Table of Contents
This book is dedicated to the hundreds of thousands of prior readers, seminar attendees, clients,
and university students who have inspired me and others by taking concrete steps to start their own
successful business, and to you, who are yet to come along.
Introduction
Why not make your next job your own business? My guess is that you have had that thought or you would not be holding this book. Well, I say, Why not? Tens of millions of people have already started and successfully run their own businesses and there is a very real possibility that you can, too.
Lets face itlifelong employment is a myth; you will most likely not be working for your current employer in just a few years. When you are an employee you always remain employed based on the whim of your boss. You could lose your job tomorrow and for no fault of yours. You could wind up unemployed simply because management had a change of heart and decided that your position was no longer needed. Poof! Gone! They generally arent bad people, although there are some really rotten eggs. Change is simply the nature of business today, and it is up to you to change with the times.
Hundreds of thousands of people have purchased the four earlier editions of this book, and many have let me know how the book has contributed to their startup success. It is gratifying to know that the guidance provided in these chapters helped people take control of their business future by starting their own successful businesses.
In this edition, however, I push you one level further. I push you to understand (and hopefully believe) that work can be more than something you do to make money. Work can be something you do as an expression of who you are and what you are passionate about. Thats right! I contend that you can not only have fun working at something you love, but also that you will make more money working at something you love when it is your own business.
Picture this if your corporate-trained mind will let you: you look forward to going to work, you feel that what you do makes a difference, you enjoy working with customers, you are making more money than you have ever made, and you control your own destiny. All of these are possible when you own the right business for you.
My overall goals in this book are for you to (1) assess yourself as a business owner; (2) pick the type of business that is right for you; (3) create a plan that simulates whether your idea makes business sense or not; and (4) successfully get your new business up and running. If you love your business idea and believe it can make you a decent living, then you would probably give it a try. After you complete the processes outlined in this book, you will have a more realistic assessment about the risks and rewards of taking the plunge.
To help you accomplish all of these goals, I have revised the prior editions content to make it even more valuable.
The content was completely reorganized, updated, and revised.
Several new, important chapters were added on small business benefits, buying a franchise, buying an existing business, dealing with China, and other important topics.
A fabulous CD was included with editable versions of most of the business legal forms you will need. The CD alone is worth the price of the book in what it can save you in legal fees.
Special emphasis was placed on not only writing a great business plan but also on preparing you for its presentation to possible investors.
Important sections are included to help those of you in the corporate world successfully make the transition to business ownership.
In addition to several Bonus Chapters, the CD also contains supplemental information to that already included in the printed book chapters. This extra material makes valuable reading for those of you looking to find that extra edge.
This was all done with one special end goal in mind: to help you succeed!
Every attempt has been made to include all of the information that I and other business owners regretted not having when we started our own businesses. I continually learn from my clients, students, and readers, and these important and sometimes painful lessons are included here for you to understand and avoid. This isnt reality television. This is the real world and being a business owner is often much different from what most people believe.
I have been in one form or another of entrepreneurship for over 25 years at this point, and I can tell you without question that there is nothing more exciting than seeing your idea become a thriving realityand there are few things more painful than seeing it die. You dont have to go through a windshield to learn to wear a seat belt. I and my colleagues have already been through several business windshields. Treat the thoughts and ideas in this book as your seat belt. Take them to heart and apply them where appropriate to avoid having an accident in the first place.
You are on the verge of a wonderful roller-coaster ride where you decide the direction of the track and the speed of the cart. Use this book to pick the optimal track layout, and then apply the tools to successfully steer the cart.
A simulation of your business idea will unfold as you work your way through this book, and as that idea develops, you will feel it become more real. Letting uncertainty about the future stop you from taking control of your professional destiny may be doing yourself the biggest disservice of your life.
If you are diligent and lucky, you will put your plan to work and never have to worry about financial freedom again. It will be yours in abundance, and well deserved. There is nothing idiotic about that, is there?
How to Use This Book
The book is divided into three parts. The sequence is designed to lead you through the business plan writing, business formation, and startup management process step by step:
Part 1, Starting the Right Business, is designed to help you get off on the right foot in creating your plan and starting your business. Chapter 1 helps you evaluate the strengths that you bring to the company and to also know where you will likely need help in the future. In this way, you can be on the lookout for the right people from the start. It also helps those of you in corporate jobs understand why you have not yet started your own business and provides an approach to becoming your own boss. Chapter 2 spells out the details related to the business plan writing process, which sets your expectations for what is involved in turning your idea into a credible business plan. Chapter 3 is the hub around which much of the rest of the book revolves. It presents the sections that your business plan must include and then points you to the particular chapters in Part 2 that are designed to help you write the sections of the plan. Chapter 4 is a special chapter that helps you determine your funding needs and determine ways of presenting your idea to potential investors in the least risky way. Chapter 5 presents the various benefits and drawbacks associated with buying into a franchise operation. Chapter 6 takes a little different spin and presents what is involved in buying an existing business instead of starting one from scratch. Chapter 7 introduces various legal business structures, such as sole proprietorships, partnerships, and corporations. Its kind of dry but critically important. (If you plan to start a corporation, make sure to check out the special CD Bonus Chapter 24)
