Starting Your Own Business

Introduction 2

About This Book 3

About You 4

About the Icons 4

Project 1: Get Down to Basics 5

Entrepreneurship Explained 5

Discovering What’s Awesome about Being an Entrepreneur 6

Freedom 7

Time 8

Money 8

Understanding Why Entrepreneurship Isn’t Always Awesome 9

Money 10

Time 10

Freedom 11

Looking at Common Traits of Successful Business Owners 12

Background 12

Personality 13

Attitude 14

Comparing a Job to Owning a Business 16

Stability 16

Security 17

Project 2: Find Your Big Idea 19

Ideas for Creating Ideas 19

Prepare for your idea session 20

Write until your hand hurts 20

Look at your world with different eyes 22

Look into the future 24

Think about what you love to do 25

Pick the Best Idea 26

Look at risks and rewards 27

Consider hidden risks 29

Hidden rewards 29

Make a list of pros and cons 29

Listen to your gut 30

Are you excited? 31

What does that little voice say? 31

Pick a winner 32

Project 3: Make a Plan 33

The Purpose of a Business Plan 34

Who will see it 34

What it should tell them 35

Starting Your Business Plan 35

Planning Your Plan 36

Overview: What, Where, and When 37

What your business will do 37

Product versus service 38

Inventory and hours 39

Where you’ll sell your products or services 40

Going to them or staying put 40

Consider your location within your market 41

How you’ll know it’s time to start 41

Market: Who, Why, and How 42

Who will buy from you 42

Age, location, and other “demographics” 43

Where are they buying now? 44

Why they will want to buy from you 45

Your unique advantage 46

Who are my customers? 47

Marketing: Communicating Your Advantage 49

Processes: How You’ll Deliver 51

Resources needed 51

Processes 52

Project 4: Know What to Do with Your Shiny New Business Plan 53

It’s Alive! (Well, a “Living” Document) 54

Plan for Change 56

Example 1: Two challenging changes 56

Example 2: A positive change 57

Preparing for change 58

Keep It Handy and Give It Attention 59

How Are You Doing? 59

Project 5: Budget for Success 60

Profit, Cost, and Sales 61

Costs 61

Sales 62

Decide How Much to Charge 62

Competition 62

Your costs 64

Don’t forget your time 66

Figure Out Your Profits 67

Keep Track of Your Money 69

How much in, how much out? 69

How to manage what’s left over 72

Reinvesting 73

Project 6: Plan Your Marketing 74

Promoting Your Business 74

Getting Started with Your Marketing Plan 76

Step 1: Find Your Market 76

Step 2: Reach the Right Audience 80

Step 3: Choose the Right Type of Marketing 81

Getting Creative 82

Words That Sell! 82

Project 7: Set Up Shop 84

Delivering Your Product or Service 85

Before the Sale 86

Sales is part of the job 87

The meaning of closing 89

Doing What You Do 90

Deliver quality 91

Time and promises 92

After the Sale 94

Appreciate your customers 95

Follow up 96

Anticipate Unplanned Hiccups 98

When something goes wrong 98

Be optimistic 99

Be realistic 101

Fix problems on the fly 101

Don’t wait 102

Figure it out and take action 102

Make it right 103

Remember your customers’ needs 104

Think of what’s best for the business 105

Project 8: Service 101 106

Without Great Service, Nothing Else Matters 106

Customer Service 107

Customer Service Is Important! 108

Why We Love Customers 109

Put Yourself in Their Shoes 109

Customer Service Is More Than Just Being Friendly 111

Providing what your customers want 111

Listening to feedback 112

Handling Customer Complaints 112

Calm, cool, and collected 113

Turn a complaint into a win 115

Words of Encouragement 116

Glossary 118