In a down economic cycle starting your own business might be one of the things you consider doing, especially if you're unemployed for a long period of time and have some management experience. Or maybe, you just have that burning desire to break free of the 9 to 5 routine.
I read an ABC News story on how a woman started a business with virtually no money, and decided to share a few of the nuggets that I gleaned from that report in this blog.
Having a huge nest egg to start a business isn't one of the essentials. Many businesses can be started for less than a 1,000 dollars and some for a few hundred. What is important is that you plan your work and work your plan.
There is a Bible story in Genesis 29-31:55, about a young man who lacked the finances to buy his own herd of animals so he contracted to tend his uncles herds in exchange he would receive any the spotted cows and goats that were born, as his wages. That was his game plan, to get the stock he needed to start his own herd.
The young herdsman developed a plan to feed the animals a special diet which he hoped would cause them to produce more spotted offspring than usual.
In today's competitive marketplace a businessman can greatly increase his or her chance for success by having a written plan. I've identified some simple steps for planning a business. If your back is up against the wall and you need to create an income, here a some useful tips to get you started on the right track.
Tips for Starting a Business
A written plan for a start-up doesn't have to be extensive and formal like a corporate business plan. You can start out with a simple one page business plan. It should link together your planning, marketing, strategy and execution.
It's mostly an outline, to clearly show 4 key things, the mission , the company's objectives, the strategies and the actionable steps.
The mission should answer, Why does your business exist?
Objectives, indicate what you should measure.
Strategies, show things that need to be done to accomplish your business objectives.
Actionable steps, are specific things that you need to execute to make your business successful.
How To Increase Your Chances For Success
By addressing these things in advance you increase your chances for a successful business. In addition getting those profitable ideas out of your head and on to paper is a an explosive step towards getting started.
The character in our example from the bible didn't have the benefit of using a written plan, but his plan was still successful and before long he had more animals than his boss. The take-away from the story is that resourceful entrepreneurs can be successful.
Here is a link to the ABC News story I referenced at the beginning of this blog post on "how you can start a business for $100.00 or less."