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Starting a business calls for careful preparation and more

The formation of new businesses in the time of recession has been well reported. Even this column has discussed the topic over the years. And yes, many discouraged job seekers are striking out on their own. Some will succeed. Some will even succeed brilliantly. Most will not, as success rate statistics seem to indicate. Nevertheless, statistics and success rates should never be determining factors.

A high percentage of businesses fail for technical reasons, inability to manage money, inventory or secure funding, poor negotiating skills, lack of marketing expertise and other reasons. These technical issues can be overcome with education and training and thorough preparation. Others fail because they simply make bad business decisions, pick the wrong product, target the wrong market and do not take the time to think through a realistic business plan.

Much has been written about the rewards and pitfalls of starting a business. Some have described how layoffs and a long job search situation encouraged many people to start their own business. They point out what is a central virtue of our system, namely how one problem, a layoff and limited job prospects, can also be the beginning of opportunity. Many people acknowledge separation from full time employment was an important incentive in the decision to start their own business. Clearly, the motivation to move ahead independently is as strong as ever.

I do not say this lightly. My 3 children all started their own businesses and all had setbacks, as did my husband. So, I am well aware of the downside. But I am also aware of the upside, the intense pride of accomplishment, the joy of providing goods or a service that add real value, the pleasure of seeing a plan or strategy come alive. And let us not forget the money. I well understand what it means to be your own boss, even if it means you work from dawn to dawn, doing whatever needs to be done to make the business successful. I know the disappointment of prospects saying "no", of vendors calling for payment, of wondering how you are going to pay your family bills, of searching for decent healthcare, of wondering how we are going to pay our child's college tuition.

Fortunately, those who want to start a business have access to a mountain of resources, training programs, highly valuable advice from experienced professionals and all sorts of public and quasi-public agencies upon which financial, logistical and expert advice can be drawn. There are even funding sources for new businesses. Although funding is always a problem.

But that's not the point of this article. As I have written in the past, I believe are the three fundamental basic requirements without which there is no success. There is no guarantee, of course. There are all sorts of stumbling blocks along the way. But, if you have a viable idea and plan well; if you are willing to dedicate yourself first, last and always to your business and to executing your plan; and if you have the courage to aggressively pursue your dream, success is possible.

The first is an idea. An idea doesn't have to be original or unique. Many good ideas fail, some bad ideas succeed. What is crucial, and this applies regardless of the business, the idea must be clear and describable in simple English, have absolute focus as to customer benefits and must be accompanied by a logical planning process that serves as a roadmap to success. A desire to do "good things for lots of people" won't cut it, nor will "I'll figure out later how to get it done." The planning process itself will help you decide the merit of your idea. This applies to any type of independent business: a storefront, a franchise, a consultancy, a brick and mortar company. All require an idea.

The second factor is commitment. When you start your own business you are working all the time. Even a social event represents a room full of potential customers. The office is always open, doing whatever it takes, for how long it takes, and how much sweat it takes. Nine to five is gone.

The final ingredient is courage. The fact is most people will not be interested in what you have to sell. Except for a lucky few, in the beginning it might seem that no one is interested. But you must not give up. It is absolutely essential to believe in yourself utterly and in your product or service. Each prospect must see the enthusiasm you have for what you are doing and understand your commitment to them and your belief in the value of what you offer. Each day must be a new, fresh opportunity to meet and greet your customers. And, over time, you will begin to see results.

For further Information email: Judit Price or call: 978-256-0482