KOMO:
To insure success in a recession, here’s a rule checklist:
1. Pick the right niche. You’ll need to enjoy your work and be passionate about it in order to succeed.
2. Take baby steps. Strategize now while working at your present job. Don’t quit or wait for a layoff.
3. Develop your vision. Write a one-page vision, which explains where you’ll want to be. Then, consider a business plan for a roadmap. Do your research and become an expert in your industry. Know your competition.
Later, to determine where you are business-wise, conduct a SWOT analysis to assess your strengths, weaknesses, opportunities and threats. Some firms then develop and implement a strategic plan. (A business plan is a management tool vis-à-vis a strategic plan, which is a leadership tool.)
4. Seek expertise. Read about successful entrepreneurs. Look for a mentor and a qualified sounding board. Contact your local Small Business Development Center.
5. Get a head start on marketing and selling. Line up customers before you launch. Always remember: Cash flow is paramount.
6. Line up your resources. Seek references from trusted associates for a good accountant and lawyer. Plan your policies and procedures. Learn to manage your books.
7. Arrange your financing. You’re unlikely to get a bank loan without a track record. Besides, it’s more economical to use your own resources and start from scratch. Avoid reliance on credit cards and home equity.
8. Appearances matter. Look professional – pick a good business name, logo, memorable tagline, and a branding-benefit statement that adequately tell your story. That also means quality business cards and stationery, a Web site, and e-mail address using your domain name.
9. Understand legal requirements. That includes business license and taxes at the local, state, and federal levels. If you’re planning to hire employees, check with the state’s Department of Labor and Industries.
10. Consider buying a micro business. Avoid buying a company that’s losing money unless you’re certain you’ll succeed. Consider proposing owner-financing in a leveraged buyout. But do your due diligence. Walk away from anyone who shows even a hint of bad practices.
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Keep it coming!
There is always great advices from you and this post was no exception - thanks for sharing your thoughts and knowledge.
As you may know, I’m launching a new certification program for IT-Professionals in Norway, so I’ve red with interest.
Wishing you a lovely weekend.