Before You Start Your Business

Contrary to popular belief, a slow economy can be a great time to start a business. Why? Well, instead of being dealt a hand by someone else, many choose to take hold of their own destiny. In doing so they end up thriving, as others sit anxiously ringing their hands and wondering if they will survive the lows. But, caution. While a great business idea at the right time can be a wonderful blessing, a bad idea can put you in over your head.

If you are considering starting your own business, here are some things you should know before you go:

1. Research. Seek out data and statistics on your idea so that you know if there is a market for your product/service and who your competitors might be.

2. Analyze any strengths and weaknesses your business might exhibit. For example are you an expert in this field or perhaps this business will only be parttime. Things like that will matter.

3.Get help. Visit your local small business center and ask for someone to work one on one with you about any questions you may have before initiating any official actions to start your company.

4. Do your best to create a mission statement, so that you know what the real purpose of your product/service will be.

5. Draft a potential marketing plan for your first year of operation. It will help you decide your budget and if the business is feasible, since most start up money is spent on marketing and advertising.

6. If you have time, take a small business course or something related to the product/service you plan to sell. A bit of extra knowledge can give you the just the edge you need to win customers.

7. Experiment and study the latest social media. Technology is a powerful asset in today's business world.

8. Once you've done the footwork don't forget to reach for the sky!

Many blessings on your endeavors,

Polly

Slumping Economy? Need More Money? Start Your Own Business!

We hear it on every TV station these days...'We are in a recession and it will take some time to turn the economy around.' What are we to do with sky-rocketing prices? How are we supposed to meet the needs for ourselves and our families? I say, start your own business!

Yes, you read correctly. Take your hobby and turn it into a full-filling and lucrative business.

What is it that you enjoy doing? Selling items on ebay or Craigslist, photography, baking, sewing, housekeeping or organizing? Put those passions to use and make some extra dough on the side.

One of my co-workers just started a handbag business. She is a newlywed and new mom and took her love for handbags to a new level. She says the response has been great and she has plans to introduce her Spring collection in the coming weeks. Who knew something so simple could be so lucrative? I too love handbags, but I do not always like to go out and shop for them. Now, I have the convenience of just looking through her inventory on my lunch break and buying the bags I want. I think it is simple and fantastic!

The list does not stop with just this particular co-woker. I work with a very talented group of individuals. Although we all have day jobs, the majority of us still have a passion or hobby that we have decided to turn into a small business. From web design, logo creations, selling avon and pampered chef, to landscaping businesses, we do it all! We love and enjoy it and it gives us a sense of pride and accomplishment that most 9 to 5 jobs simply cannot provide. And starting your own business is not as hard as one might think. I held off on taking my hobby to the next level because I thought taking the time to make the business official would take too long and be too expensive. Boy was I wrong! Depending on what you want to do, you can be in business tomorrow.

The government keeps telling us to stimulate the economy in order to stop the downward spiral, but in this time of layoffs and cutbacks, we've got to take matters into our own hands and use our God given talents to make the world a more positive place. What started out as a serious hobby for me, has blossomed into a full fledged small business. My passion is photography and book writing. What is yours?