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I have been out for some time should I start my own business? February 10, 2010

Posted by jvmullin in 1.
Tags: , , ,

The outlook still looks dim and finances are getting stretched to the breaking point. Benefits don’t last forever.

The appeal of being your own boss in your own business is growing stronger. It should be easy I have all these skills and experience.

Before I start I strongly suggest SBA and SCORE as 2 organizations to look into.

For the uninformed that is the Small Business Administration and the Senior Corp of Retired Executives.

Starting a business can be as hard as seeking a new job!

There are a number of things you must do before you even start a business.

1.) What kind of business will it be? Consulting, service, contract…

2.) Where will you be operating this business?

3.) Who is your competition? How long have they been in business? How much market share do they have?

What will differentiate you from them?

4.) How will you fund this business?

5.) Do you have a mentor? Do you have advisors?

6.) Have you ever written a business plan? Have you ever written a financial plan?


8.) How will you market your business?

9.) Are you willing to pour your heart and soul into getting it started and running it?

10.) Can you manage others? Can you handle irate customers? Can you handle stress? Can you handle a crisis?

The SBA can help with the business and financial plans. SCORE can provide a mentor and they can help guide you through the process. I suggest to have more than 1 mentor. I received conflicting reports from the 2 mentors that I had.

Do you want to go this alone or do you know good people to go into business with. They have to be as enthusiastic as you are or it won’t work.

I have been doing sweat equity for a possible technology start up as a technical advisor. I think the founder has lost his vision which is too bad.

Well if you decide to go this route I wish you luck. I have connected with a few people in LinkedIn and we are talking about starting a business. Should be fun.


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