The June 3 Market Watch column in the Wall Street Journal Sunday provided some great common sense advice for starting a small business. Here is a summary of what it had to say.
· Begin with a detailed business plan. A good business plan spells out time frames, objectives, cost and expenses. It also can help you avoid the problem of being too optimistic. Log on to www.sba.gov/aboutsba/sbaprograms/sbdc/index.html to locate a Small Business Agency small business development center near you, where you can get advice on creating a business plan. You can also log on the Score site www.score.org, to get advice from retired executives.
· Talk to experts – other entrepreneurs who have been through the ups and downs of starting and running a business. These people can become part of your network – a group of people to whom you can go for advice as your business grows. Find industry experts who are willing to advise you. Don’t try to go it alone.
· Price your product or service correctly. Spend time determining what the market will bare. Don’t underprice or overprice yourself.
· Connect with your customers. Make sure there is a real market for the product or service you are offering. Make sure that customers can find you – in person and on line.
· React quickly to market changes. Be nimble. Savvy entrepreneurs pay attention to changing market conditions and make changes on the fly.
This is some great common sense advice for starting a business. I particularly like the idea of talking to experts. In my experience, most successful people are willing to help others learn, grow and succeed. If you run into one of the exceptions the first time you ask for help, ask someone else. People who have been there and done that can help you gain the value of their experience without having to personally experience the pain that comes with most good lessons learned through experience.
Good luck in starting your business. I started mine when I was 38 years old. The only regret I have is not starting it a lot sooner.
That’s it for today. Thanks for reading. Log on to my website www.BudBilanich.com for more common sense. Check out my other blog: www.SuccessCommonSense.com for common sense advice on becoming the career and life success you are meant to be.
I’ll see you around the web, and at Alex’s Lemonade Stand.
Bud
PS: Speaking of Alex’s Lemonade Stand – my fundraising page is still open. Please go to www.FirstGiving.com/TheCommonSenseGuy to read Alex’s inspiring story and to donate if you can.
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