With Tom Foley
Dear Coach:
For a long time now, I've wanted to start a business. However, I don't really know where to begin. Can you give me any guidance?
Steve Santa Fe, NM
Dear Steve:
You're smart to ask for help! Many people begin a business before they've really thought it all through. It's no wonder so many small businesses fail. You didn't mention the type of business you're considering, so here are some general things for you to think about.
First of all, take the time to write down a thorough description of the type of business you want to create. Include such things as the different services you'll offer, the type of clients you wish to attract, the hours you want to work, the physical surroundings you want to work in, and the amount you plan to charge for your services. You need to be very detailed, as this will become your "map" to success. It will also help you develop a more realistic business plan.
This is more than just an exercise. It's a way to visualize your business in detail. Thus, the more detailed your description, the clearer your vision will become. Remember…you travel in the direction of your thoughts. If your vision is not clear, it will be difficult to know what actions to take. I suggest that you write and re-write this description several times, each time becoming more detailed and descriptive. After all, the picture you create will guide your actions.
Based on your vision, make a list of questions you need to get answers for. Here are a few examples:
-How much money will I need to put my vision into place? (Include enough money to carry you through the first year or two.)-Where will I get my funding?
-What are all the things that will be included in my overhead? How much will each item cost me per month?
-What does my cash flow need to be?
-How will I attract the clients I want?
-What is the best location for my business?
I suggest you contact the Small Business Administration (SBA) in your area as they have excellent classes designed to help you set-up your business. The classes on obtaining financing and writing a business plan are particularly helpful. The SBA can also put you in touch with a counselor from SCORE, a group of retired executives who offer valuable guidance to people setting up small businesses. They've been where you are and can help you avoid costly mistakes. So take advantage of their expertise.
If procrastination is a problem for you, you may want to invest in a personal/business coach to help you stay on track while you set up your business. This is a great way to get a fresh perspective and have your "nose held to the grindstone." It's often easy to make excuses to yourself and hinder your movement forward. Remember, the investment you make in yourself at the beginning of this journey will pay for itself in the future.
I wish you the best in creating the career you want.
Tom
Tom Foley is a personal coach, seminar leader, and licensed clinical psychologist who has shared the concepts of "coaching" with hundreds of people. This background, coupled with his former career as a professional musician, has allowed him to utilize his creative spirit to help people achieve their goals and pursue their life dreams. He works with people from a variety of backgrounds, including artists, writers, people in transition, and entrepreneurs.
Coaching, which is conducted by telephone, is an extremely convenient process, and Tom's fee options make it affordable for most people. For information about personal coaching sessions, classes or workshops, call Tom at (425) 482-3022 or visit his website: http://www.lifequest.net
Questions for the "Dear Coach" column may be sent to him via email: indialogue@aol.com
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