green one choice at a time.
This document last modified Sunday, 02-Mar-2008 08:18:26 EST
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