Recent Divine Discussions

Tuesday, January 29, 2008

Steps to becoming my own boss

I have always wanted to be my own boss. In college, anytime someone would ask me where I see myself in 5 or 10 years I would always say I would be owning my own business. And majority of the time the person would give me that look. That, "Yeah, sure you will" look. How I hated that look. I used to let it get to me but as I matured I started to use it as fuel. I relish the day when those same folks would be browsing the net or watching t.v. and see my name flash across the screen with the wonderful words President or Founder trailing right close behind. As much I have been talking about it the last 5 years, it is time for me to create a plan and put that plan into action.

Lawd where do I start? What do I do? I am excited yet frightened at the same time. I have been searching the net for what steps I need to take. I know some of the basics but I am afraid that I may leave some crucial steps out. I want to make sure I take every step I need to to accomplish my goal of entrepreneurship. I am not expecting to be a bona fide business owner by the end of this year. I just want to be able to get my foundation laid out at least. This is what I was able to compile together:

  • 1. Mini-Business Plan
    • *What product(s) am I offering?
    • *Who is my target audience?
    • *Goals for starting my business?
    • *Where do I envision the business 3-5 years from now?
    • *Does the business suit me?
    • *Can my business make money?
    • *Type of ownership structure
    • *Business Name
  • 2. Research
    • *Companies offering similar product(s)
    • *Market analysis
    • *Start up costs
    • *Start-up financing sources
    • *Small business grants
    • *Tax information
  • 3. To Dos
    • *Obtain a business license
    • *Obtain a federal employment identification number (EIN)
    • *Market analysis
    • *Marketing plan
    • *Create my business plan
    • *Build my portfolio (business kind)

My plan for this year is to get the basics down:

  • * Mini-Business plan
  • *Research
  • *Education
  • *Market analysis
  • *Network
  • *Freelance
  • *Build my portfolio

I really don't want to give away my entire business plan but I will give a short summary of what I am envisioning. I would offer two products: database creation and operation analysis. Essentially I would offer small business solutions. My target audience would be small businesses.

I currently have two "jobs" from my church that I am doing and will use to start up my portfolio. I am of course doing the work for free. I was explaining my business idea to a church member, who is also a family friend, and she felt that I would be able to help her with her current dilemma. She was in charge of doing a zoning analysis the for entire church and had been using excel. She sent me the information she has collected thus far and I will be working on creating the databases for her this weekend.

What do you guys think? Any suggestions?


Single Ma said...

Your list looks pretty solid. Without knowing the type of business you plan to establish, it's hard to add anything valuable beyond the basics you've already listed. I guess the only other thing that apply to any business, especially small business owners, is to clearly identify and UNDERSTAND the needs of your customer so you can EXCEED them.

JW said...

I hope all of your business endeavors are successful!

God Bless