Being self employed has the perks of having business deductions: office space and utilities, supplies [paper, printer ink etc], equipment [computer, desk, chair], mileage, seminars, training, business tools to name a few.
What idea do you have? Is it for a product or a service or a combination? Make sure it is in line with your passion. Your passion for success is NOT to make lots of money. Your passion must be related to the mission or the specific product, making money is the by-product. .
- Do you want to make the best, most efficient whatsit?
- Do you want to offer the customer the best ‘name type of service’ available?
Safeguard your own assets by registering as an LLC. If there are lawsuit or financial issues for your business keep the problems there and not let them invade your personal space. See my previous blog on this topic. http://drjill-live.com/?p=242
As many small businesses fail within the first 5 years, make sure you have done your homework, and have a solid business plan. Make sure you have studied advertising, marketing specific for your business.
- Google for internet sites for businesses similar to yours and see how they are presenting themselves.
- Then focus your advertising on how your business is different, stands out from the others. Market your strong points.
- Keep all advertising focused on your target market – a focused marketing program is more likely to get you known for your specialty.
- Don’t go to an Italian Restaurant down the street and ask for any mentoring when you own an Italian Restaurant!
- Instead look for yellow pages online in a distant city for an Italian Restaurant, review their online advertising and talk to them.
- If they don’t want to help, just keep looking and studying advertising of others.
- The non-local business that is related to you will not be as likely to view you as a threat and may be willing to offer guidance.
- Just check into their experience and success.
- Don’t fall for the “I can tech you how to make $50,000 in 90 days.” type folks. Those are the get rich quick type that are usually scams.
- Look for mentors that have a success record in their field.
- See if the mentors are recommending sequential and clear teaching modules.
- Does the mentor offer webinars as well as one on one coaching?
Online marketing has advantages to consider. Lower overhead – no store front. If you are marketing something that another company actually manufactures you can avoid inventory by being a drop shipper. Marketing products online that are available online and do not have to be shipped cuts your overhead way down. You would just need your laptop and space to sit as far as physical space requirements.
Don’t reinvent the wheel! If there is a good system or training program available use it, don’t reinvent it. You might decide to up grade an existing system though – just make sure you are not doing infringing on a copy-write. There have been folks that have gotten involved with affiliate marketing of a product to learn how to market well then move on to marketing their own product.
Training, education, research and mentoring are the points to consider carefully in starting your business – the one you want to make money with.