Starting A Small Business

I have been self-employed, or working in commissioned sales for nearly 35 years.  I often meet people that want to start their own business or purchase an existing business and I have one question I always ask, “Why?” 

It is intended to be neither rhetorical or confrontational.  They are going to be challenged and if they don’t have a solid sense of purpose they won’t last.  Not everyone is cut out to be an entrepreneur, or to even own their own business.  That is why I advocate for good analysis first.  Knowing your “why” will sustain you through many tough times as will knowing your own personality.

There are a number of reasons to start your own business.  Some are better than others, but only because they have the power to sustain you through the challenges you will face. 

 Sometimes the “Why” itself will bring it’s own set of challenges.

For instance, if you are starting a business because you think your boss is an idiot and you could certainly do it better, be prepared to learn everything your boss had to learn to be where they are.  You may find they tried your idea and it didn’t work.  You may in fact be more talented and have a better idea, but criticism is a week motivator to keep moving forward.

 If money is your “Why” be careful.  Money is cold and sterile.  Think more about what the money will allow you to do or to be.  At the end of life the rich and the poor leave the same amount of money behind.  They leave all of it.

 If you want more time, what will you do when you find yourself working 70-80 hour weeks?  The early days of any new business require more than they return.

 Don’t get me wrong, I love being self-employed.  It’s just that you really need to count the cost and make sure it’s what you are cut out for.  There is no universal “Why”.  You have to find yours and defend it as the Crown Jewel of your realm.

 Write it down, put it where you can see it regularly.  Don’t discuss it except with people you trust and that will be supportive and constructive as you move towards it.  This may be your most valuable business asset.

 Before you start your business, find your “Why” and put it in your written Business Plan.

 Good Hunting:

 Gary Russell
www.DefendMyLife.com
503-519-3592