Career TOOLBox #15: Starting Your Own Biz – Part 1

10 First Steps Towards Entrepreneurship: Where to Begin

So many people I know are leaving the rat race and going off to start their own biz. Leaving the predictable structure and secure income behind isn’t easy, especially when health benefits and annual bonuses can be counted on. However, given the economy, no one’s job is secure. Today’s work force is about flexibility, adaptability and risk.

Entrepreneurship is hard and is certainly not for everyone. I started my business five years ago, when I still worked a full-time job and before the market crashed. Here’s what I learned from all the uncertainty and client evolution.

1. Think. What kind of biz would you start? The perfect marriage is combining what you love with something you already know how to do. Make these into 2 independent lists, then insert them into a Venn diagram and whatever overlaps is a starting point.

2. Check With Your Gut. When you have your list of 1 or 4 or even a dozen things that you love and know something about, say each one out loud. If you get a funny feeling in your belly, you are probably on to something.

3. Check With Your 6-Year-Old. Not your kid or your niece. Check with your inner 6-year-old. What did you do, back then, when time seemed to disappear? Tap into that kid and let him speak!

4. Trust Yourself. Your left brain will start playing tricks on you and give you 1000 reasons why you should not be pursuing your life dream. Your fiscal responsibilities may warrant that. That is for you to decide. However, chances are, if you work on something you love, others will love it, too.

5. Commit. You have a goal. Now channel laser focus on achieving it and being successful. And be sure to celebrate the milestones.

6. Name It. Brainstorm this with yourself, out loud, or with others. Hang names on a wall. Take down anything that isn’t great. Sleep on it. No matter what, you’ve got to love the name.

7. Secure Domain. Even if you do not have all the details worked out, securing a domain name is the first step to being first in the market with a concept. There are tons of sites to go to. Also, realize that a domain name is NOT the same as hosting. These are separate things and so are moving an existing site to a new host, creating an email address and having an interface. Make sure you have all your questions answered before purchasing a domain/hosting package.

8. Find a Tech Guy. Unless you have been running a .com, find someone who has. Even if he charges you, you will be better off in the long run. In a perfect world, your tech guy is also your web developer. This person becomes your partner in everything and you must give him the right to object to your ideas, since he is the field expert and you are not. A great web developer should ask you a lot of questions and this will make you think more about your biz.

9. Recruit a Creative. This could be your web developer, a graphic designer, an artist, etc. This is the person that helps you think through the visual aspects of your site and your logo, which is your brand. So, unless you have an art or design degree, having a creative mind vs. having expertise in visual problem solving are two different things. You always want your best foot forward in a competitive market place, especially during a recession. What is going to make your look stand out in the crowd?

10. Call your Lawyer. Have her help you set up your LLC or INC, counsel you on trademarks, copyrights, registrations, etc. Again, this will cost you, but is well worth the price.

First written in September 2012.  

Reprinted with permission and gratitude from CoolCleveland.com.

Image: Cool Cleveland

Next CareerTOOLBOX Column: Starting Your Own Biz – Part 2: Day to Day Operations