Posts Tagged ‘entrepreneur’
Make Sure You Recharge Your Batteries This Summer
Wednesday, July 16th, 2008
Summer is halfway over and if you haven’t taken a vacation yet, you better get going! As one of our expert contributers, Steve Strauss, highlights below, it’s a must for any entrepreneur.
Q: Steve – I would like to get away with my family this summer, but I just don’t see how I can do it. I own a one-man business and when I don’t work, I don’t get paid. What can I do if I can’t afford to get away?
Tony
A: Amigo, I hate to sound like a cliché, but you can’t afford not to get away.
If you are like most of us, you went into business for yourself because
- You wanted more freedom, or
- You wanted a better boss or work situation, or
- You wanted more creativity at work, or
- All of the above
I once worked for a law firm that, I thought originally, was quite generous with their time-off policy: Three paid weeks a year. Woo-hoo! But it was only after I started that I “got” the fine print. I was allowed the time off, sure, but only if I still billed my requisite 90 hours for the time I was gone. I got three weeks of, but only if I worked an extra three weeks later in the year.
Man, I hated that job.
So, if you are the boss now, be a good one. Give yourself a break. Even better, give yourself a long break. You deserve it. And you are not alone, according a recent American Express Open survey, almost 2/3 of all small business owners are going to take a week off this summer.
Here’s how the solopreneur can do it too:
Plan ahead: This can mean many things:
- Saving up enough money so you can get away without it being stressful
- Telling clients and customers that you will be gone
- Making a list of essential things that you normally do that must be done while you are gone, and then
Hiring a temp or virtual assistant: If in fact you cannot get away without closing the office or shop, then consider hiring part-time help, a temp, or a virtual assistant who can man the essential functions while you are gone.
No, they cannot do everything you do, but you just might be surprised how much they can do. The key is proper training, and good communication. Consider having a pow-wow every few days over the phone. In the meantime,
Turn the Blackberry off : It’s a blasphemous thought, I know. But the point of getting away is to get away. Constantly checking emails and making calls not only defeats the purpose, it ticks off people who you are supposed to be relaxing with.
Call and check in a bit, sure, but there is no need to do it constantly. That same AmEx survey found that 81% of small business owners intend to check in with their business either by phone or email while on vacation. (Note:19% will not check in at all!)
Get more done early : Get extra work done before you go. By getting ahead, you make getting away much more doable.
Schedule extra time when you get back: Don’t tell everyone you will be back in the office Tuesday, tell them Thursday. Then, when you get back in Tuesday you can have a few days of uninterrupted time to catch up.
Combine business and pleasure: If getting away from it all still seems too difficult, consider making a business trip a family trip. It will save you money, allow you to still work a bit, but also have some needed R&R.
Have more 3 days weekends: Finally, if a week away is not your thing, for whatever reason, then this is the time of year to have more long weekends. You will rejuvenate your batteries, yet still get work done.
Today’s Tip : If business with your traditional customers is slowing down, then guess what? It may be time to investigate areas and customers that can be more productive and profitable, and begin to target those.
Steven D. Strauss is one of the world’s leading small business experts. His latest book is the Small Business Bible . A lawyer, author , and public speaker, Steve has spoken around the world about entrepreneurship, including at the United Nations, and he has been on CNN, CNBC, MSNBC, The O’Reilly Factor, and many other television and radio shows. If you would like Steve to speak to your group, help your business grow, or if you would like to sign up for his free newsletter , “Small Business Success Secrets! ” please visit his website – www.MrAllBiz.com .
Tags: entrepreneur, small business, Starting a Business, Steve Strauss, summer, time off, vacation
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How to Start a New Business in Your Spare Time
Friday, April 25th, 2008
If you’ve been dreaming about starting your own business, but just can’t take yourself away from the security and steady paycheck of your current job, don’t fret. Many successful business owners started their company with just a few spare hours in the evenings and on weekends - and you can too! Here are some tips for getting your business idea out of your head and in front of customers.
