Nine important questions you must answer honestly
I have been where you are, and in fact, I revisit to this spot quite regularly. This is the place where the rubber meets the road. Dreams and bank accounts collide, and visions for the future are often hindered by the vague memories of the past.
• Am I good enough?
• Do I have what it takes?
• Will I make enough money?
• Will the lifestyle suit my personality?
Your personal inventory and evaluation, although daunting, can be a great place to start with your new business.
Your first lesson is all about settling this issue once and for all. Once completed, you will know if you "have it" or not, and you can then proceed in the right direction.
First Things First
1. Begin by asking yourself the most important question of all: Why do you want to be in a home-based business? Take time to think about this and be honest with yourself. You might find it helpful to make a list of what you are looking for: is it more time, freedom from a boss, a chance to be at home with the kids, a desire to create business for yourself, etc.
2. What kind of experience do you have in management? Were you the leader at work, in a community project, church related activities or school programs? What type of skills did you develop that would be useful to a home based business? If you do recognize some weaknesses, can you think of ways that you can compensate or overcome them? For instance, can you hire someone to do those items or contract it out to another company? It is important that you face reality here and tell it like it is. HOWEVER, be as honest with yourself about your strengths as you are about your perceived weaknesses.
3. Do you have the space you need for a jewelry business? The jewelry business can create a good deal of clutter, and requires ample storage space. You will need room for a desk, a larger flat surface for your workstation, and room to store your materials. Lenna Green in her e-Book; How To Make Money From Beading and Jewelry Making, suggests actually creating a floor plan of your work and storage area, calculating the square footage you require, and deciding what space you have, or can locate, to accommodate your needs.
4. Who do you know that is involved in business? Either they own a retail business,
run a business from home, or have done so in the past. Do you have
relationships with people who can mentor you and teach you by example? Are
you willing to find those kinds of people if you are not presently connected to
them? What would you do to connect and learn from them?
5. What equipment would you need to purchase or rent for your new business? Do
you own a computer; fax machine, desk, and car for deliveries? What jewelry
making tools do you own, and which ones do you need to buy to get the business
going? You may not need everything on day one, but do you have a plan for how
to acquire what you need as you move along?
6. What about the licenses and permits required to run a business from home in
your city? Have you checked with the municipalities for pertinent information?
Are there any by-laws that limit your business activities in your residential area?
Have you checked to see that your business name is cleared for registration?
Typically, the chamber of commerce has good information regarding these issues
for start-up businesses, and if not, they will know where to refer you for the right
information.
7. Have you detailed a one-year budget including both expenses and projected
revenue? This is tough, because you really have no idea. To insure you have
worked from the worst-case scenario, be conservative in your revenue
projections and as thorough as you can be in estimating expenses. Will you be
able to survive is you don.t break even the first year? If yes, how will you do it?
What is your plan?
8. Have you done a good analysis of your competition? What makes them great
and what are they missing? What do they offer that is attractive, and where can
they improve? Don.t just examine pricing. Pricing is not always the best way to
compete. Look at everything from selection, to delivery methods and production
time to customer service standards. Where can you jump in and capture some of
the market with your unique strengths?
9. What are the goals you have for your business? What do you want to
accomplish in one year? Three years? Five years? Is this a family business to
pass on to your children, or an investment business to grow and sell in a few
years for profit? What kind of money do you want and need to generate to make
the business a profitable use of your time and energy?
The more you can think through these points and answer clearly, the higher the chances
are that you will be successful in your venture. To be honest, I believe you would not be
reading this if you didn.t already possess what it takes to be successful. The biggest
challenge you face is to know yourself and your abilities and finding the people or
systems that will "pick up the slack "where your talents or energy wanes and partner with
you toward success.
For more valuable information on preparing yourself for business and a detailed look at
the business administration, I recommend Lenna Green.s: How to Make Money From
Beading and Jewelry Making. Her style is personable and every page (all 220 of them)
is packed with practical information you can refer to again and again.
You have your hands full and you will to take time, probably on a few occasions, to
complete today.s assignment. In our next lesson, we will discuss the basics for setting
up shop - Basic Business 101.
You will learn:
1. What to avoid in the first 60 days of business.
2. How to manage your time more effectively
3. What about the new boss? How are you getting along with yourself?
4. Family issues: What does "Do Not Disturb" mean in "family speak"?
And much more.