Have you been dreaming about becoming your own boss in 2018? Are you ready to invest in your own idea? The New Year is a perfect time to start moving towards starting your dream business. If you think you are ready, you’ll get a jump start with my system to plan your dream business.
There’s nothing like a bad boss to help you figure out, it’s time to do something else. I remember when I had an obnoxious boss that made working in my newsroom unbearable. I was getting headaches on the way to work in the morning. I had thought about starting my own business for years, and I realized that the only way I was going to be happy was to finally trust my own Idea and launch it. I used every spare moment to plan my business. I even worked part-time for a business like the one I wanted to start.
That was 20 years ago. Along the way I have no regrets! I’ve made many expensive mistakes, but I believe I went through all of that that I would be equipped to end small business failure. According to the Small Business Administration or SBA, seven out of 10 new businesses survive at least 2 years, half at least 5 years.
One of things you must do is create a plan for your new business. I’ve created a 12-month planning process for starting a successful business called the Emerson Planning System which can be found in my bestselling book Become Your Own Boss in 12 Months, 2nd Edition. Here’s a summary of the 6-step process.
Develop a Life Plan: Before investing time in a business plan, you must first figure out what you want out of life and why you want it. By developing a life plan, it will enable you to build a business that aligns with your personal goals. Your life plan should outline your financial, personal, learning, and retirement goals.
Check Your Finances: The money to start your business will come for your right or left pocket? Can you go without a paycheck for a year or two? Your ability to save has everything to do with your ability to start a business. Develop a plan to assess your full financial picture. Start by calculating your net worth. Develop a budget. Over the next 12 months, start saving 20%-40% of every paycheck. You should also have a 750 or higher credit score. You also need to eliminate any credit card.
Examine Your Business Skills: You should look at what skills you have and what skills you need to run your business. Be honest when making your list of skills. Ask three people close you to what they think are your best skills. Consider working part-time for a business like the one you want to start to gain industry experience.
Marketing Plan: Who’s going to buy your product or service and why will they buy from you? Business success is all about understanding your customer and providing a solution. I suggest you develop a marketing plan before you attempt the business plan to make sure there is a viable market for your business idea. Just remember, it’s best to focus on a niche customer. if everyone can use your product or service no one will.
Business Plan: You must plan for success if will not just happen to you. A well thought out business plan is your roadmap for success. Developing your business plan will help you think through how you are going to run the business. it will also help you clarify your sales goals and sales channels. Don’t be one of those business owners who spends more time working on your grand opening than your business plan. I suggest starting out using business plan software to get started. Then, enroll in a business plan class at a local SBDC or SCORE chapter to finish the business plan. Typically, you need to interact with a business plan class to finish your financials.
Launch While Working: It’s best to start your business while you are still working, as long as you are not starting a business that will compete with your employer. Be a side hustler at first. Use your evenings and weekends to work on your business. You can find more time in the day if you start working flex hours, stop watching TV, utilize family to watch your kids, scale back on volunteering, operate with less sleep. Here’s my blog series on The Do’s and Don’t of Side Hustling.
12 months will be gone in no time. Next year, you’ll be planning your grand opening event and your transition from your job. Doesn’t that sound nice. The longer you plan, the more money you’ll save, and the more likely you are to build a successful business. . Grab a copy of my book Become Your Own Boss in12 Months, 2nd Edition today. It will give you a head start and shorten your learning curve as you become your own boss. I’m excited for you.
The article was originally published as Are Your Ready To Start Your Dream Business in 2018 on www.succeedasyourownboss.com