Make an “after hours” schedule - Getting serious about your new business means making certain time commitments in order to get it off the ground. Whether it’s getting up a couple hours early or working late in the evenings or working ten hours on weekends, put a regular work schedule down on paper and stick to it. Motivation tends to wane when other engagements take precedence over what should be considered “work time”. So, stay focused and treat your after hours schedule as you would a second job.
Create a business plan - One of the most important things you can do for yourself and your new business is to create a business plan. This will force you to get realistic about the funds needed as well as the monthly expenses and the weekly hours needed in order to get your business running. You might find that you don’t need as much start-cash as you originally thought or that you’ll need to keep your full-time job for at least another year in order to build up some investment money.
Consider enlisting help - You may find that bringing on a partner will help to get your business off the ground (and you out of the rat race) even faster. Of course, entering into a partnership isn’t for everyone, and the idea shouldn’t be taken lightly. However, bringing on a partner with the same goals and who brings complimentary skills to the business could be one of the best decisions you ever made.
Think about when you could leave your job - Give yourself a motivating goal to reach. What will it take in order for you to work for yourself full time? Fifty orders a month? Three hundred website visitors a day? $5,000 in sales per week? Giving yourself this concrete goal will help to boost your motivation and hopefully get you to that point even faster. Be sure to take into consideration things like cost of health and dental insurance - as well as anything else that your full-time company is currently taking care of.
While the thought of quitting your job to work for yourself may sound both exciting and terrifying, preparing a plan can help make the transition easier. With a carefully thought out work plan and clear goals, all the guessing is gone and you’ll have real figures to base your decisions on. For most people, starting a business in their spare time makes the most sense and takes some of the financial risk and worry out of the equation. There are plenty of business owners who still clock in at a regular job in order to keep their benefits, regular salary and to share in the comradery of the workplace. Once your business is off the ground and showing signs of success, you’ll have the option of choosing to keep your full-time job or to devote all your working hours to your new business.
Tags: advice, business plan, Carrie Hinkel, changing careers, entrepreneur, Starting a Business, strategy, tips
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Words To The Wise For Would-Be Entrepreneurs
Wednesday, March 19th, 2008
Q: Steve - I just want to give a word of warning to other would-be entrepreneurs. It’s not for everybody! I went into business with a partner last year. The business is fine, but I am not. I hate the long hours and the uncertainty. I also make less money. Don’t do it!
Dave
A: I agree that owning a business is not for everyone. Here is my handy dandy quick quiz that will help anyone decide whether or not they are an entrepreneur:
Does the thought of leaving your current job make you more scared or excited?
If the idea of leaving your nice corporate gig, with its attendant benefits and perks, not to mention that nice, regular paycheck, makes you more nervous than excited, then starting a small business is probably not for you.
However, if giving up all of that makes you happy because that means that you will finally be going off on your own, then you sir (or ma’am!) are probably an entrepreneur.
Of course the idea of starting your own business and being your own boss sounds great in theory. Who wouldn’t want to chuck the rat race and start over again doing something they love? Yes indeedy, starting your own business is part of the American Dream; there is undoubtedly a certain romantic notion to the whole thing.
But, like anyone who has been married a long time knows, that first blush of passionate romance fades and transforms, if you are fortunate, into something deeper and more meaningful; it’s a different type of love.
And so it is with your business. If you start your own gig, you will be married to it. And, just like with any marriage, some are great and last a long time because they are a good fit. Others flameout rather quickly, either because they were not a good fit or that initial infatuation was just that and nothing more.
So you have to be careful when you fall in love with the idea of becoming your own boss because that initial blast of love is more puppy than pure. It is when you don’t get that paycheck after the first two weeks, or four weeks, or ever, that the cold, hard reality begins to creep in.
"Is this really for me?" Asking that after you start is the wrong time. Not a few new small business owners end up with buyer’s remorse and, like Fagin in the play Oliver!, say "I think I better think it out again, hey!"
So before you ever get to that spot and marry a business that you don’t really love, consider these steps first:
1. Try it out part-time: I have a pal who loves the idea of going into business for himself but would have to give up a very lucrative career to do so. And with a family to support, he does not have the luxury of making a mistake. So what did he do?
