if you had to start a new business today, what would you do
TRANSCRIPT
If You Had To Start A New Business Today,
What Would You Do?
It’s the age old questions many new entrepreneurs have, “How do I start a new business? What should I do
first?” Ponder these thoughts ….
Do you want just an
income?www.cynthiakocialski.com
The vast majority of small businesses are one person and they derive an income from being self-employed. Consider what happens if this person is unable to work, could their income continue? For most, the answer is ‘no’.
www.cynthiakocialski.com
If You Had To Start A New Business Today,
What Would You Do?
Do you want to build an asset?
Look to build a business that not only provides you with an income, but is an asset too. For example, private medical practices do well for their owners because once they retire, the practices can be sold to the next generation of younger healthcare professionals.
www.cynthiakocialski.com
If You Had To Start A New Business Today,
What Would You Do?
Can it pass the endurance test?
According to the SBA, the typical self-employed person or new business owner spends 60 hours a week working on their businesses, much more than those employed by others.
www.cynthiakocialski.com
If You Had To Start A New Business Today,
What Would You Do?
Can it pass the T-shirt test?
Ask yourself, would you be willing to wear company clothing with the company name and logo displayed on it? Would you be proud if someone you know saw you in that T-shirt and asked about the company?
www.cynthiakocialski.com
If You Had To Start A New Business Today,
What Would You Do?
Do You Have to Love the Product?
It’s better to pick something that people want and need, then to pick something you like. Let’s look at art for a business idea. Most people have a negative view of art as a viable business, that’s because artists tend to create what they want to create and not what people want to
buy. www.cynthiakocialski.com
If You Had To Start A New Business Today,
What Would You Do?
If You Had To Start A New Business Today,
What Would You Do?
Choose the Market Segment and Product Wisely
As the owner or CEO, you need to spend your time working on creating the business, setting its direction and
strategy. As the saying goes, “Work on the business, not in it”. Many business
owners get trapped in a situation where the business owns them instead of them
owning the business.www.cynthiakocialski.com
If you started a company and became ill and unable to work for a few months, what would happen to that business? Could it continue on without you? This means having a strategy to “work yourself out of a job”. For entrepreneurs to have the lifestyle and freedom they envisioned before starting a new business, this means hiring others.
www.cynthiakocialski.com
If You Had To Start A New Business Today,
What Would You Do?
If You Had To Start A New Business Today,
What Would You Do?
Start Small and Test Before Going All Out
Too many entrepreneurs start with the grand and glorious plan, and want to start in the
middle. By that I mean, they want to begin as if they have a viable product that’s already
proven.
This is difficult for many entrepreneurs. They can see the grand plan, but not the starting small.
www.cynthiakocialski.com
Share your PASSION and
KNOWLEDGE with world.
Get published on
Start-Up Entrepreneurs’ Blog
www.cynthiakocialski.com