A New Year is the perfect time to start planning your new life as a small business owner. But don’t quit your job just yet! You need to make sure that the entrepreneurial lifestyle is for you. It takes on average 12-18 months for a small business to break even, let alone replace your corporate paycheck, so the more you think through how you are going to run your new business, the higher your likelihood of success. You must evaluate your skills, network, discipline, niche, energy and ability to be coached to determine whether you’re ready for entrepreneurship.
In my bestselling book Become Your Own Boss in 12 Months, I outline the Emerson Planning System to give you a roadmap to make the transition from employee to entrepreneurship. If you are ready to start your dream business in 2014, I have a resource that will put you on the right path.
Become Your Own Boss Mastermind Group begins February 11, 2014
Here are the six steps of the Emerson Planning System:
- Develop a Life Plan First: You must first figure out what you want out of life, and then build a business that supports your personal vision for your life. Outline your financial, personal, learning and retirement goals. For example: At what age do you want to retire? Will you take on a partner? Will you pursue investors? Do you want to have one great store or a build a chain? All of these decisions will help you figure out whether the entrepreneurial lifestyle could work for you.
- Where Will the Money Come From: The funds to start your business will come from your pockets. Your ability to save has everything to do with your ability to start your dream business. A year before starting your business, start saving 20%-40% of every paycheck and living on a budget. Try to raise your credit score to 750 or higher. Eliminate as much debt as possible. You will need your credit capacity to start your business.
- Hone Your Skills: Make a list of your skills. If you are not sure about them, ask a few people close to you what they think are your best skills. Go for training while you are still working; particularly update your knowledge of accounting software and your social media skills. To give you a head start, grab a copy of my ebook How to Become a Social Media Ninja
- Develop Your Niche: Your biggest concern will be identifying your best target customer. You must determine a niche and a compelling reason for why they will buy from you. As you are starting in business, you will have limited time and limited resources. Develop a marketing plan before the business plan to make sure there is a viable market for your product or service.
- Develop Your Business Plan: You must plan for success; it will not just happen to you. You need to write a business plan, so that you can think through how you are going to run your business. Don’t be one of those business owners who spend more time planning their vacation than on developing a business plan. Use business plan software to save time. Or sign up for a class such as the Become Your Own Boss Mastermind Group. https://succeedasyourownboss.com/mastermind-group
- Launch While Working: The person in the cubicle next to you is likely your first customer or a top referral source. Take the next 12 months to build and reconnect with your network, research your target customer, and make sure you define how you will be different in the marketplace. You’ll be glad that you took the time to plan before jumping out there full-time in business. Don’t do all this planning by yourself, sign up for a class to get help.
Become Your Own Boss Mastermind Group begins February 11, 2014
This is for start-up business owners who need help. If you need a plan to make the transition from corporate to small business ownership, this is YOUR answer!
The Become Your Own Boss Mastermind Group, led by me, is a 6-week coaching program that takes you step-by-step through the Emerson Planning System to start a small business. I’ve developed this system after years of working with business owners on how to best use their professional skills, passion, and experience to pursue their entrepreneurial dreams. The materials for this class work in tandem with my book Become Your Own Boss in 12 Months; this course includes an autographed copy.
This coaching program focuses each week on a specific element of the Emerson Planning System. Your homework will enable you to think through the critical steps needed to start a sustainable small business. The classes are conducted via software that will enable you to listen by phone or over the internet. All classes will be recorded so if you miss one, you can get easily get the recordings to stay on task.
At the end of the 6-weeks, you’ll leave the class with a written BUSINESS PLAN to start your small business.
Here’s a list of what’s included:
- Each class is a 60-90 minute working call
- An autographed copy of Become Your Boss in 12 Months
- Convenient classes available via phone and Internet
- Unlimited email access to SmallBizLady for feedback on homework
- Access to all the class recordings
- Access to private Become Your Own Boss member forum
- Step-by-step outline to create your business plan
- Discounts on SmallBizLady’s one-on-one coaching services
- Recommendations on start-up tools that will save you time and money
- A special FREE gift worth $197
The Emerson Planning System and mastermind group program has worked for start-up business owners just like you! For more information about the program, and to sign up, visit https://succeedasyourownboss.com/mastermind-group
“Green Button” courtesy of Rawich / www.freedigitalphotos.net
It is encouraging to note how you are progressing as a small business expert. I strongly believe I have a lot to learn from you. Am reading your write-ups on small businesses. The write-up are superb. Keep it up Melinda. We will stay in touch.
I just loved reading about your own business. I started my own business last year would you give me some insite when you look at my website?
Thank You