He bought into a business as an investor. Though he is not responsible for the day to day operation of the place, he still gets to scratch his entrepreneurial itch.
2. Freelance: If yours is a profession in which you could sell your services part-time when you are not at work, try it. See what sort of market there is for what you offer and whether you like doing it on your own. You could always ramp it up more later.
3. Consider a franchise: Obviously a more expensive option, buying a franchise is a way to get into business and still have support. A great franchise system will teach you well, keep teaching you, and offer plenty of other support. But, before buying any franchise, check with current franchisees to see what the system really is like and that you really will be supported.
Bottom line: Don’t be fooled by the initial intense feelings that dreaming about being an entrepreneur might evoke. They are not real. It’s infatuation. Before marring a business, make sure you really are compatible and will love each other for a long time.
Today’s tip: At my site, MrAllBiz.com, we ran a poll asking people whether they thought entrepreneurs were born or made. The vast majority said they thought entrepreneurs were made and not born.
Steven D. Strauss is one of the world’s leading small business experts. His latest book is the Small Business Bible . A lawyer, author, and public speaker, Steve has spoken around the world about entrepreneurship, including at the United Nations, and he has been on CNN, CNBC, MSNBC, The O’Reilly Factor, and many other television and radio shows. If you would like Steve to speak to your group, help your business grow, or if you would like to sign up for his free newsletter, "Small Business Success Secrets!" please visit his website � www.MrAllBiz.com .
Tags: entrepreneur, expert advice, MrAllBiz.com, small business expert, Starting a Business, Steve Strauss
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How To Overcome The Entrepreneur’s Rut
Tuesday, March 18th, 2008
You may have heard of writer’s block, when writers are stuck as they try to pen new words. Writers are not the only ones who have this type of experience. For those who run their own business, there is entrepreneur’s rut as well.
Entrepreneur’s rut is what happens when you have been running your business and become a part of the engine instead of the spark that is running it. You are in a routine. You are accustomed to the daily grind and just float along, keeping things at the status quo.
While this approach may keep things chugging along for some time, eventually you will want to make your business better. So how are you going to do this?
The same routine day in and day out is not the only thing that leads to being in a rut. It can also be spurred on by family obligations, stress, and even old-fashioned procrastination, where you put something off so long that you can’t figure out how to do it when you decide it’s finally time to act.
Getting out of the "Entrepreneur’s Rut"
First, figure out what is causing it. Whether it is stress from the rest of the world or just being stuck in a predictable routine, you need to know the cause before you can fix it.
Next, you need to change your routine. Without making significant changes, you will just trap yourself in the same conditions that are causing your rut. A great way to do this is to take a little bit better care of yourself. For stress, yoga, exercise, a massage and even remembering to take your vitamins can make a difference in how you feel.
While exercise may not be your first choice of a way to get out of a rut, you may be surprised at the surge of energy you’ll get from exercise. Additionally, focusing on exercise is a way to clear your mind and open it to new thoughts and plans.
Rut-Busting
If part of your problem is stress from feeling overwhelmed by things to do, you should try to make your tasks more manageable. One of the best ways to do this is to create a task list.
You may not initially want to see everything you need to accomplish in writing, but it will be worth it. After you have made the list, prioritize it. Then you will be able to start checking things off as you get them done and feel a sense of accomplishment.
If you are in a job that requires creativity and you are having a block, take yourself on a date. Go out and do something fun, interesting, and just for you. This will get your creative juices going again and have your brain popping with new ideas.
No matter how exciting and intriguing your job may seem when you first start your own business, over time it can become just like anything else - the "same old thing". Sometimes it’s necessary to step away, sort it out and switch up your schedule to get over the hump.
Tags: entrepreneur, getting out of a rut, Growing Your Business, Leeia Ladipoh, staying motivated, staying productive
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What Every Brick and Mortar Store Owner Should Know
Monday, March 10th, 2008
Consumers are what make the world go ’round. Without consumers, there would be no businesses, and without businesses we all would be poor. So why is it that business owners are not mindful of what is going on in their stores? If you are considering opening a store or improving the one you have, take heed to the following suggestions.
