In the mid 1980s, I wrote a series of articles for a freebie weekly newspaper based in western Maine. The topic? How to start and manage your own business.
Copies of all those articles (and there were maybe a dozen or so) are no longer in existence. The weekly went out of business years ago (clearly they didn’t take the advice I was offering! HA!), and the computer I was using at the time (my very first!) was trashed before the 1990s began, along with everything stored on it. I sure wish I had those articles, as I’d love to see what I thought I knew back then, compared with what I know now. I’d probably laugh at my naivete… and there would likely be a few cringeworthy moments while reviewing all of my oh-so-brilliant thoughts!
In the past 40 years I’ve dreamed about and started quite a few businesses. Some were mere fantasies. Some were sketched out and eventually shelved because they just weren’t do-able. Some actually made a great deal of money, and employed a great many people. Some I got sick of. Some survived. Others did not. Some even won awards for business excellence.
Tagged as a “serial entrepreneur” by chamber of commerce executives, politicians, bankers, and other business owners, it seems I’ve had a never-ending supply of more ideas and goals than is probably healthy… at least financially. A mental health client once told me, “I’ve always believed I could rule the world if I could just find a good secretary”… Me too, dude. Me, too.
Anyway, not only have I started many businesses, but I’ve counseled quite a few aspiring entrepreneurs as well… some who paid me, some who were pro bono. As you might suspect, those who paid were more likely to be successful than those looking for free advice…. they were more serious, had thought things out better, and were invested – intellectually, emotionally, educationally, and financially – in making their business idea work.
There are two things I usually tell people they must do before anything else when starting a business.
1) Create a 3 year financial plan. Include all of your expected expenses and realistic income projections.
2) Get the business incorporated. If it fails or something goes terribly wrong, you don’t want to lose your house and everything else you own.
There’s much, much more to tell you. There are those who become completely disillusioned because their dream business was indeed just a fantasy (you’ll see the truth of this in a future blog), or because they didn’t understand the intricacies regulating the business, or because the business could be far more successful than they were prepared for… And there are those who go into their chosen business & profession knowing it will be hard work, but are prepared to shoulder it so they can make a difference in their own little corner of the world.
Stay tuned!
Categories: Business Practices
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