I have learned a few things about entrepreneurship over the years. I grew up in a family business, started my own closet dealership and, eventually, sold my company. Starting your own business and being an entrepreneur has some great advantages, but it is not right for everyone.
Following are five things to consider and questions to ask yourself if you are interested in starting your own business. But don’t let this list intimidate you. Most people, when they start a new business, don’t possess every trait necessary for success. Just take an honest assessment of your strengths and weaknesses, and decide if this is the best step for you in your career and your life.
- Experience – What in my prior experiences will help me run my new company? Am I a salesperson? How am I at marketing? Am I good at operations and organization? Have I had profit and loss responsibility? How quickly do I learn? What traits do other successful people in this industry possess?
- Market Potential– Take off the rose colored glass and unemotionally look at the marketplace today. What will my average sale be? What does my ideal customer look like? How many ideal customers are in my market? Who are my competitors?
- Capitalization – Can I afford to re-invest profits to grow the business and still feed my family and pay my mortgage? Do I have 6 months of working capital plus the same saved for personal expenses? Proper capitalization is key to the success of any business. More new businesses fail due to under capitalization than any other reason. Entrepreneurs have to be able to weather the first year or two before their new venture begins to pay off.
- Goals – What am I trying to be? Do I just want to be my own boss and do most of the work myself? Or, am I to trying to build a business? Are my personal goals and business goals in sync?
- What is the true nature of the business I’m about to start? – Many business people think their business is about the products they sell. In reality, businesses are about lead generation. The first and foremost job of any new entrepreneur is to make the phone ring. Can I generate a lead to generate the need?
Use these five considerations as a basis for your business plan. A detailed business plan will be invaluable to your success in your new company. Consider sales goal, marketing plans and operational plans that will enable you to become the company you envision.
If you are still excited about the potential, entrepreneurship may be for you! Consider working with Organizers Direct for your business venture? If you are looking for a new business opportunity in the expanding and profitable market of home organization, we would like to invite you to see what Organizers Direct has to offer.
Learn more about the 9 (of many!) benefits of becoming an Organizers Direct dealer, and inquire to become a partner.
“I have been doing business with Organizers Direct for approximately 9 years. Their product line from the closet to the garage is quite impressive…. with options and programs that allow me to provide my customers from the most basic design to the most customized organizing solution one can imagine.” ~ George Chowanec, Owner – All About Closets