Staffing. Schedule enough employees to work cash registers during your busy times. The biggest turnoff for consumers is when they have picked up one or two items and there is only one lane open.
Merchandising. Invest in bright, colorful displays that tell customers what is on sale. A person who doesn’t have much time to waste doesn’t want to find out about your promotions at the register, so be sure to notify them in advance and take down signs immediately after the promotion is over. Instruct employees to inform consumers when your store will be having another sale.
Accessibility. Make aisles wide enough for mothers to bring strollers. Oftentimes mothers will shop during the middle of the day when their husbands are away at work, and that means she will have to bring her children. If you want her business, make the aisles bigger.
Make your store handicap friendly. People in wheelchairs, walking with canes, or crutches should be able to maneuver around your store. Their dollars are just as good as the person with two working eyes and legs.
Return policy. Avoid hassling consumers about returned items. If your policy is clear, then post it so everyone can see it, and make sure your employees remind consumers what they can do if they don’t like the item for whatever reason. Don’t make it hard for customers to return items.
Loyalty programs. Offer a special discount card for your most loyal customers. You’ve seen those cards offered by other stores - people enjoy seeing the money they are saving by shopping at those stores. If they know they are getting rewarded for shopping at your store, they just might come back.
Conduct surveys. Everyone who shops at your store should be offered the opportunity to state his or her opinion. Whether you choose to have a paper system or verbal communication with them, find out their needs and how you are doing as compared to other stores.
Personal attention. Introduce yourself as the owner and ask us if there is anything you can do for them. What better way to show you care about your customers?
Investment options. Provide an easy to understand opportunity to invest in your business. Some people may want to invest in your company, so why not make some information available?
Create an affiliate marketing program. These programs are popular via the Internet. When someone refers your business to others, he or she receives a commission.
Cleanliness. Be sure your store is clean and organized. Some stores are faced with lawsuits simply because they are a hazard.
Be careful with food items. If you offer edible goods, check your expiration dates before you place items on the shelf.
Check out your competition. Research your local competitors when it comes to pricing. If you don’t want the store down the street to take your business, make your prices competitive.
Don’t advertise falsely. Consumers aren’t stupid, so don’t use items that you don’t have or very little of to draw them to your store. Be sure the description follows the standard of "what you see is what you get."
Direct mail. Personalize your advertisements from time and time by sending a letter with a coupon. Although it is convenient to receive catalogs in the mail, it isn’t personal. Thank the consumer with a letter that introduces any new items that have come to your store and enclose a discount coupon that encourages them to come back.
Tags: advice, brick and mortar, entrepreneur, hiring, merchandising, Rebecca Button, Starting a Business, tips
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What You Can Learn From Tony Little
Friday, March 7th, 2008
Q: I was in business about four years ago and things did not turn out like I planned. While I still have the entrepreneurial bug, it is hard for me to shake my fear. I know you are not a psychologist, but how do I get back on that horse?
John
A: I don’t know of any entrepreneur who has not suffered adversity along the way, and usually some significant adversity at that. Whether it is losing a huge client, a bankruptcy, lawsuits, or what have you, business and problems often go together.
The real measure of an entrepreneur is how you handle that adversity.
Of course it will be challenging and no, there are no guarantees that the second time will be better, or even the third time - Henry Ford had two auto companies that went out of business before starting the Ford Motor Company at age 40.
This lesson was brought home to me recently when I spoke with the most unlikely of entrepreneurs, but one of the best I have ever met - Tony Little.
You probably know Tony from his ubiquitous infomercials where he sells personal training videos and equipment in his trademark infectious, enthusiastic style. With more that 40 million customers, it is said that he has logged more time on American television than any other celebrity. These days, he is on TV the world over (81 countries at last count) and he has generated more than $3 billion in sales globally.
But what you don’t know about Tony is the adversity he suffered, and the tenacity he has shown, on his way to becoming an incredible businessman:
In 1983, Tony was a Junior National Bodybuilding Champion, training for The Mr. America Bodybuilding Championship when he was blind-sided by a school bus and almost killed. He suffered numerous lacerations over his body, two herniated discs, a cracked vertebra, and a dislocated knee.
