Now You're In Business!

Like Kathy, your concept can be a success through hard work and a clear-cut business strategy. As a new business owner, there are several vital steps you must take to ensure the success of your efforts: The first 30 days of should be spent investigating whether your concept is viable, determining if you have the access to ample capital and deciding if you’re ready to commit to entrepreneurship.

Research Your New Business

If you haven’t already, it’s time to research the feasibility of your idea: A great idea will only become a great business if there’s a market for it. You should know if there’s a demand for the product or service in your area; who your competitors are; what your target market is; and why your idea is unique, among other considerations.

If the idea is a sound one, make sure you are prepared for the next step—actually going into business for yourself. “Before starting a business, people need to think about their tolerance for aloneness,” says Beth Ross, Ph.D., professional career coach and successful entrepreneur who has been a sole proprietor since 1989. “Some people just go crazy when they’re denied the synergy of being a part of an established organization. Many people who think they will be happy being independent from former corporate lives find they miss it.”

Others, however, find the freedom of being in business for themselves among the greatest rewards of new business ownership. It’s important for prospective entrepreneurs to give serious thought to whether or not the entrepreneurial lifestyle will work for them. Randall Olson, co-owner of Mobile Technical Institute, says, “I really didn’t stop and think about how broad my responsibilities would be as a new business owner. Coming from a corporate environment where I was responsible for my department and was able to rely on other departments for functions outside the scope of my department, it was a bit of a surprise to find myself responsible for everything.” He and his business partners found themselves assuming responsibilities according to their individual strengths, then expanding their knowledge and skills to fill in the gaps. “For me, it has been very rewarding to find—out of sheer necessity—skills that I didn’t even know I had.”