Be an Entrepreneur, Part II
To be an entrepreneur, you need to follow the ensuing steps as I have outlined them for you!
STEP I - Know what kind of business you want.
(If you already know what kind of business you want to start, skip ahead to
Step II. )
You want to start a company that will, "yes," make you money...but you also want a company that will make you happy...otherwise what is the point? Why start a company that will make you miserable?
I have a proven method to determine the kind of company that is hand made for YOU!
If you need help to ascertain what kind of business you want to run, or what kind of product to sell, or what kind of service to offer, get out your paper and pencil and do the exercise below. It will help you narrow down your thoughts to the kind of business will make you happy and will make you money. It will help you find YOUR niche!
If you would like my help AFTER you have done this exercise to determine whether or not your idea is viable, fill out the form* at the bottom of this page and submit it. I will gladly puruse it and let you know my thoughts on how to tweak, how to improve, or how to better make money with your ideas...if possible.
(Note: I will not be able to help anyone who has NOT filled out the form completely...meaning, if there are not at least 15 ideas in the first area, 6 in the second, 3 in the third, and 3 in the fourth, I cannot respond. I need to know that this is being taken seriously)
This is the hardest part of the process. I have watched many people who believe they have a great idea for a business, go down in flames because either their niche was too small or they couldn't get the profits to outweigh the expenditures.
Here is how it works.
- List 15 Things You Love to Do, Love to Make, or Love to Admire.
Don't be stingy with your thoughts. Write down anything that comes into your mind. If you come up with MORE than 15, that's great...but it has to be AT LEAST 15.
(Examples: Eating Brownies, Playing Golf, Drawing, Auto Mechanics, Cooking, Singing, Knitting, Swimming, Riding Roller Coasters, Going to the Movies, Spending Time with the Kids, Traveling, Origami, Making Model Planes, Learning about Chemistry, Reading Spy Thrillers, Playing Chess, Planting Roses, Visting Art Museums)
There we have a full spectrum of interests.
It doesn't matter, at first, if you think you can make money with it or not, just write it down.
- Narrow Those 15 Things Down to Your Top 6!
This is self explanatory. Choose your favorite 6 things from the list of 15 +
(Example: Riding Roller Coasters, Origami, Going to the Movies, Auto Mechanics, Spending Time with the Kids, Traveling)
- Of Those 6, Pick Your 3 Favorites!
Which of the 6 things are your favorites? We're still not worried about whether or not you can make money with them...just write them down!
(Example: Spending Time with the kids, Auto Mechanics, and Traveling)
- Now Brainstorm Ideas of a Business that uses ALL 3 of the Things on Your List! (and come up with at least 3 ideas)
(Examples:Travel from city to city with your children, setting up TEACHING seminars for children about how to do auto mechanics.
Write a book or manual about Auto Mechanics for Youngsters...let your children help you write it, then travel to places that could carry your book/manual and develope some customers who could carry or distribute your material.
Create "Kars for Kids"...real cars, only kid-sized and kid-friendly, that you can take to county and state fairs or auto conventions in the places where you want to travel with your children.
Bonus idea: Create a children's board game where you have to go to different places in the world - places you'll have to travel to get the information that you need - to get different parts to build a car's engine...the engine. The winner is the first person to build the engine, turn the crank, and all the parts work!)
I hope this gives you some ideas on how to create your own business model. If you have questions comments or concerns, click CONTACT S and I will be happy to address them.
Once you have determined what your business is going to look like, think of several different names for your service or product. Once you have settled on that, move on to:
STEP II - Raise the "Beginning Start-Up Capital"
The next step is to raise some “beginning start-up capital.” “Beginning start-up capital” is the money that you will need to acquire some things that will help you get your “start-up capital.” This money is usually gotten from friends and/or family. You are NOT ready to approach a bank or an angel investor yet. They will tell you "no" and laugh at you behind your back because you are not ready for them.
To get this “beginning start-up capital,” it is important that you know what to say, how to say it, when to say it, and why to say it.
I have a script I can send you that will help you raise the "beginning start-up capital" from your friends and family. I will send it to you once you have filled out the form below and we have established WHAT business you are starting and if it is viable or not. If you did not need to fill out the form below because you already knew what your business was going to be, contact me so we can start a dialogue.
Step III is the "why" of why you need the "beginning start-up capital"
STEP III - Putting Together the Basics
The initial money you have raised so far should be used ONLY for purposes of helping you raise the Start-Up Capital, which step you are NOT at yet.
You should not be paying yourself or buying equipment you think you might need, etc.
The "beginning start-up capital" goes for these items:
- Register Your Business - there are forms, licensing fees, trademarks, permits, insurance, etc. that you will need to start your business up.
- Domain Name - more than likely you will want to have a website associated with your business (I highly suggest it), so now is the time to acquire that.
- Retain Business Associates - you don't have to commit a lot of money at the beginning of this process, but you may have to commit a little. It is VERY important to know who is going to be on your business team; including an attorney, an accountant, a business consultant, a marketing expert, etc. This team is crucial and will make a difference as to whether you are able to raise any more capital after the "beginning start-up capital."
- A Business Plan - write it yourself or hire someone to write for you.
There are business plan programs that will help you write it yourself, but they DO cost money...so either way, this is an expense. This is an important step in the viability arena to make sure that your business idea is practical.
You will need to have your business team in place, your marketing plan, your financial plan (very important to the investors), etc.
A business plan is one of the most important tools you will ever have throughout the history of your company.
It tells, anybody who reads it, what the company is, why the company exists, how the company is going to make money, how the company is going to pay back it's investors, the marketing plan to attract customers, the risks that you will be taking, why you are better than your competitors, how much money you will need in order succeed (with minimum and maximum projections), who is on your team, why they are on your team, extensive reports on the products or services you provide, etc.
The better your business plan, the better your chances are of raising capital at the beginning AND the better your chances are of successfully growing your company to the end (if any)!
Once you have raised the "beginning start-up capital" and completed the things listed above, it's time to raise the "Start-up Capital."
Click here for the next steps: Be an Entrepreneur, Part III
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