Do You Want to Start a Business? Consider This

Like millions of people around the country, you recently have given much thought to the prospects for your economic survival. How to make money is at the top of the list for many. We are exploring our options. A yard sale or two can help in the short run, but most of us need a steady and healthy income stream.
Polishing up the resume might no longer be a viable option, given that unemployment statistics have been dismal for several consecutive quarters and the worldwide economy continues to shed jobs.
This cruel reality has led some of us to decide what the heck, I’ll go out on my own. I’ll start my own business or become a freelancer and do some consulting. That’s why I went out on my own. Employers cared not a whit about my transferable skills, work ethic, strategic thinking or anything else. All they knew was that I would be too expensive to hire(or keep) and so they didn’t.
To keep a roof over my head and food on the table I had no choice but to become a freelance consultant. Thank goodness I had a few desirable business skills that I eventually learned how to package and market!
Here are a few things that I’ve learned and that you should consider before taking the leap. I share them with you so that you can avoid time and money wasting mistakes and get into your definition of success, faster.

  • BE REALISTIC. Becoming an entrepreneur requires objective thinking. Take a cold hard look at your skill set and determine the type of services you are qualified to offer.
  • ANALYZE THE DEMAND. Which types of customers can be expected to pay for the services that you are able to offer? What motivates clients to buy the services you can offer? Does it appear that within 2-3 years you will be able to persuade enough clients to pay you enough money to live on?
  • ANALYZE THE COMPETITION. Do you know of others in your prospective business? Are they successful? What has made them successful? Who are their clients and what makes clients hire them? Visit their websites, read their ads and learn.
  • ASSESS RELATIONSHIPS. Do you know anyone who can help ease your way into the business–refer clients, act as a mentor and adviser, give you a good deal on an office space?
  • COUNT YOUR MONEY. Research the expected business start-up costs. Think carefully about where you can economize and where it would benefit you to spend a little more. Begin to monitor your personal spending habits and boost your savings– you’ll need cash to float you while you build the business. Pay off outstanding debts and improve your credit score so you can qualify for financing if needed.

There can be an upside to starting a business during a down economy, so have faith. Economic conditions will weed out unrealistic concepts. Learn to distinguish between an interesting idea and a money making opportunity by writing a business plan. Put together an informal advisory board of supportive friends, colleagues and family members who can help you brainstorm ideas, provide valuable assistance and boost your spirits when you need it most.
While the economy lags, you will be in the planning and learning stages. When the inevitable upswing comes around, you will be prepared to take advantage and grow your business into an enterprise that will not only sustain you, but will confirm your tenacity and your talent. Good luck to you!

Kim Clark is the founder and principal of Polished Professionals Boston, a business development consulting firm that specializes in strategic plan facilitation, sales skills training, personal brand development and business communication skills. www.polishedprofessionalsboston.com