Start Your Own Business - Step By Step

There are many reasons for wanting to start your own business, and most of us get to this point.  Which one of the following applies to you?

Freedom from daily routine.
Doing what I want when I want.
Improve my living standard.
I want creative freedom.
I want to fully use my skills, knowledge and education.
I have a product/idea/service that people need.
I’ll have more time with the family.
I won’t have a dress code.
There are good tax breaks for business owners.
I’m a Type B person and work best alone.
I want to be my own boss.
I want to make the decisions.

Now granted, every one of the above is a good reason for wanting your own business.  The rub is, that not many people think the process through – step by step.  There are 7 phases to business planning.  They are:

1.Investigation Phase
2.Planning Phase
3.Start-up Phase
4.Operating/Monitoring Phase
5.Problem/Challenge resolution Phases
6.Renewal/Expansion Phase
7.Selling, Transferring, Retirement Phase

We’ll cover all of the above in my next few columns as a “Business Basics” refresher, but for today let’s take number one.

In the Investigation Phase you take a look at yourself and also your business options.  There are careers that are suited to personality types, so the first thing you must discern is “Which personality type am I?”

Duty Fulfillers
This is an introverted personality who is serious, quiet, thorough, orderly, matter-of-fact, logical, realistic, and dependable.  They take responsibility, are well organized, know what should be accomplished and work steadily toward it disregarding distractions.  They are careful calculators, and 20% of this group become accountants.

The Mechanics
These are also introverts and are cool onlookers.  They are quiet, reserved, observing, and analyzing life with a detached curiosity and have unexpected flashes of original humor.  They’re usually interested in cause and effect, how and why mechanical things work, and in organizing facts using logical principles.  They usually are craftsmen, mechanics, or handymen with about 10% becoming farmers.

The Doers
These people are extraverts who are good at on-the-spot problem solving, don’t worry, enjoy whatever comes along, are adaptable, tolerant, and generally conservative in values.  They tend to like mechanical things and sports, and dislike long explanations. They are best with “real” things that can be worked, handled, taken apart, or put together. About 10% of this type go into marketing or become Impresarios.