His bodybuilding dreams were over.
"I went into a three year depression," he told me. But clearly this is a man driven to succeed. After seeing a Jane Fonda exercise video, Tony found the will to move forward. He decided that he wanted to create a personal training exercise television show.
The only problem? He had never done anything like that before.
Even worse: The cable company told him that he needed $15,000 to produce the show. So Tony created a business cleaning health spas. He raised the money in short order.
Could he have said, "I don’t have $15,000?" Sure, easy. Could he have thought, "I have no business being on TV, I’ve never done television." Yes, he could have, but he didn’t.
If you want to keep going in your business after a setback, do you know what you have to do? Keep going. Just keep going.
In 1987, Tony’s tenacity really paid off when he met the president and founder of Home Shopping Network (HSN.) They struck a deal - if Tony could sell 400 of his videos within four shows, they would work together on more projects. Tony sold all 400 videos . . . in four minutes! He has gone on to sell millions of products and make millions of dollars through his HSN and QVC appearances as well as his infomercials.
But his story does not end there. In 1996, Tony was involved in another life threatening car accident which damaged his face (more than 180 stitches) and damaging two more disks in his back. But no, that didn’t stop him either. Today, he is more successful than ever.
When I asked Tony what his keys to business success are, not surprisingly he said, "enthusiasm sells!" If you have ever stopped to watch one his shows, you know that is true.
Equally importantly he said, "There is always a way to the next level." Tony’s life and career are a testament top that.
In this gig I get to meet an interview some very interesting entrepreneurs, and on a personal note I have to say that Tony Little was among the kindest, most modest, generous, and genuine people I have had the pleasure to interview.
Tony proves that though adversity happens, there is always a way to the next level.
Today’s Tip: Drive down the street and look at all the small businesses you pass. What color are the buildings? Almost all are white or beige. Today I passed a business I have driven by thousands of times but just really noticed for the first time. Why? It is now painted bright blue and yellow, sort of like a sports team’s colors. The business completely stood out. There’s a lesson there.
Steven D. Strauss is one of the world’s leading small business experts. His latest book is the Small Business Bible . A lawyer, author, and public speaker, Steve has spoken around the world about entrepreneurship, including at the United Nations, and he has been on CNN, CNBC, MSNBC, The O’Reilly Factor, and many other television and radio shows. If you would like Steve to speak to your group, help your business grow, or if you would like to sign up for his free newsletter, "Small Business Success Secrets!" please visit his website � www.MrAllBiz.com .
Tags: entrepreneur, expert advice, MrAllBiz.com, small business expert, Starting a Business, Steve Strauss, tips, tony little
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Questioning Yourself Before Opening Your Own Business
Friday, March 7th, 2008
With rough economic times and layoffs, more and more Americans are asking themselves if they have what it takes to go into business for themselves. Being the owner of a small business holds many challenges, not the least of which is the entrepreneur. Before opening up a small business, ask yourself these questions to see if you have the characteristics it takes to operate a business as a sole proprietor.
Does the idea cause you anxiety?
If you say no, you may lack the self-motivation to go out and do whatever it takes to get the business going. Fear is a primal motivator, and being overconfident that business will beat its way to your door can kill a small business.
Are you overflowing with self-confidence?
If you lack self-confidence, the anxiety of potential failure could overcome your objectives. Fear of failure is common, and a business owner who cannot overcome their fear can quickly become paralyzed by a lack of confidence in himself or herself.
In your jobs, were you the person always questioning the status quo?
A business owner has to always be looking for ways to improve their business - and willing to make changes and take chances that a new way may be better than familiar methods for getting jobs accomplished or achieving goals.
Do you have what it takes to make the business a success?
Your business idea may seem like the next whiz-bang sure thing - but are you ready to be the salesman, the bookkeeper, the marketing director, and the installation technician? The owner of a small business must be ready to wear all the hats that you find in a big business.
Does reporting to someone else ruffle your feathers?
It might be time to spend some money and take aptitude and attitude assessments. It could turn out that you should have been working for yourself all along.
Could you go door-to-door selling vacuum cleaners?
