If I’ve heard it once, I’ve heard it a million times.
“I’ve got the best recipe for brownies ever. Everyone tells me I could sell them, but I don’t know how to get started.”
“I’ve been making custom baby slings for years, how do I turn this into a career?”
There are innovative and talented moms all over the country who are just a few steps away from turning their hobby into a successful business.
Moms email me everyday asking how they can make their pastime into money, so I thought I’d give you 5 Tips to Launching Your Business Today.
Tip 1: Before investing a dime in your potential business, make sure that you are either extremely skilled or extremely passionate about it. If you aren’t a die-hard fan of hockey or have a background in the sport, DO NOT open a hockey supply shop just because you think your town needs one.
Passion is an essential ingredient in business because it will be the motivator when things get tough.
Tip 2: Find someone who is doing what you want to do and study them.
Notice how I didn’t say copy them. Check out their websites, study their inventory, research their suppliers, hell, even pretend to be a reporter and call and ask them questions. Do your due diligence.
Tip 3: This is my favorite part of business planning. After you’ve seen what your your future competition is doing, write out exactly what it is you would like to do. Be specific. With you as CEO of Your Business Enterprises, write out what an entire day would look like. What are you selling? Who are your customers?
Then write a business plan. Here is an easy model. You don’t have to follow it exactly, but pay attention to key points.
Tip 4: Based on your research, write out a budget of how much it will cost to stay in business for one year. Now double it. Brainstorm ways to fund your business. I’ve heard it all from taking out a home equity line of credit to selling one’s own plasma.
Don’t even think about leasing office space overlooking the beach or investing in flashy 10 color brochures. Keeping expenses low for as long as possible will be key to your success. One of the main causes of business failure is underestimating costs and running out of money.
Be creative when thinking about financing your business. Can you cater a web savvy friend’s event in exchange for a website? Babysit a Kinko’s employee’s kids for business cards? More Financing Tips.
Tip 5: Decide on a name and buy the domain name (I use GoDaddy.com). Putting down cash and owning the online name for your business will put you in the a business owner frame of mine.
Next step: File a ficticious name statement or DBA (Doing Business As) to make your business name official. Then, tell everyone you know about your new business. Not only will you develop future customers, now that you’ve told people, there is no going back!
It’s within your reach, but you have to stretch!
I wish you tons of success.
More Resources
Don’t do it alone.Meet and network with other entrepreneur moms: BusinessMom.net
Small Business Administration http://www.sba.gov
Ladies Who Launch http://www.ladieswholaunch.com
Read MC’s Business Profiles for more ideas and inspiration for launching your venture.
By Bunmi on 03/13/07 in Parentrepreneur, Columns, Mommy's Company, Office Talk
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