Choosing Your Business 3

Table 2.2: Sample Worksheet

What else makes a business successful?

The businesses with the best track record for success are those for which the owner:

• knows the business, the industry, and the customer can produce a top-quality product or service for which there is a need
• can produce the product or service better, less expensively, or more quickly (or sometimes all three) than competitors
• knows how to reach the customer
• knows how long it will take to get the business going and plans accordingly
• starts off with one or more customers, often former employers

Which businesses are the simplest to start?

A service business in an industry you know well or a service that involves doing tasks others don't like to do or don't have time to do will usually be the easiest to launch. Often such businesses can be started by picking up a telephone, calling potential customers, and asking for their business.

Is there anything I should avoid?

Steer clear of ads or "friends" promising that you can start earning a big income right away, particularly if they ask you to send money for information. For the most part such ads and telemarketing scripts have been carefully written to push your "hot buttons" (greed, desire for status, need to provide for your family) and pry you and your money apart.

How long will it take before the business is successful?

Don't expect overnight miracles. Like growing flowers, nurturing a business takes time. If you know who your customers will be before you start, you may be fortunate enough to start making sales right away. But it still may take months to build a stream of customers steady enough to make the business successful.

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