What was I thinking starting a business?

9 06 2010

What was I thinking starting a business?

What was I thinking when I wanted to start a small business and quit my regular job?  I look back now and sometimes that same question still runs through my head.   As you may be working a regular job and getting insanely frustrated with the quantity of work, lack of upward mobility and lack of money, you start thinking about how good it could be to start your own small business.  Starting a business is not a bad idea, and a lot of work and preparation needs to be done before you actually “pull the plug” on your current paying job.

What I did over 5 years ago, was start looking into what type of home-based business I wanted to engage in.  As you are well aware, there are hundreds upon hundreds of business opportunities out there.  Many of them are essentially one-night stands, but there are many legitimate business opportunities to be found.  The key is to locate the opportunity that not only will bring in money to supplement and/or replace what you are currently making, but to also find an opportunity that you are passionate about.  Easier said than done.

Passion about what you have to offer will go a long way to helping you grow your business.  If you are not passionate about what you are offering, it will be hard for you to put in the extra hours to start your business and get it up and running.  Honestly, I was very sceptical of all the opportunities that were out there.  How could any of these business opportunities make me millions?  The hype sounds great, the numbers look great, then you have to look at who and how many people are truly successful in that particular industry. 

It is so hard to separate the hype from the reality of the particular business opportunity.  If you talk to people in the opportunity you are interested in, they will most likely tell you that they are doing fine and business is great.  It is extremely rare that you would find someone who would even hint that the business was not all that it was cracked up to be.  So, the research and work falls on your shoulders.  The problem is of course, if you are trying to get ahead, you probably don’t have a lot of time to do all that legwork and research needed before you leap into that business opportunity.  I heard so many horror stories about people getting into businesses only to either not get product or not get paid, that I really was worried about starting a business.  The biggest problem was I had little capital to invest and even less time.  My rules for finding an appropriate business was:  the cost of entry had to be low, the product cost had to be reasonable yet the products had to be high quality and I had to be able to make money even if I didn’t sign up tons of people to work under me.

What I did, which may sound crazy to some, is to decide to work with one of the people actually in the opportunity.  I did not sign up for the opportunity initially, refused to actually.  I wanted to get some real-hands-on experience with the products and services before I would even put a dollar towards that particular opportunity.  It took some effort to find someone willing to allow me to work with them (actually assist them) but it was well worth the effort.  By actually going with them to the events, watching them work the business, watching them interact with people and watching the money come in or not, well, that was worth millions in my book.  One of my passions is saving the environment, so when I found a business that did help the environment and could also theoretically help me to replace my current income, I then looked for someone I could work with to verify that this was a good idea both financially and in product.  The product line I fell in love with was a Waterless Car Wash

Next week we will continue talking about what I was thinking to see if this was the right business to get into

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2 responses

21 06 2010
Turning your Business Plan into an ACTION Plan « Hawgwash's Blog

[…] the last few weeks we have had an ongoing discussion on why I wanted to start a business and what I have been doing to prepare to start a business.  As you are all  most likely aware, you […]

14 07 2010
Charlotte

Great Article! Training your team is critical. Thanks for that reminder.

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