Starting a Business in a Down Economy?
I listened with interest to the Financial Talk today on the show.
It’s wonderful that we’re going to have more small business owners out of this latest economic fiasco. BUT..
a) Anyone considering starting a business should ask them these two questions “If time and money weren’t a problem, would I be starting a business or going out to get a job” AND “If I started a business and someone offered me more money and benefits go work for them, would I go back to Corporate America” If the answer is yes, put your nose to the grindstone and create a strategy for an updated career.
2) Money: Do you have 1 1/2 years of money in the bank INCLUDING expenses. Know that even if you’re starting an online business and have most of the equipment to do so, it’s still going to cost you 10K for your business the first year. You’ll be amazed at how much things — marketing — really costs.
3) Business Plan — before you spend a lot of money creating a 20-50 pager, creating a One Page Business Plan(r) is the way to start. Many times people start businesses and don’t realize all the work that goes into creating and running them. The One pager will help them see a lot of what that work is. Then create a longer plan + get help from your local SCORE office.
4) Keep in touch with everyone from your past. You’ll find that you’ll need them just as much when you start a business, as you did when you worked with them. They can be your best referral source IF you keep in touch.
Owning a business is very rewarding; it’s a lot of work; and it’s about being willing to get help – virtually or locally to run it right!
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©2009 Maria Marsala, Strategic Business Coach, Speaker and former Wall Street Trader at Elevating Your Business. We help remarkable women CEOs get a life and future from their business by providing accountability, support and a (gentle) kick in the a$$ when needed.
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About The Author
An irrepressible entrepreneur, Maria Marsala sold AVON at age 14 and landed on Wall Street three years later. She became a bond trader when female executives were as rare as pink diamonds. For 25 years, Maria streamlined Fortune 500 companies, nurtured non-profits, and discovered her niche—mentoring women CEOs and executives. Armed with corporate secrets and life coach credentials, Maria founded Elevating Your Business to help female financial professionals live better using her proprietary brand of consultative-coaching. Contact Maria today and take the first step toward freedom, full-fillment, and a sparkling quality of life! Contact me now!
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