LIVING YOUR DREAM

	Sign In Sign-Up

A LEAP OF FAITH:
TRANSITIONING FROM EMPLOYEE TO EMPLOYER
by Al M. Ringold
<HOME>

You’ve discovered your calling and the world will be all the better because of it,right? Maybe so, but before you quit that day job, there are a few things you should consider.

Many businesses fail in the first couple of years because of the lack of capital. Money! That’s what it all boils down to if you want to get that big idea off the ground and launch a business. The first thing you should do is take inventory of your assets. If you start your business, will you still have enough money to pay for living expenses and maintain your quality of life? If not, what can you do without? Cable t.v. and weekly excursions to the theater and restaurants may have to become a thing of the past. Suppose you find that you can maintain all of your living expenses and still begin the process of starting a business, how long will that last? Will you have sufficient income for the next three to six months? You have to do the math. If you don’t, you could find yourself in a world of financial trouble.

Start small. Keep your day job and start your business venture on the side. Do a good amount of research before you invest any money into the idea. Perhaps you feel like research isn’t necessary because you’re going to buy into a network marketing program. Buyer beware. Just because the information you get looks great, you still have to research your market for the services or products that you will be offering. Remember, if it sounds too good to be true, it probably is. Never buy into anything before you have the facts.

If you are really serious about starting a business, construct a good business plan. The easiest way to do this is by using software such as Business Plan Maker or Business Plan Pro, or you can use free templates that are located on the Small Business Administration web site, www.sba.gov. A good business plan can help you stay on track with your vision and assist you in monitoring your spending. Lenders will expect a detailed business plan before they issue a loan.

If you have researched the idea and you have enough of your own capital to start your new business on a part time basis, the next step is to get customers. Test your market. Find out who your potential customers are, what they want or need, and how to fulfill that need with excellence. Advertising media, such as television, newspaper, and radio, is always available but usually at lofty prices. Check local publications and magazines. Sometimes you can get more value for your advertising dollar by contracting to place ads for several dates at one time.

Stay passionate about your ideas and dreams. Using sound judgment and your talents, you can find a way to make the leap into owning your own slice of the American pie!

YOU CAN REACH MR. RINGOLD AT goldring4000@yahoo.com