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Yes You Can…Start a New Business

If you have always wanted to be your own boss and due to the current economic downturn you have lost your job; there may be an opportunity for you. But, what if you don’t know exactly what kind of business to start and don’t know where to begin?

I heard a term that I have been using in working with clients that have been forced into a career change: “entrepreneurial survival skills”.  There is, in most people, a useable skill, that will create a new enthusiasm and can be applied to a new business. Recognizing that skill may require some work, but once it’s identified, then, like with any other new business, the planning process begins.

There are many components to this type of a startup business. Unlike a more traditional startup which may have been in the planning stages for months or even years, the “entrepreneurial survival business” has to be processed, analyzed, planned and financed in a relatively short period of time. Much care has to be given in the selection of a business and the overall planning process. This time constraint may lead to a quick and not carefully thought out business venture.

The following are the main steps we follow in this type of situation:

  • First and foremost the current financial position of the family has to be determined. This is the basic building block for the new business. The amount of survival savings and investment capital available is critical to the planning process. ( There may be no capital available and outside sources may have to be found)
  • Next the process of developing a “business interest” is implemented. Once identified ( may be several options) the next step follows.
  • A quick feasibility and market analysis is completed to determine the acceptability/potential for the product or service
  • The next step is to complete a Strategic Focus Plan
  • The final step is the implementation of the plan and the start of the new company.

Age is not a barrier to starting a new business. Also, there may be two or more “friends” that are in the same position and want to start something together. The main point is to do it right. There may be no guarantee as to the future success of a new business but if planned properly the changes for success are greatly increased.

The main ingredient of stardom is the rest of the team

John Wooden

Nick J Petra

Make it a successful today!

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