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Got A Great Business Idea? The Five Important Rules For Starting A Business
What's Your Big Idea? Starting a business, even a small, home-based business should follow five key business principles or rules, if it is to succeed. The Small Business Administration (SBA) suggests five business start-up rules. These rules apply to all business ventures, regardless of size.
Find a need and fill it – you can’t succeed in business without solving a problem or filling a need that someone is willing to pay for. What's your niche market and your customer profile?
Develop a business plan. This is a critical step required to get funding for your business. What's your business model, how will you reach potential customers?
Understand the numbers – you need to understand the financial costs and be able to interpret the financial performance of your business. Most importantly, you need to be able to generate a profit. What are your start-up costs; number of unit sales to break-even; how will you manage cash flow?
- Provide an irresistible offer and incredible customer service. Happy buyers are your best form of advertising. How will you nurture leads, convert leads to buyers, and retain customers?
- Learn from others and keep learning as you grow your skill set and mindset as a business owner. You can't start and sustain a business alone. Establish a circle of advisers and form a Success Team early in planning your business.
The SBA website provides online training for new entrepreneurs. Go look around, there is a lot of free information about getting started, getting funded, getting business advice from seasoned business owners. The website includes a series of informational podcasts of presentations on a variety of business topics.
In the online training module called Need a Job? Consider Starting a Home-based Business, the presentation reviews each of these 5 important rules. Register today to determine if you have the characteristics of an entrepreneur and assess how ready you are to take action toward starting a business.
During the online training you will have access to readiness assessment tools and templates to help you document each step of your business planning. Templates include: Business Plan, Start-up Costs Sheet, Balance Sheet, Income Statement, Cash Flow Statement, and a comparison of types of legal structures for business ownership.
When you have completed the initial assessment and business plan, form a support team and discuss you plans with your success team of business mentors, coaches, and advisers. Use the guidance you receive to improve your plan, test concepts, form your business structure, raise capital, and build strategic business alliances.
The economic global recovery will occur by nurturing entrepreneurial business devel-opment. One in five new businesses begin as a home-based business. By investing, building and growing the best ideas for small businesses, we all benefit from new products and services that fulfill a need and provide new sources of revenue to power the economic engine.
The SBA website lists several pages on business planning, finding opportunities and contact information for technical assistance, Community Express Loan applications, and bidding on government contracts in your state or region.
You may be a diamond in the rough, but get out there and start networking. Let the business community know of your new business idea. I encourage you new entrepreneurs to work with mentors to refine your idea until you have a viable, profitable business model.
Got a great idea? What's stopping you from starting today? Read Weekend Entrepreneur written by Michelle Anton. She describes the start-up stories of 101 successful home business entrepreneurs.
Weekend Entrepreneur: 101 Great Ways to Earn Extra Cash
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