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Before You Start Your Business - Part 1

It is the start of the New Year and many of you have expressed interest in understanding entrepreneurship and what it takes to get started.  These next few months will be devoted to help you understand if launching your own business is right for you.

  1. Define your specialty.  Do you have the expertise? Have you mastered the craft for a long time?  List out all the skills that make you unique.  Put a dollar amount to each one to charge for the product or service.  Identify the one that makes the most money of which you rank yourself a high 10.  This is the top specialty.  Rank others and you have a menu of products/services to sell.
  2. Map out a time commitment.  Owning a business is more than being called the CEO.  It takes relentless time to do it halfway right.  If family is a priority, think about this seriously.  There will be times when work-life balance does not fit into the equation.
  3. Plan financially.  Does your business require start-up money?  Are you planning on working while you start the business?  Will you devote all your time to launching the business? There is no formula here because many successful entrepreneurs have either had no start up money or invested their entire savings or obtained a loan or worked full-time while opening the business or left their good-paying job for a dream.  Know what you can handle financially with a cushion to take care of necessities like food and shelter.
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