From Part-Time to Full-Time does not happen overnight—it is a process.
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” she says. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. A woman home business expert said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
-30-
NEXT: CONSIDERING YOUR FAMILY'S INVOLVEMENT IN YOUR ENTREPRENEURSHIP PLANS
Thursday, March 31, 2011
Saturday, March 26, 2011
Options to Consider Before You Quit Your Day Job
Options to Consider Before You Quit Your Day Job
You may have dreamed of starting a home business for various reasons, but before you tell your boss off and quit your day job, consider these tips:
1. While at Your Present Job:
*If there are company benefit plans, see when they will increase in value and if and when you might receive money from them.
*Schedule routine physical, dental, or eye examinations covered by your company’s health insurance. Determine the cost of the health coverage if you had to pay for it.
*Update your references. If your boss commended you for doing a good job, ask if she would put in writing and placed into your file.
*Take courses, training sessions, etc., paid by your employer that could be used in a future business.
2. Develop a Financial Plan:
*Make sure you have good credit. If not, take the time to establish it—preferably while you are still employed.
*Save money. Try living on the bare minimum to see if you can get by on less money when you start your business. Put the savings toward your venture. Moonlight at a part-time job. Experts recommend you save two years’ living expenses—the average time for a business to become profitable—before quitting to start a full-time venture.
*See if you will be getting a severance or retirement package that could help finance a business or pay living expenses.
3. Self-Evaluation:
*Ask yourself and the honest opinion of others if you have what it takes to be a business owner. Setting goals, flexibility, self-discipline, confidence to take calculated risks, being willing to market yourself and your business, and others are all important characteristics of an entrepreneur.
*Evaluate your skills and/or education to decide if you need additional training for your venture.
4. Business Start-Up Preparation:
*Write a business plan you could take to a banker.
*Do thorough market research for your business idea. Use both primary research—asking persons directly for feedback—and secondary research—collecting data and demographic information from business organizations, legislators and government agencies to develop a customer profile and to discover if a market exists.
*Start your business part-time—2/3 of new business owners do.
*Develop a business network of experts and contacts in your industry and in the community in which you will be doing business. These will be invaluable in getting referrals and clients.
*Set goals—long range and short-term—to establish a plan of action.
5. Family Preparation
*Discuss with your partner and family the impact a business start-up could have on their lives. Their backing will be important to your business’ success.
You will need some sort of support until your business can sustain itself. By heeding practical tips like these, your business will be more likely to succeed when you do go out on your own.
Further Discussion:
When to go Solo
You can go full-time with your business if...
...you have set a commitment of time to dedicate to launching this business.
...you have the savings (six months to two years), a life partner’s income, or the financial backing you need to sustain your cost of living expenses until the business becomes profitable.
...you have the funds and/or financial backing of friends, acquaintances, bank loans to start and sustain your business until it makes a profit.
...you have written a business plan to guide your business.
...you have the customers who want or need your business service or product.
...you have a support team of mentors, business experts, and networking friend
Timing your Business’ Launch date
From Part-Time to Full-Time does not happen overnight—it is a process.
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” says Kaiser. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. Phyllis Gillis, one of the first to write about this home business movement (Entrepreneurial Mothers), said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
For Further Information:
"This Is Your Life, Not A Dress Rehersal: Proven Pinciples for Creating The Life of Your
Dreams" by Jim Donovan - www.jimdonovan.com
-30-
You may have dreamed of starting a home business for various reasons, but before you tell your boss off and quit your day job, consider these tips:
1. While at Your Present Job:
*If there are company benefit plans, see when they will increase in value and if and when you might receive money from them.
*Schedule routine physical, dental, or eye examinations covered by your company’s health insurance. Determine the cost of the health coverage if you had to pay for it.
*Update your references. If your boss commended you for doing a good job, ask if she would put in writing and placed into your file.
*Take courses, training sessions, etc., paid by your employer that could be used in a future business.
2. Develop a Financial Plan:
*Make sure you have good credit. If not, take the time to establish it—preferably while you are still employed.
*Save money. Try living on the bare minimum to see if you can get by on less money when you start your business. Put the savings toward your venture. Moonlight at a part-time job. Experts recommend you save two years’ living expenses—the average time for a business to become profitable—before quitting to start a full-time venture.
