Starting Your Own Business – II

Posted: June 19, 2013 in Business startup

This is a continuation of my previous post. So assume you’ve done your personal gut check and still want to start your own business! That’s good! I offer some advice based on my own experience and being around ‘former’ entrepreneurs who tried self-employment and weren’t successful.

My first nugget of wisdom is: have realistic expectations. A business idea that seems like it’s a no-brainer is probably a non-starter. Just because it’s your idea and no one is there to critique your idea doesn’t make it a great business idea. Can it support you full-time?

Secondly, do not start a business because some of your friends or associates tell you that they would buy your product or service. You might have a dozen friends or colleagues who think your idea is great. You will need more than a dozen sales to keep your business afloat.

Finally spend some time doing some Google searches. The first search should be to input the type of business you wish to start and click “enter.” Your search will probably return thousands of hits. It may depress you somewhat that your business idea isn’t unique. Don’t be too distressed – a dose of reality is needed to focus your attention on what will make your business a success.

There are local on-line free business advertising sites. Check these out and focus on the sector that you wish to enter. You will get an idea of who your local competitors are now. If their ads include a URL, look over their site. What do they offer?

I will add more in a future post.





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