A small business owner has to be able to sell - either themselves, their services or their product. The attitude "I’m not a salesman" needs to be abandoned immediately, or failure is assured.
Tags: advice, entrepreneur, Starting a Business, startups, tips, william payne
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I Used to be an Accountant…Starting a Business in a New Field
Tuesday, February 26th, 2008
Are you a bookkeeper who dreams of opening a trendy new flower shop downtown? Or an account manager who wants to open a coffee shop? Well, you’re not alone. Changing careers and opening your own business may sound overwhelming, but more and more Americans are learning how to shed their 9 to 5 skin and start fresh in a whole new career. How? By learning about the industry they’re interested in while continuing work in their day job. So, instead of wasting the years away dreaming about your new venture, why not use the time to prepare yourself for the next step?
How to turn your dreams into reality
Learn about the industry - Whether you want to be a chef, website designer or hairstylist, your first step will be sitting down and doing some research. Most industries have numerous categories and career choices to choose from. For instance, if you dream of being a chef, you may find you actually want to be a pastry chef, sushi chef or a multi-ethnic cuisine chef. The choices are virtually limitless, but if you are only familiar with a scant few, then your areas of opportunity are much smaller. So take the time to learn everything you can about the industry you are interested in.
Gain experience - Getting a job in the field you are interested in is the best way to get experience behind the scenes. While your day job will take up most of your workweek, you may decide to get a part-time job on the weekends or a couple nights during the week. While you won’t be making much money, it’s the experience that will be important to you, so take advantage of every learning experience and try to become familiar with as many parts of the business as you can.
Take classes - Taking evening courses at the local college will get you one step closer to your dream of opening a business in your new career industry. Whether you’re working towards a degree, certification or more in-depth knowledge of the industry, taking classes will point you towards your goal.
Talk to experts - Use your networking skills to talk to as many industry and business experts as you can. Even online there are plenty of groups and forums you can get involved in to help guide you towards your goal. Visit the Small Business Administration’s (SBA) website (www.sba.gov) and learn about business mentoring programs in your local area. It doesn’t matter if you don’t get paired with a mentor within your industry, any advice from a successful business owner will be helpful in turning your dreams into a reality.
Yes, it’s true; this isn’t an overnight plan to get you out of the rat race and into business ownership. But, for most, that isn’t a realistic course of action. Instead, use the next year or two as a golden opportunity to save money, learn about your new industry and gain the degree or certification that’s required.
Tags: advice, Carrie Hinkel, changing careers, entrepreneur, Starting a Business, startups, tips
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The Realities of Opening a Restaurant
Monday, February 25th, 2008
Breaking free from the nine to five rat race and opening a restaurant is the epitome of the American dream for many, though it can quickly turn into a financial nightmare if you don’t plan properly. For some, opening a restaurant seems easy enough - just rent a space downtown and start serving some of your favorite food items. Unfortunately it’s not that simple, as many past restaurateurs have found that out the hard way. A great many restaurants fail in their first year, and there’s no one particular reason why; there are literally dozens of reasons that could put a restaurant out of business. However, doing research, gaining insight and experience and preparing a detailed business plan may increase your chances of success tremendously.
To help you get started, here is a guide to some of the most important aspects of creating a successful restaurant operation:
Passion - Even the most successful restaurant owners will tell you that the food service industry isn’t a way to “get rich quick”, but rather “work hard and earn a living”. In the beginning, it will be your passion that will get your restaurant running - long hours, working weekends, thinking about ways to improve the business even when you’re home and “not working”. If your restaurant is not your passion, then it will be excruciatingly difficult (and torturous to you) to start a successful restaurant from square one.
Customers - A common pitfall for new restaurateurs is that they try to capture too large a portion of the market. You have to be willing to accept that no restaurant will ever appeal to 100% of the market. If you try to cater to too many types of people, you will be sacrificing too much and end up appealing to no one. Decide on your target market and design your restaurant around them, and forget about the rest.
Concept - When most new restaurant owners are asked, “What is your restaurant’s concept?” They’ll answer “seafood” or “cajun” or “Japanese”. That’s great, but that’s only part of what a restaurant’s concept should be. Your restaurant’s concept should be so detailed as to include the ambiance of the space and the d�cor, the personalities of the wait staff and the overall feeling of the restaurant and the customer experience.
