Become Your Own Boss in 12 Months

A Month-by-Month Guide to a Business that Works

Melinda F Emerson

• Publisher: Adams Media
• Year: 2010
• ISBN:
  9781440506857
• Topic: Betriebswirtschaft
• Subtopic: Business allgemein

"Melinda Emerson...will inspire you to pursue your own entrepreneurial vision."
—Marc H. Morial, President, National Urban LeagueWhether you're newly unemployed, sick of office life and longing for a change, or just want to finally turn your business idea into reality, you can follow your dream and make your passion your profession. Drawing on her experience as founder of an award-winning production company, Melinda F. Emerson shows you how in this practical month-by-month guide to getting your business off the ground.Inside, you'll find the timetable and steps you need to take to become a successful CEO of your own venture, including: Month 1: Meet with potential venture capitalists
Month 3: Set a one-year marketing budget
Month 5: Select a logo
Month 9: Purchase customer relationship management software
Month 11: Prepare your launch day press releaseNext year at this time, you could be calling the shots at your dream job. You supply the energy, an idea, and elbow grease—and this book will supply the plan.

1

SO YOU THINK YOU WANT TO BE AN ENTREPRENEUR

Before I became a parent, people told me that the first five years are the toughest years for parents. That little person is dependent on you from the moment of conception to the day you put him or her on the yellow cheese wagon headed for kindergarten. Your job isn't over once your child is going to school full-time, but at that point children can do some things for themselves.

The same is true for a small business. If you think that you work hard now, just wait until you become your own boss. You will come to know what the word “sacrifice” means. You'll scale back eating out, buying the latest gadget, and shopping whenever you feel like it. You'll cook at home and eliminate all unnecessary spending. Yes, that well-deserved steak dinner at your favorite restaurant is now an unnecessary expense. Small businesses typically take twelve to eighteen months to break even and three years to generate any profits. And it usually takes four years of focused effort for a business to blossom into a self-sustaining entity. It will take every bit of enthusiasm and energy you have to grow your business into a viable enterprise and a powerful brand.

Being a successful entrepreneur is also about having patience. You need to be patient with yourself, your employees, and most importantly, your customers. The sales won't come as fast as you think they should, but if you can just hold on, being an entrepreneur can be your most satisfying professional experience.

So the first step is to decide if you're cut out to live this kind of life.

The Entrepreneurial Mindset

You always think there's a better way to do things.

You'd prefer to be in charge.

You think your boss is generally clueless.

You feel underused by your supervisors and dissatisfied by your job.

You know you would do things differently if it were your company.

You sit at your desk calculating the amount of money you make for your employer, thinking that you should be working for yourself.

You are convinced that you could do a better job than the folks that surround you.

Entrepreneurs are natural leaders. They are self-motivated and creative thinkers. They can make a decision quickly and stick to it. Entrepreneurs are visionaries, hard workers, and are extremely perceptive. They typically have demanding personalities and are extroverted. They are risk takers who are always seeking to improve upon current conditions.

On the flip side, at times such people are often stubborn and impatient. Entrepreneurs are not always good listeners or coachable, and can be territorial.

If any of this strikes a chord, if you feel these are qualities you possess, then entrepreneurship may be for you. But before you go into business, there are six things you must have:

1. A life plan

2. A solid business idea

3. Good credit and strong finances

4. A business plan

5. A supportive family or spouse

6. Faith

The Life of a Small Business Person

Becoming your own boss means more than sacrifice. It means long, hard, consistent work, often with the rewards still far off in the future. That's why you need a life plan before you decide to start your own business. You need to evaluate what you want out of life.

Consider the following questions:

What kind of lifestyle do you want to have as an entrepreneur?

How big do you want your business to get in terms of profits and staff ?

Will you have employees?

How many hours a week will you work?

Do you need to meet the school bus every day or take off every Friday?

Are you willing to work seven days a week? For how many years can you keep that up?

Will you need a partner? Could you handle working with one?

How will you fund your household while you start your business?

You may have a great business idea, but you must decide if it's a good business for you and your family. Try this exercise: Close your eyes and think hard about what the best day in your business will look like five years from now. It may help if you write it down. Spend some time on it and get it fixed in your head.

Once you have that vision, consider what it will mean to you and to those you love for that day to become a reality.

Your Business Idea

Even if you come to the conclusion that you can be an entrepreneur, you must decide if you should. In other words, do you have a solid business idea? On a blank piece of paper, write down answers to the following questions:

What problem are you solving for your customer?

Does your business solve some unmet need?

How much competition is there in your market?

How will your business be different?

Will you sell wholesale, retail, or both?

Will you need a foreign manufacturing partner?

Researching the industry and the potential customer is crucial. Your research will also help determine whether there's a viable market for your product or service.

Know your business

Your business venture should be something in which you have experience or professional training. The only exception to this rule is if you buy into a franchise or take over an existing business. In those cases, the franchise company typically provides some training or there are people working in the business who can help provide institutional information about the business. (Even in those cases, I would not suggest buying a food franchise if you have never worked in a restaurant.) I hold a degree in communications studies from Virginia Tech and I worked six years in television as a n...