How to Start a Business -- The First 10 Steps

1. Take stock of where you are now—in relation to where you’d like to be. If it looks like you are not going to get rich doing what you are doing, change what you are now doing! 2. Try to discover what, if anything has been holding you back. What would you really like to do if you knew you couldn’t fail? If working to make someone besides yourself rich, is not it, start thinking about how to start a home-based biz using your existing skills. 3. Make a list of up to 10 things you know a lot about. Now ask yourself, “How can I capitalize on what I know and use this knowledge to start my own small business?” It might be one of my 13 small businesses plans, or it might not. 4. Capture your ideas on paper. Then set up a “Business Ideas” folder—and keep all your thoughts and ideas in there. Once you know exactly What You Want--and When, you must have an Action Plan that’s designed to bring about the realization of your goal. Here’s a tested and proven Action Plan that really works: Make a random list of any seven things you think that need to be done each day! Now number them in critical order of importance --1# through #7. Do the #1 thing first and finish it before moving on to #2. At the end of the day, carry any uncompleted tasks over and add them to tomorrow’s list of “7 Things to Do Today.” Management consultant, I.V. Lee, taught this technique to industrialist Charles Schwab. Schwab thought it so valuable he paid Lee $25,000--a huge sum of money way back then! 5. The next step is to do Market Research. It is not enough to guess that a market exists. You have to know what the competition is up to. You have to think of how you might b able to compete with them. Then you have to test your idea in the market place before making a commitment to proceed. 6. Don’t burn your boats--just yet! Keep your day job if you have one. Work on your business ideas evenings and weekends. Test the idea in the marketplace. If it works once, chances are it can be made to work again and again. 7. Here’s a question you might want to ask: “What if it doesn’t work at the first try, should I try, try and try again?” If you know why it didn’t work, and you think you know how to fix it, fix it! Otherwise, move on to Plan “B” or your next best idea. PDQ. 8. Never start a service business with the intention of doing all the work yourself. Here’s why: Your earning will always be strictly limited to the number of hours you can work! Never buy a service business where you are the one who provided the service. That would be like buying work or exchanging one job for another! 9. Be wary of having partners. A 50/50 situation is still like having a boss—because you are obliged to consult them on every major decision or purchase! 10. Even a local home-based business can benefit from a website. Extracted from “How to Start-up and Succeed in a Home-Based Business” by John Jude O’Callaghan.

Instructions

Difficulty: Easy

1. Think about what you want out of life and determine to get it before you become too old.
2. Set specific goals. Every day do at least three things that will help you reach each goal.
3. Finish one thing before moving on to the next.

Tips & Warnings

• Read my new e-book, "How to Start-Up and Succeed in a Home-Based Money-Making business." http://www.iformationpublishingservice.com More info: [e-mail]
• The main reason 95% of all the businesses in the world are owned by the top 5%, is that the top 5% take action; whereas the other 95% do nothing or give up far too soon!