Want to own a business? Stop dreaming, get busy

By PAUL TULENKO
SCRIPPS HOWARD NEWS SERVICE

Are you sitting over a cup of whatever complaining about your 9-to-5 job? Maybe you're staring at the kitchen wall, retired and antsy.

Do you wish you could have a business of your own and work only 80 hours a week? Does the thought of being the boss make your pulse quicken? If so, you may be an entrepreneur-in-hiding.

Now, you just have to figure out what to do about it.

Assume you have the greatest idea since sliced bread, and you just know people with fistfuls of money would line up in front of your establishment and beg you to help them solve their problems.

How can you prove that to a banker in order to obtain start-up money? He/she has heard it all and just loves to say, "No" and watch that light in your eyes go dim. It's a banker thing. Before you spend the money to become a business, do a bit of homework. Discover your success potential with some very basic market research. Discover if there is anyone out there that will buy what you offer. Analyze yourself and your competition. Then make a decision.

• The great idea

You probably didn't come up with your idea completely by accident. Make copies of newspaper and magazine articles to back up what you say. Write out your results; make a case for your new business.

• Personal analysis

What strengths do you have that would help your business succeed? If your business is a "people" business, are you good with people? Do you have the special skills and talents required? Do you have the time and money needed to get started? Make a list.

• Competitors

Make a chart for each of your similar-product competitors including what they sell, how much they charge and other facts. In the column to the right, state what is missing from your competitors' offerings.

• Ask questions

If you've done your homework, you should have a pretty good idea of where to find customers. Make up a complete list of questions that would pin-down what customers want and will pay for.

• Wow

Do you realize you just did a market survey that would have cost you big bucks if you hired it out? The result of your work will be the best analysis you can get of your chances of success. Hiring a research firm will be quicker, maybe more refined and detailed, but it cannot provide you with better decision material. Now take that to the banker! The final decision is yours. Are you going to do it? Or are you going to take another sip from the wish-cup?

• Split the page

Draw a vertical line down a page. On the left, list your Great Idea facts. On the right, match the strengths and weaknesses you discovered in your Personal Analysis with your Great Idea. You cannot win by cheating! Decide if you have the talents, skills, background, and everything else needed to make your dream come true. Examine your target market from several directions to see if one part may be better than another. For example, if paint is your bag, are you better at showing people which color to paint their dens or are you really great with the brush?

 

 

 

 

 

 

 

 

 

 

 

 

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