Inside Small Business | Small Business & Home Business Marketing

I’m thinking about starting a small business, but not sure what industry? Does it matter what I end up choosing? How do I know what the safest decisions are?

Great questions! Talking about the startup process and choosing business ideas are two of my favorite topics because they are the most exciting and fundamental elements of kick-starting your business venture. I am a firm believer in enjoying what you do, so I would recommend that you start by outlining the industries that you are most interested in and have a passion for. There are unlimited opportunities in almost every industry, and coming up with your innovative business idea is just your first step into entrepreneurship.

There are no specific safe industries, and you must remember that the definition of an entrepreneur, translated from its French roots, means “one who undertakes.” The term entrepreneur is used to refer to anyone who undertakes the organization and management of an enterprise involving independence and risk as well as the opportunity for profit. So, that said, the words safe and entrepreneur are not normally used in the same sentence; however, you surely can take precautionary measures to help avoid unnecessary mistakes and pitfalls. It is extremely important that you spend time researching your idea and don’t cut any corners in your planning stage. I always recommend that all entrepreneurs produce a business plan. Once you have completed your business plan, you will have researched and defined several of your start-up questions, such as:

• Who is your target market? What are the demographics and psychographics of your ideal customer?
• What product or service are you selling?
• What is your plan for growth?
• What do you know about your target market?
• What is your most competitive advantage?
• What are your short-term and long-term goals?
• How large or small do you want this business to be?
• What is your mission statement?
• Do you plan to have business partners or a family business?
• What are the competitors’ strengths and weaknesses?
• What problems does your product or service solve?
• How will you fund your startup?

Lastly, I would recommend that you form a strong support team and at least one mentor who is experienced in running a successful business. All of the points above help create your path to a successful entrepreneurial journey!

Posted on Thursday, June 5th, 2008 at 10:31 am and is filed under Boardroom, Marketing, Small Business. You can follow any responses to this entry through the RSS 2.0 feed.