Niche - You may be thinking of opening the latest and greatest pizza place in town, but besides the token answer of “because our food will taste better”, how will your restaurant be different and, more importantly, better? You can’t appear the same in a sea of other restaurants and expect customers to come flocking in once you flip your sign to “open”. Give them a reason to try your restaurant over their current favorites.
Business plan - Creating a business plan is the best way to see projected finances, competition, possible shortcomings and the investment needed. Many times a good business plan will show an entrepreneur why the original plan isn’t feasible and what needs to be changed in order for it to work and be even more profitable. If more new restaurateurs created business plans before opening up their doomed-for-failure restaurant, you’d see less rushed openings and fewer failures.
Location - In the restaurant business, location really can mean everything. Whether it’s on a trendy downtown strip or off the beaten path in the suburbs, researching the perfect location is crucial. Once you have decided on who your target market is, research city records to find out where they live. There’s no sense opening a restaurant in a part of town where only 5% of your target market lives, when the next town over houses 40% of your potential customers.
Service and Value - Even the best food prepared by a top-notch chef won’t necessarily save an ailing establishment if the service takes too long or if the dishes are priced too high. Your restaurant has to be about more than just the food. Deliver high value through excellent service and pricing, and word will spread like wildfire about your establishment - resulting in repeat and new business.
There’s no doubt that the restaurant business is one of the riskiest industries out there for new businesses, but if you take the time to do the research you can increase your chances of success tremendously. It’s a lot easier (and much less expensive) to tweak your concept and location before you open your restaurant, rather then after.
Tags: advice, Carrie Hinkel, entrepreneur, food industry, Starting a Business, starting a restaurant, startups, tips
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Starting a Business While Keeping Your Day Job
Thursday, February 21st, 2008
With the country in the grip of an ever-growing recession, and with interest rates high and the dollar weak, there’s no such thing as a “job for life” nowadays. Whereas in the past you could expect to work at the same company until you retired, this is becoming less realistic in today’s workplace. This has led to more and more people starting their own business and working for themselves.
Yet it’s not as simple as just quitting your day job and opening shop - you need to make sure you have a solid business plan and know what’s needed to succeed. The best way to do it is to work your own business on the side while you get established, keeping your 9-to-5 job as a safety net until you’re ready to go full-time. There are other factors that will help you build your own business while still having the steady income of your regular job.
Use Your Experience
Why do you think your current employer is successful at what they do? It’s because they know their strengths and play to them. So use the same business model for yourself - if your strength lies in solving problems, perhaps you can set up a consultancy for corporate problems. Or if you’re a computer whiz, why not set up an I.T. solutions company, or similar? Starting a business is hard enough, so use the experience you have to give you a far better chance.
Work Weekends
Although you might enjoy having weekends off, you can make better use of them by working on your business. This won’t impact on your day-to-day job, and you can start to slowly build up your business. Other options include using your vacation time to attend trade shows, where you can meet experts and arrange potential sales partners.
Test the Market
One of the benefits of going to trade shows is you can see if there’s actually a need for the service you’re looking to provide. After all, you want to make sure any business you start will be successful, so you need to know there’s going to be an audience for it. Sign up for trade publications as well, and ask friends and family if they would use your product or service (but make sure they’re honest!).
Use Your Home Effectively
Whatever business you’re looking to start, it’s more than likely you’re either going to need office space or storage space; so you need to organize your home effectively. If you need an office, take over a complete room and make it yours (space allowing). It needs to be somewhere away from noise and distraction, and make sure it’s organized - a work desk, filing cabinet and all-in-one printer are a must. Similarly, use your garage for keeping any stock, but make sure you’re using excellent security measures to protect it.
Although it will be hard at first, as long as you’re realistic, have a good strong business plan and are prepared to be patient, you will eventually find yourself in a position where hopefully you can turn your part-time side work into a full-time job.
Tags: advice, changing careers, danny brown, entrepreneur, Starting a Business, startups, tips
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