Whereneverever Posted March 21, 2012 Share Posted March 21, 2012 If you had an awesome small business idea, what is the next step? Quote Link to comment Share on other sites More sharing options...
happygrrl Posted March 21, 2012 Share Posted March 21, 2012 Along side whatever step 2 is in your situation, read the book "The E-Myth Revisited" by Michael Gerber. It will help you structure your new business in a way that avoids many major pitfalls including burn-out and stagnation. It is not well-written, but the info inside is transforming! Quote Link to comment Share on other sites More sharing options...
Dandelion Posted March 21, 2012 Share Posted March 21, 2012 I think the very next step is to test your idea to make sure there's a market for it. People often skip this step (in the excitement of wanting to get started) and then find themselves frustrated a few months down the road when the customers just aren't materializing. Testing will look different depending on whether your business idea is a product or a service. The gist is to find a way to get your product/service in front of your ideal target audience and do some "dry runs" before you invest a lot of money in building your business. Another critical step (also often overlooked) is to clearly define your target market. The more specific, the better. Products that are marketed to "everyone" often end up appealing to no one. People like and invest in products and services that seem tailored to them. Entrepreneurs are often worried that if they get too specific about whom they're serving and marketing to, they'll alienate too many other potential customers. Just the opposite is true. Is your idea a product or service? If it's a service, I've got several book and website recommendations for you. Quote Link to comment Share on other sites More sharing options...
amy g. Posted March 21, 2012 Share Posted March 21, 2012 I don't know what the right way to do it is, but this is how we did it. We had an idea. We did a ton of research. We started making product, and had testers evaluate them. We started building a website. We met with business owners in similar fields, and paid for their advice. We narrowed our goals after this new information. We set a dollar amount that we wanted to net each month. We got a big contract, and quickly incorporated, issued stock, found a bookkeeper and bought liability insurance. We had a board meeting and agreed on rules for our company such as no debt ever and not having any paid employees other than immediate family, and not trading quality for lower costs. We have added more wholesale customers, and are on plan to double our sales by next September. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted March 21, 2012 Share Posted March 21, 2012 Go to the sba in your area. They can offer lots of free information and classes. Quote Link to comment Share on other sites More sharing options...
Whereneverever Posted March 21, 2012 Author Share Posted March 21, 2012 I think the very next step is to test your idea to make sure there's a market for it. People often skip this step (in the excitement of wanting to get started) and then find themselves frustrated a few months down the road when the customers just aren't materializing. Testing will look different depending on whether your business idea is a product or a service. The gist is to find a way to get your product/service in front of your ideal target audience and do some "dry runs" before you invest a lot of money in building your business. Another critical step (also often overlooked) is to clearly define your target market. The more specific, the better. Products that are marketed to "everyone" often end up appealing to no one. People like and invest in products and services that seem tailored to them. Entrepreneurs are often worried that if they get too specific about whom they're serving and marketing to, they'll alienate too many other potential customers. Just the opposite is true. Is your idea a product or service? If it's a service, I've got several book and website recommendations for you. It's a service. And pretty specific. I've been calling some people I know in the positions I think would use it and they've liked it so far. I'd love tips! Quote Link to comment Share on other sites More sharing options...
bookfiend Posted March 21, 2012 Share Posted March 21, 2012 I don't know what the right way to do it is, but this is how we did it. We had an idea. We did a ton of research. We started making product, and had testers evaluate them. We started building a website. We met with business owners in similar fields, and paid for their advice. We narrowed our goals after this new information. We set a dollar amount that we wanted to net each month. We got a big contract, and quickly incorporated, issued stock, found a bookkeeper and bought liability insurance. We had a board meeting and agreed on rules for our company such as no debt ever and not having any paid employees other than immediate family, and not trading quality for lower costs. We have added more wholesale customers, and are on plan to double our sales by next September. rabbit trail for the curious - What do you make? Quote Link to comment Share on other sites More sharing options...
amy g. Posted March 21, 2012 Share Posted March 21, 2012 It is really, my oldest daughter 's business, but we are all pitching in to help her. She has always been special and different with a particular affinity for animals. When she turned 12, we sold my beautiful house in the suburb and bought a tiny farm so she could pursue her dream. At 14, she was diagnosed with classic autism, and her unwavering focus on the animals made even more sense. We decided to put all our effort into helping her become self- sufficient doing what she loves. Her first objective is breeding show dairy goats. She sells, goat milk soap, hand spun yarn, and other products to pay her feed bill, which is more than $1,000 a month. Right now, she has Internet sales, and two farmers markets each week, and a giant 2 month festival in the fall. When that is over, she will go to 4 markets a week. She turns 18 this summer, and my husband and I will transfer all of the stock into her name. When her siblings work, which is often, she pays them $10 an hour, so they do not feel imposed upon. she also gives 10% of her gross to Heifer International. Other than that, she puts everything back into the company. One year after incorporating, she has paid back 1/2 of the initial investment. Our bookkeeper said to expect a profit next year. Here are some pictures of her animals and products. DancingDogDairy.com Quote Link to comment Share on other sites More sharing options...
Dandelion Posted March 21, 2012 Share Posted March 21, 2012 (edited) It's a service. And pretty specific. I've been calling some people I know in the positions I think would use it and they've liked it so far. I'd love tips! Sounds like you're well on your way! Book recommendation: "Book Yourself Solid" by Michael Port. This is the best book I've read on how to start up a service business and set it up for long-term success. If you only have time to read one book, get this one. It might be available at your library if you want to check it out before buying (it is at mine). Also, check out his website and consider signing up for his newsletter (he sends out a lot of valuable, practical information): http://www.bookyourselfsolid.com/ I should mention that "Book Yourself Solid" doesn't touch on the legal issues related to starting up a business - your local SBA (as mentioned by a previous poster) is probably your best bet for that type of information. Helpful websites: http://www.clientattraction.com/ - lots of great free tips on her blog, and her ezine/newsletter is also very helpful. She also offers free coaching calls from time to time (I've attended a few and have found them beneficial). http://www.escapefromcubiclenation.com/pamela-slims-blog/ - another great blog for small business start-ups. www.copyblogger.com - if you're planning to have a website/business blog or use any kind of social media to promote your business, definitely check out Copyblogger. I've learned a ton from this site. HTH - and good luck! :) Edited March 21, 2012 by Dandelion Quote Link to comment Share on other sites More sharing options...
Dandelion Posted March 21, 2012 Share Posted March 21, 2012 It is really, my oldest daughter 's business, but we are all pitching in to help her. .... At 14, she was diagnosed with classic autism, and her unwavering focus on the animals made even more sense. We decided to put all our effort into helping her become self- sufficient doing what she loves. Amy - your daughter's story is incredibly inspiring! How wonderful that you've been able to tap into her special interest and gifts in this way! DS8 has Asperger's and is into computer programming. He's already trouble-shooting and fixing computer issues for our extended family (hasn't come across something he can't fix yet!). We've been thinking about setting him up with his own tech support business in the next few years. Your story motivates me to start looking into that more seriously. Thanks! :) Quote Link to comment Share on other sites More sharing options...
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