*See if you will be getting a severance or retirement package that could help finance a business or pay living expenses.
3. Self-Evaluation:
*Ask yourself and the honest opinion of others if you have what it takes to be a business owner. Setting goals, flexibility, self-discipline, confidence to take calculated risks, being willing to market yourself and your business, and others are all important characteristics of an entrepreneur.
*Evaluate your skills and/or education to decide if you need additional training for your venture.
4. Business Start-Up Preparation:
*Write a business plan you could take to a banker.
*Do thorough market research for your business idea. Use both primary research—asking persons directly for feedback—and secondary research—collecting data and demographic information from business organizations, legislators and government agencies to develop a customer profile and to discover if a market exists.
*Start your business part-time—2/3 of new business owners do.
*Develop a business network of experts and contacts in your industry and in the community in which you will be doing business. These will be invaluable in getting referrals and clients.
*Set goals—long range and short-term—to establish a plan of action.
5. Family Preparation
*Discuss with your partner and family the impact a business start-up could have on their lives. Their backing will be important to your business’ success.
You will need some sort of support until your business can sustain itself. By heeding practical tips like these, your business will be more likely to succeed when you do go out on your own.
Further Discussion:
When to go Solo
You can go full-time with your business if...
...you have set a commitment of time to dedicate to launching this business.
...you have the savings (six months to two years), a life partner’s income, or the financial backing you need to sustain your cost of living expenses until the business becomes profitable.
...you have the funds and/or financial backing of friends, acquaintances, bank loans to start and sustain your business until it makes a profit.
...you have written a business plan to guide your business.
...you have the customers who want or need your business service or product.
...you have a support team of mentors, business experts, and networking friend
Timing your Business’ Launch date
From Part-Time to Full-Time does not happen overnight—it is a process.
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” says Kaiser. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. Phyllis Gillis, one of the first to write about this home business movement (Entrepreneurial Mothers), said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
For Further Information:
"This Is Your Life, Not A Dress Rehersal: Proven Pinciples for Creating The Life of Your
Dreams" by Jim Donovan - www.jimdonovan.com
-30-
Thursday, March 10, 2011
How to Do Market Research for Your Home-Small Business Idea
SUCCESS SECRET #13: Learn how to market research for your home business idea to determine if there are potential customers.
Finding Your Customers; Your Niche
No matter what business idea you consider, if you do not have customers for your service or products, your business cannot succeed. To determine this you have to identify your target market—the customers most likely to patronize your business—and if there is a “niche”—some service or product that is not yet being provided to your target customers.
Establish parameters of your Target Market by asking the following:
1) What are their demographics?
2) What are their needs and requirements?
3) What benefits do they want?
4) What are their concerns about your type of product or service?
5) Who is your competition?
Knowing your Target Audience will minimize the risks of doing business. It will uncover and identify potential problems. It will help you recognize opportunities in the marketplace that otherwise would be missed. It can save you time and money by focusing your energy on the potential BUYERS.”
How To Analyze Your Competitors
In your quest to find Target Customers, you need to analyze your competitors and what they are and are not providing their customers. Here are some suggestions:
1) Study their advertisements to see which services or products they are pushing. Get copies of their promotional materials. Then see if there is a service or product they do not provide.
2) Do informal surveys of your target customers at business trade shows or events, or via the telephone, flyers, word-of-mouth, ads in the newspapers or direct mailings with response cards.
3) Test a product and or service similar to your competitor’s by offering a free consultation or sample and then ask for feedback about its quality.
4) Be bold and honest and contact your competitors directly and ask them if there are customers’ jobs that they cannot or prefer not to handle. My husband and I who did lawn care on the side a couple of years ago discovered a niche of mowing the tiny lawns of townhouse owners. We received the tip from an owner of a large lawn and tree care business. He told us it was not worth his time to mow small lawns and preferred to mow business sites. We had more business than we could handle mowing these little lawns!
Call your competitors, and tell them you will be grateful for any smaller referrals and that you are worthy of their recommendations.
How Be Smarter Than Your Competitors
No matter what business you start you are likely to have competition from other businesses for some (or all) of the same customers. Here are some tips to help you get an advantage:
*Be available more hours or at times when your competitors are not. For example, a child care business has hours on weekends or some evenings for parents who are students or work evening shifts.
