EnTrends

What's the best way to create a profitable
business? A business you really love that
makes the kind of money you really want?

Planning, planning, and more planning.

Before jumping head-long into a new
business, you must lay the foundation for
long-term success. A good foundation

is rooted in a solid plan.

Many new businesses skip what is
perhaps the most important part of a solid
business plan... assessing individual
strengths and weaknesses.

But does a self-assured, go-getter such as
yourself really need to do a self-analysis?

Research has shown that many
businesses collapse in their first year
because of inadequate planning. A
thorough self-assessment is the first step
in planning a business which lasts well
beyond the first year.

What happens if you skip this first step?

Picture yourself standing on a grassy
knoll looking out upon a desert - a sea of
sand. You must cross this desert to reach
the cool, refreshing waters on the other
side.

You begin your journey in the brisk, night
air. The warm sand feels good between
your toes. But then, you feel a nip at your
feet. It is a creepy creature of the night

which has mistaken your curly little toe
for a frisky, hopping snack.

A thought... should have planned for
boots.

It then occurs to you that your little toe
will become quite curly tomorrow when
the sand heats up from the blazing sun.

Not a pretty picture, is it? Ya gotta plan.
Bare feet at first... great for comfort. Boots
for later on... that's thinking ahead.

The questions below will help you to
prepare yourself... for business.

A. Why Do You Want To Start Your Own
Business?

Understanding your motivation helps you
to see past the romantic notions of being
self-employed. The questions below have

no correct answer. They are different for

everyone. Just look at your answers
critically and evaluate how important they
are in choosing to start a business.

1. Do you want better work hours? If so,
what hours do you want to work?

2. Do you want to be your own boss? If
so, why do you want to be your own
boss? e.g. creative freedom, current boss
is a Neanderthal, better use of your
skills...

3. Do you want to improve your financial
condition? If so, by how much? How
much income do you want every week?

Every month? Every year?

4. Does your current job leave you
unfulfilled? Why? Can your desire to be
self-employed fill this need? In what
ways?

5. Do you have a business idea in mind?
If so, why did you choose this business?

B. Are You Prepared For The Physical
and Emotional Demands?

A new business can be very demanding.
A business owner must wear several hats,
be able to switch hats in the blink of an
eye, and wear them till the job is done.
This can be stressful to your physical and
emotional health. The following questions
will help you gauge your stamina.

1. Are you prepared to put in long hours
to succeed? It's not uncommon for the
entrepreneur to work 12 or more hours per
day, including weekends.

2. Do you have the support of your
family? Without that support you are far
less likely to succeed. Understand that
they must also shoulder additional
hardships and responsibilities.

3. Are you pursuing a business venture
which fills you with excitement? If not, the
highs and lows of doing business can
effect your well-being. A strong passion
for your work is a powerful shield against
burn-out, physical illness, or emotional
distress.

C. What Skills Are You Bringing To Your
Business?

Every business requires the application
of certain skills to be successful. Without
these key skills you run the risk of failure.
The important thing is to recognize the

areas of your business requiring
additional support. These questions will
help you identify the skills you possess
and those you need to acquire.

1. Do you have previous experience in a
business similar to the one you're
starting? If not, you should research your
chosen industry. It's necessary to
understand your market, your customers,
and your competitors.

2. Are you good at planning and
organizing? You must stay on top of
things such as your schedule, your
promotions, your accounting and
financial records, your inventory, etc.
Educate yourself, or consider hiring
outside help if you feel weak in this area.

3. Are you a good decision-maker? Do
you work well under pressure? Can you
take projects through to their
completion? These are essential skills for
the small business owner. If you've never
worked in a supervisory capacity, you
may want to take some specialized
training to develop these skills.

Follow through on your answers to all of
the above questions. Take action to
strengthen your weaknesses. Doing so
prepares you to move forward into market

analysis and the start-up planning
phases of your business.

All this preparation will increase your
likelihood of surviving the first year in
business. It's like buying a great pair of
boots for your business.

Brett Krkosska provides 'how-to' advice
on family and home-based work issues.
Stop by his site for startup guidance,
home business ideas and inspiration at:

http://homebiztools.com For a Fresh and
Original perspective on today's home
business issues get Brett's ezine at:
mailto:enews@homebiztools.com.