What are your tips on how to start your own business?
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What are your tips on how to start your own business?
The Women's Conference began as a small government initiative for working professionals into a far-reaching organization, a life-changing experience and a national network of women from all walks of life. In keeping with this tradition, we feature female business leaders who empower their community. If you're an entrepreneur, tell us your best practices on how others can start their own business.
Posted on 30 May 2008 at 1:34am Last edited: 30 May 2008 at 1:35am
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Re: What are your tips on how to start your own business?
It is always better to flesh out any idea before taking action. This is especially true with any business venture. Here are 10 good questions to think about and answer before going forward with any great idea.
1.) What is the Product/Service?
2.) What is its Unique Value Proposition?
1. What makes it different or better3.) What is the Market Opportunity?
1. What problem do you solve
2. How large is the market
3. How fast is the market growing
4. Who is the competition4.) How do you Make Money?
1. What is the revenue model5.) Who is the Management Team?
1. How are they uniquely qualified6.) What is the Strategy?
1. What is the long term goal
2. What are the 3, 6, 9, & 12 month milestones7.) How do you Sale or Market your Product/Service?
8.) How Much Capital Do You Need/Intend to Raise?
1. What are the Primary Start-Up Costs?9.) What are the Projected Financials for the Company?
1. What is the projected income statement10.) What is the Preliminary Valuation of the Company?
1. How much would you sell a percentage of your company forPosted on 24 July 2008 at 5:12pm
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Re: What are your tips on how to start your own business?
Before I started my business I ran the idea by trusted friends and colleages to see if there was a positive response, and then I did a market study to see if there was a need for what I was producing.
While collecting data for the study, I researched everything I could on the type of business I was starting. I read books, surfed the Internet, and had email conversations with others who had started similar business in the past - and failed. I wanted to learn from their errors.
I wanted to make sure that the business would be feasable before investing big dollars in start-up costs, and I'm glad I did. I know for sure, now, that I made the right choice to go forward with the business.
Posted on 31 July 2008 at 11:29am
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Re: What are your tips on how to start your own business?
I am a single parent and needed to find something to not only pay the bills but be able to buy sports equipment for my kids. I also wanted to find something I could do from home, something where I could work the hours I wanted to. I looked into (and got scammed) alot of the data entry and assemble products without much success. I was talking to my Avon Rep one day about how I needed to figure out how to pay for sporting equipment for my son. She introduced me to selling Avon. It isn't the old door to door thing it used to be back in the day. I have my own website and am now making enough money to not only pay for that sports equpiment but to take family vacations and I just bought a new car. A NEW car, for me that has never been an option before. If you would like to learn more about an opportunity with avon visit my website at www.youravon.com/linettesmith
Posted on 28 September 2008 at 11:19am
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Re: What are your tips on how to start your own business?
I have custody of my grandchildren and this is what led me to start my own business. I have an on line magazine and what I did in the beginning was discussed it with others to see if they thought it was a good idea. I discussed it with my family. We looked at other family magazine to compare content etc. Our magazine is so diferent than our competition. We did a short survey and the repsonse was %100 positive. I took what little money that I had and did my website. I am sending out email and trying to get word of mouth to share the new magazine. The magazine is only $7 per month for a year and $12 for two years. It is still a work in progress, but we will get there with a lot of hard work and sometimes sleepless nights.
Posted on 22 October 2008 at 4:47am
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Re: What are your tips on how to start your own business?
Anyone with the desire to start their own business can do it. But take into consideration that your business has to fit into your personal values, skill sets and especially your energy level. The better the fit with who you are, the more likely you will be able to withstand the challenges that comes with every business. Do you have an eye for color or style? Are you a great bargain hunter? Can you create jewelry, sew or bake? Can you refurbish old furniture and turn them into new creations? Have no talents? What about time? Many individuals have successfully turned their time into dollars by providing services such as house sitting, elder, child or pet care? Target your product or service to the people most likely to buy. Test the waters, talk to others, let them know that you have something of value to share, print some flyers or business cards, take out an ad in the newspaper. Set up a booth at the local craft fair and talk to customers, what are they saying about your idea? Carefully evaluate the response you get and if the response is good, you can always do more. If the response is not so good, you can tweak what you are doing to improve the results and try again at a different season or event. In any case, if you have been bit by the entreprenuerial bug, the only way to see if it is for you, is to give it a good scratching. Good luck and see you at next years conference!
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KathyPosted on 29 December 2008 at 12:00pm
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