Christine Syquia's Blog

Learn How to Create Your Own Income

Part II of Challenges of Launching a Start-Up While Working a Full-Time Gig by Cherod Webber

Tips:
• Complete a business plan. A business plan first and most importantly enables you to understand the business viability and gives you a “road map” to success. A properly developed business plan will provide clear goals and targets. Secondly, a business plan provides a transparent description of your business for potential investors (if desired).

• Don’t leave the day job too soon. Many people make this mistake. Make sure that your company is sustainable. This requires a thorough business plan with good forecasting. There is always a certain degree of RISK that must be faced. The challenge is to know when to leave the day-job; you must know yourself and understand what level of risk is acceptable for you. Ask yourself: “Are you willing and able to accept the risk if the company fails?” Each individual must make this decision by weighing the significance of launching a business and the sacrifices they may encounter.

• Establish clear goals and stay focused. Goals help you stay on track and give you an opportunity to measure your progress and success. Clear targets give you the ability to become an effective manager.

• Operate your company in a professional manner from the very beginning. Even when you are operating on a small scale, the same successful business principles apply:
-Set targets and goals
-Incorporate practical strategies
-Hold people accountable (including yourself)
-Proper planning
-Proper Communication

• Set high standards for your self and others (this company is not my hobby, this is my future).

• Having a partner can help balance the work load. The ideal situation is finding a partner who can compensate for your weaknesses and one that shares the same enthusiasm for the business. However, you must seriously consider the following points before taking on a business partner (s):
-Ensure that you all possess a similar work ethic.
-Clearly define the roles of each partner. In the beginning of a “start-up”, everyone pitches in where needed to ensure the success of the company. Later, without clearly defined roles, one partner may be carrying more of the work load than the others. In order to avoid a potentially critical situation, clearly defined roles must be established and the roles must be correlated to the appropriate compensation.
-Make sure that you all share the same vision of the company
-Ensure that you all can communicate at all times, are you all on the “same page”.

• Hire outside experts in areas where you need assistance (i.e. Legal, accounting, logistics). There are many resources available to entrepreneurs and those are industry specific. SCORE (Service Corp of Retired Executives) is a tremendous resource as well as the SBA.

• Celebrate milestone achievements and successes during your journey.

Next week I will post Part III as well as perhaps the most important tip to ensure your success.

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February 2, 2010 Posted by | Uncategorized | Leave a comment