*Surprise your customer with little extras. Provide free estimates with no obligation. Send them thank you notes or congratulatory cards on special occasions. Offer them special sales. Sue, who has a home-based salon offers refreshments and free handmade ornaments to all customers during holiday seasons.
*Be honest with your customers. If you made a mistake, take steps to rectify it. Tell them immediately if you cannot handle a certain request and have a list of others they can call. When we did the lawn care, we also had requests to rototill gardens or trim trees. We did not have the equipment to do that, but we did have a list of other recommended business owners who performed those services.
*Treat all customers with respect. You do not have to like every customer, but you do have treat them as persons and with professionalism and common courtesy.
*Communicate! Be available for your customers and be sure to get back to them promptly if they have a question. A lawyer with a home office says, “I often answer my own business telephone even though I have a secretary. My clients are surprised and pleased that they can often talk directly to me.”
*Let them know if you are having a problem completing a project. Make sure you understand exactly what the customer wants—do not assume anything! Send out “customer report cards” for their feedback.
-30-
***
Next: "Before You Quit Your Day Job"
Finding Your Customers; Your Niche
No matter what business idea you consider, if you do not have customers for your service or products, your business cannot succeed. To determine this you have to identify your target market—the customers most likely to patronize your business—and if there is a “niche”—some service or product that is not yet being provided to your target customers.
Establish parameters of your Target Market by asking the following:
1) What are their demographics?
2) What are their needs and requirements?
3) What benefits do they want?
4) What are their concerns about your type of product or service?
5) Who is your competition?
Knowing your Target Audience will minimize the risks of doing business. It will uncover and identify potential problems. It will help you recognize opportunities in the marketplace that otherwise would be missed. It can save you time and money by focusing your energy on the potential BUYERS.”
How To Analyze Your Competitors
In your quest to find Target Customers, you need to analyze your competitors and what they are and are not providing their customers. Here are some suggestions:
1) Study their advertisements to see which services or products they are pushing. Get copies of their promotional materials. Then see if there is a service or product they do not provide.
2) Do informal surveys of your target customers at business trade shows or events, or via the telephone, flyers, word-of-mouth, ads in the newspapers or direct mailings with response cards.
3) Test a product and or service similar to your competitor’s by offering a free consultation or sample and then ask for feedback about its quality.
4) Be bold and honest and contact your competitors directly and ask them if there are customers’ jobs that they cannot or prefer not to handle. My husband and I who did lawn care on the side a couple of years ago discovered a niche of mowing the tiny lawns of townhouse owners. We received the tip from an owner of a large lawn and tree care business. He told us it was not worth his time to mow small lawns and preferred to mow business sites. We had more business than we could handle mowing these little lawns!
Call your competitors, and tell them you will be grateful for any smaller referrals and that you are worthy of their recommendations.
How Be Smarter Than Your Competitors
No matter what business you start you are likely to have competition from other businesses for some (or all) of the same customers. Here are some tips to help you get an advantage:
*Be available more hours or at times when your competitors are not. For example, a child care business has hours on weekends or some evenings for parents who are students or work evening shifts.
*Surprise your customer with little extras. Provide free estimates with no obligation. Send them thank you notes or congratulatory cards on special occasions. Offer them special sales. Sue, who has a home-based salon offers refreshments and free handmade ornaments to all customers during holiday seasons.
*Be honest with your customers. If you made a mistake, take steps to rectify it. Tell them immediately if you cannot handle a certain request and have a list of others they can call. When we did the lawn care, we also had requests to rototill gardens or trim trees. We did not have the equipment to do that, but we did have a list of other recommended business owners who performed those services.
*Treat all customers with respect. You do not have to like every customer, but you do have treat them as persons and with professionalism and common courtesy.
*Communicate! Be available for your customers and be sure to get back to them promptly if they have a question. A lawyer with a home office says, “I often answer my own business telephone even though I have a secretary. My clients are surprised and pleased that they can often talk directly to me.”
*Let them know if you are having a problem completing a project. Make sure you understand exactly what the customer wants—do not assume anything! Send out “customer report cards” for their feedback.
-30-
***
Next: "Before You Quit Your Day Job"
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