Want to Start Your Own Business?

Here are 10 Things to Consider as You Work Toward Your Goal

If you’ve ever thought about taking the plunge and starting your own business, this would be a good year to do it. Brian Tracy, Chairman and CEO of Brain Tracy International, a personal coach and motivational speaker, called 2006 another extraordinary year. He says, “Fully 42% of people working in America are working in businesses that were started in the last three years. The small and medium business sector is creating more than 90% of the new jobs in America , and in other countries throughout the world. More people are making more money today than has ever occurred in human history. Economists are calling the 21st century the Golden Age of Mankind.” So if there was ever a year to have “start my own small business” as a New Year’s resolution, 2007 is the year to do it.

But how do you prepare for such a huge life change? You definitely don’t start by going into your day-job and giving your two-week’s notice. Starting your own business requires a lot of forethought and preparation. And here are a few places you could start:

1. Eeny, meeny, miny, moe. Pick a business by the toe.
Obviously your choice of business should be more calculated than that, but if you haven’t yet decided what your specialty will be, that’s your first step.

2. Research the market.
You should take the time to see what your competition is. Are you filling a void, or will you be entering a competitive market? Whatever the situation may be you should be well informed, and prepared to deal with it.

3. Plan with your family.
This is not the type of decision you casually break to your spouse. “Honey, guess what I did today?” In order to succeed, you’ll need your family’s support. Be sure to discuss all the pros and cons together before making any decisions, because in a crunch you just might need to enlist their help in order to succeed.

4. Set business goals.
What do you hope to achieve with your business. It’s important to articulate your goals so that you can make a plan to fulfill them.

5. Create a financial plan.
How do you plan to finance this venture? Perhaps you plan to move into the business gradually, working part-time before moving to full-time. In that case you may not need much financial backing. But you need to run the numbers before you make a move. Consider whether or not a small business loan might be necessary.

6. Moonlight.
Start your business on the side until it picks up enough momentum to warrant full-time attention. If you’re starting an accounting practice, this will give you the time to build a clientele that can sustain you once you quit your day-job.

7. Set a date.
Consider how long it might take you to grow your business to the point where you’d feel comfortable quitting your job. 3 months? 6 months? One year? And don’t work blindly towards that deadline. Determine “readiness indicators,” or symptoms that your business is healthy enough to go full-time. Will you need at least 10 clients? 15? 20?

8. Get the word out.
Face it. In order to grow your business to full-time status, you need to get clients. And in order to get clients you need to let people know you’re open for business. Once you’ve set a date, you need to let your current clients know that you’re moving from part-time to full-time status, and ask them to tell their friends and family and about your services. Pass out your business card, tell your own friends and family about your plans; take advantage of every opportunity to let people know about your business.

9. Get some training.
In most professions, employers invest in their employees by sending them to conferences, paying for continuing education, or encouraging special training. Invest in yourself by finding those resources that will help you advance in your field. If you’re starting an accounting practice, you’ll want certification to illustrate your expertise and put clients at ease. Obviously we believe that Universal Accounting offers the best accounting and bookkeeping training available, but regardless of what avenue you choose, we believe that investing in yourself professionally will increase your chances of business success.

10. Master necessary software.
If you’re planning on starting an accounting practice, mastering the proper software will help tremendously. Not only will you better manage your own financial information, but you’ll better manage the information of your clients. And chances are most of them are already using QuickBooks Pro to handle some aspect of their finances. 80% of small businesses use Intuit’s accounting software. And learning the software before you open your doors for business will shorten the learning curve and increase your productivity. UAC’s Professional Bookkeeper’s Guide to QuickBooks Pro is a premier program that will enable you to use the software to your advantage. And along with the program you’ll receive free and unlimited email support from our staff.

However you choose to start this venture, be sure you do it with some forethought and planning. Once you’ve thought through everything, and done all you can do to prepare, then you can take the steps towards your dream.