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<b><font color="#FFFFCC" size="+1">by Lisa Shaw</font></b>
<p>
<b><font color="#FFFFCC" size="+1">
Part 2 of 6<br>
</font></b>
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<font color="#FFFFCC">Published May 19, 1997</font>
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<font color="#ffffcc">
<p><a href="../../../../www_subdomain/work/columns/shaw/all.html">other columns</a><br>
by Lisa Shaw<p>
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<font size="+1">
<font size="+2">W</font>hat kind of business do you want to run? Sounds simple, right? Pick a business you'd like to start, and then go at it. Surprisingly, most entrepreneurs who are just starting out are motivated more by the idea of running a business than by any one business idea.
<br><br>
<font size="+2">I</font>f you haven't yet narrowed down exactly what you want to do, or if you can't decide between several of the ideas you have for a business, it's a good idea to write down your answers to the questions in this and following articles for each of your potential businesses. Sometimes, just seeing the specifics in black and white may just help you to make your final decision.
<br><br>
<font size="+2">Y</font>ou may be one of those people with a crystal clear vision of the type of business you'd like to run. However, even if you have a specific business idea in mind, your work is not done. To some extent, your market will define the path your business will take, and also help you to be more efficient in reaching your customers.
</font>
<p>
<font size="+1">R</font>egardless of where you are at this stage, you'll need to make sure that your business will a) serve a purpose, b) address the problems of a particular market, and c) find that market relatively easy to reach. I feel that these are the first three issues that any entrepreneur should address before starting a new business.
<p>
<font size="+1">T</font>he next thing you need to do is refine your idea, check out your competition, and put your own unique spin on the topic. By the way, if you discover that a competitor has already beat you to your idea, just twist your idea some more — slant it towards another market. For instance, if someone is already offering Internet and World Wide Web consulting services to doctors in your area, you can go after lawyers, or restaurants, or florists. Specialize in a particular group of people or businesses, and it will be easier to reach them than if you just say that you're going to offer a particular service to all types of people and businesses in your target area.
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<font size="+2" color="#ffffcc">Specialize in a particular group of people or businesses, and it will be easier to reach them.</font>
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<font size="+1">S</font>tart sketching out the details of your business by answering the following questions in your notebook. Go into as much detail as you can.
<ul>
<li>What kind of business would you be happy running?
<li>What type of people are going to buy your products or services?
<li>Can you run it full-time or part-time while you keep your current job?
<li>Are you going to work out of an office — either from your home or an outside office complex — or is your car going to be your primary office?
<li>When do you want to start your business?
<li>How much time do you need to plan your business?
<li>How can your friends and family help?
<li>How much money do you need to start your business?
<li>How do you think you're going to spend the majority of your time working on your business?
<li>What is a realistic target date that you will consider to be the first day of your business?
</ul>
<font size="+1">B</font>efore you sink a lot of time, money, and energy into your new venture, now is a perfect time to fantasize about exactly how you visualize your business. You may want to answer these questions twice: once for how you view your business when you're first starting out, and again six months to a year in the future, after you are able to gain some experience and perspective about what it's really like to run a business (and when you're able to get an idea about your plans for the long-term). And if you're starting your business with a partner, both of you should separately answer these questions and compare your answers. If any of your answers are radically different, you should address them now to avoid unnecessary expense and disagreements later.
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<b><font size="+2" color="#FFFFCC">WEB RESOURCE:</font></b><p>
<font color="#FFFFCC">U.S. Small Business Administration Online<br>
A terrific resource with information about the Small Business Act, tips on starting and financing your business, local resources, and much more.</font><p>
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<ul>
<li>What will you name your company?
<li>What will be your primary product or service? What will be your secondary services?
<li>Will you run your business from your home or from an outside office? Will you devote yourself to it full- or part-time? If part-time, how long will you run it in this way?
<li>Describe the overall feel of the tone of your business, lush and expensive or spartan?
<li>How and where will you market your business?
<li>If you plan to hire an employee, what tasks will you assign to him or her?
<li>What will make your business stand out?
<li>Who are your competitors? How will your business be different?
</ul>
<font size="+1">Y</font>ou may not be able to answer all of these questions completely. That's okay; the brainstorming process will give you a clear picture of the areas you'll need to research for your business. It may seem like a lot of groundwork now, but keep in mind, you only have to do it once.
<p>
<hr>
<p>
<a href="mailto:Mozartb@aol.com">Lisa Shaw</a> has been minding her own business for 16 years. Shaw is the author of more than 20 books on business, travel, and cats; she is also the owner of Litterature, a company that produces greeting cards and gifts for cats and dogs.
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<font size="-1">© 1997 Lisa Shaw. All Rights Reserved.</font>
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