Barry Thomsen - The Smart Guide to Starting Your Own Business

The Smart Guide To Starting Your Own Business

Published by

Smart Guide Publications, Inc.

2517 Deer Chase Drive

Norman, OK 73071

www.smartguidepublications.com

Copyright 2012 by Barry Thomsen. All rights reserved. No part of this book, including interior design, cover design, illustrations and icons may be reproduced or transmitted in any form or stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the publisher. Although every precaution has been taken in the preparation of this book, the publisher and author assume no responsibility for errors or omissions. The author and publisher specifically disclaim any responsibility for any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book.

For information, address: Smart Guide Publications, Inc. 2517 Deer Creek Drive, Norman, OK 73071

SMART GUIDE and Design are registered trademarks licensed to Smart Guide Publications, Inc.

International Standard Book Number: 978-1-937636-05-0

Library of Congress Catalog Card Number: 2012933751

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Printed in the United States of America

Cover design: Lorna Llewellyn

Copy Editor: Ruth Strother

Back cover design: Joel Friedlander, Eric Gelb, Deon Seifert

Back cover copy: Eric Gelb, Deon Seifert

Illustrations: Lorna Llewellyn

Production: Zo Lonergan

Indexer: Cory Emberson

V.P./Business Manager: Cathy Barker

Acknowledgements

Without all the customers, suppliers, bankers, accountants, attorneys and loyal employees I have had over 30 years and 20 businesses this book could not be possible. The ideas and knowledge I received from all of them taught me many lessons that I am able to share in this book. Thanks to those who kept my spirits up when things got tough. Thanks to the instructors at DeVry University for pushing me to my limits in learning the logic of math, science and business. I most want to thank my Pastor and golf friend Bill Gamble for the spiritual guidance to keep writing when I felt like I hit a brick wall.

Thanks to my agent May Sue Seymour for encouraging me to write this book because of all the past experience I have had starting businesses. Thank you to my illustrator Lorna Llewellyn who put the personal touch to all the pages and made the book easy to read. Thanks to my publisher for sending the manuscript back to me several times until it was just right.

My wish is for all the aspiring entrepreneurs that read this book and use its ideas to achieve great success in owning and building their own business!

INTRODUCTION

You want to start a business of your very own and be a huge success. You feel you have considered it thoroughly, and you cant miss with all your drive and determination. You know (or do you?) theres a lot to do in the beginning, and youre mentally prepared for it. Its time to get started, but you need some guidelines on what to do, the order in which they should be done, and when to do themsteps that are important to any business, especially a new one, to assure a successful venture. The Smart Guide for Starting Your Own Business will point you in the right direction, guiding you to prosperity and success.

Most of us will never achieve number one status in our field, but we dont really have to be number one. Operating our own challenging, satisfying, and profitable business is really what its all about. If youre happy with your level of success, you have already accomplished more than most people.

The First Step

Just starting a business like all the others wont give many customers any reason to buy from you. There needs to be some stimulus to make people spend their money with your new company. And if youre not offering something better than they have now, why should they even bother? Before doing anything else, you need to have an idea of the type of business you want to run.

Start by making a list of everything in your area of interest that would be a better product or service. Put it on your list whether its possible to supply it or not. You need to have a lot of items on your list, not just one or two, so write every idea down, even if it seems trivial. Then go back over every item you have written down and decide which ones you can provide profitably. There should be several, not just one, to offer customers and prospects. One new idea has less of a chance of catching on than several. You want to appeal to as many buyers and purchasers as possible.

Do Your Research

Remember, you have no experience and no track record, so the first purchase from you has some risk connected to it. If you cant make that risk worthwhile, however small it is, there is no reason to buy from you. In plain English, you need to determine why anyone would buy from you and who these customers would be. What type of person or business is your target market? You must know that answer to direct your marketing correctly because if your target market is not well defined, youre just wasting money going in the wrong direction.

Do some research and visit future competitors to see whats missing. Check their websites and, if possible, talk to some of their customers. The more information you can collect, the better chance you have to attract patrons when you open.

If youre going to start a local business, appealing to local customers, then all other similar businesses in the area will be your competitors. To learn and ask questions of others in your industry, you may need to take a trip out of town.

Go to a city about the size of yours but at least 100 miles away to visit similar businesses. You can either make an appointment or just walk in and ask for the owner or manager. Explain what you are planning to do and ask for their advice and suggestions. Once they know that you wont be a competitor of theirs, the walls should come down.

Most people enjoy helping other people and are even flattered when asked for their opinion. You might even ask if you can spend a few hours watching their business in action to get some firsthand experience. Be sure to offer to buy them dinner or give a small gift for their time.

You need to consider whether your new idea could expand the current market or open up a new one. Will your way of doing business open some new doors and entice a new group of purchasers? How will competitors react to your new idea once they see it working? Can you keep one step ahead of them? Will your new idea be protected in any way, or isnt that possible?

Marketing Your Business

Starting a business is easy, but making it successful and long-lasting is another thing. Dont just assume that people will flock to your door just because you are open. In fact, it may be exactly the opposite. You will have to go out and get them using all the marketing tools you can afford to use. Just running an ad or sending a flyer is not going to get everyone. You need a mix of several marketing methods to reach all the possible customers you can. If you monitor where your best responses are coming from, you will soon learn what is working for you. Youll learn in this book how to get the word out and how to treat customers so they will come back again and again.

Inside the Book

The Smart Guide to Starting Your Own Business was written for the average person who is serious about opening his or her own business. The advice in this book is easy to understand; you dont need a masters degree to use the ideas and methods that are offered here. You may want to take a few courses in computer basics, accounting, and general business to enhance your chances of success. Ive even seen a few small-business courses being offered. Anything you can put in your personal arsenal before you start gives you a better chance of success. Remember, a horse who wins a race by a nose is still the winner.