Who better to give free advice than a failed and then successful businessman and where better to get free advice than the internet and some random blog?
First things first, starting and owning a business is very hard, time consuming and expensive. Do not believe anyone who says it is a easy, it is not easy. However, with some free business 101 coaching for dummies, you can get a feel for what it really entails. If you have the drive and opportunity, make a go at it.
Location: Look in your local market, that creates a sense of community, authenticity and of course low traveling costs in this over priced oil/gas world. Local business men who meet and greet their clients over and over again are more likely to succeed because of repeat business, comfort level and of course ease of vicinity. No one has done it better than Howard Schultz, founder of Starbucks. He was trying to and did succeed in creating a local, comfortable place to grab a cup of joe, hang out and talk shop for hours. If you have not heard of Starbucks, seen 1 or 2 or maybe even 3 on your street or near you, you are from Mars. Now that is what I call a successful business.
What Business: First, make a list of what you love to do and I mean everything, from playing guitar hero 3 to cleaning toilets. There is almost always someone, somewhere in need of what you have to offer. As Dr. Suess said in The Lorax..."A thneed's a fine something that all people need". My 3 year old loves that book. Now, if loving that book were only a career choice my boy would be in great shape.
After that list is complete, look in your local market for competition of those things you love. Ex: making teddy bears like the crazy loon on Nip Tuck. Cleaning toilets, selling soap, fixing Mercedes transmissions. If you are lucky, you might find no competition and a niche market right out of the gate.
Personality: This is last but certainly not least. Do you have the personality traits of a successful person? Notice I did not say entreprenuer, that is not necessarily the key ingredient to success. I have seen plenty of businesses fail because of bad location and no love for the product being sold. Here are the tell tale signs that you can make it. Can you walk up to a stranger at the gas station and say hi? Can you balance your checkbook? Does your checking or savings account have a positive balance? When times are tough on your current job do you quit or find a solution and make it happen? Do you have a supporting spouse? These items matter because when times are tough you need be able to tighten your belt, borrower from yourself, get in front of people to sell yourself or your items, and of course, if your life at home is solid you will have more time to dedicate to running a successful business.
Part 2 will look at Real startup costs and how to finance your dream.
Good luck and make it a great day!
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