You Dream of Starting Your Own Business....

You have been feeling the itch for some time. You want the freedom to fully express yourself and your talents and to be your own boss. It will take more than talent, passion and prayers.

Here are 10 things to consider before you take the leap.

1. Are you crystal clear about what you want to create?

2. Who would be your competitors, directly and indirectly, and what are they
doing? Get out there and ask.

3. What would make your business stand out? What makes you unique?

4. Who are your potential customers; what are their burning wants and needs
that are not being met? How will you know for sure?

5. Can you realistically obtain and support sufficient financing for the next 2-5 years
it will take to establish your venture?

6. What are the potential barriers and risks and how will you manage them?

7. What aspects of your business will require training? Where will you get
it and what will it cost?

8. What is the impact on other areas of your life and your loved ones?

9. What support structures will be there for you?

10. Is your level of commitment great enough to sustain you through the
obstacles and unforeseen setbacks?

Beginning a new business is a bit like a new romance. The adrenaline is pumping; you feel energized; your creative juices are pumped and you are passionately committed. This is the honeymoon stage. When you hit the first few bumps in the road, you are still confident that nothing can stop you.

Gradually reality creeps in. You are getting tired, less focused and clear. The day-to-day grind seems less attractive than what you had envisioned. This is where you may begin to drift from the “why” part of choosing to be an entrepreneur.


Here are 6 things to consider once you decide to take the leap:

1. Make a detailed business plan that includes the above questions.

2. Establish your goals and the compelling reasons they are important.
Why are you in business?

3. Identify your team and how they can support you. Be sure that you
include the professionals that you will need such as a lawyer, an
accountant, a banker and perhaps a business coach.

4. Make sure that your budget includes what you need to invest in
your own training, marketing and branding.

5. Make another plan: a plan for executing the first plan with excellence.

6. Pay yourself first. Always. Even if it is a small amount.

This the bare bones of what you will need. Depending on the complexity of your business, there will be many details. Make your plan flexible; re-visit it often and make necessary changes quickly. Leverage your mistakes.

In order to deal with the dip that follows the honeymoon, surround yourself with positive people who will champion you, be objective and truthful, and hold you accountable.

The last word:

Get out of your own way.
Have fun and laugh often.
Don’t give up.

Coaching Your Warrior,

Sharon