Let me ask you an interesting question about Starting Your Own Business today. Have you ever wondered what will happen to local mechanics/car garages in the next 5 years? You don’t need a crystal ball to know that most of them will not be in business. They are not only being squeezed out by the manufacturers who are making sure their parts are only repairable by their own dealers, but more than that, the technological changes in world will eventually drive them out of business. Unless the one-man business can continue to make heavy investments; into software that can facilitate the
I don’t know about you but most of the local mechanics do not even have the time to become social media literate, they hardly send text reminders or even keep records that can continually encourage repeat business.car repair of today.
The point I am making is that the way we do business today has changed and unless start up businesses rethink their structures they may find themselves running a millennium businesses with a first world war mindset. .
In this article I simply want to discuss just one of the areas of change that new businesses should coincide. It is this: “You can start your business today on a shoe string”. Actually it is much easier to start a business today than it was 15, 20, even 10 years ago. .
Simply put, the internet and other technological facilities have made it possible for you and me to start an income generating business on a very low budget. I would even go as far as saying that if you cannot start a business with as little money as you have then maybe you need to rethink your business model.
According to Justis Chase from the www.homebusinesswhisperer.com he discussed the three S’s as
1.Structure,
2. Self-sufficiency and
3. Scalable.
His idea is that you must be able to establish any business for under $2000. The business must be able to make money within the first 2-3 months and it must have the potential to be expanded or contracted at little or no cost or change in lifestyle.
What I am really talking about is the need to set up what I call a “High Performance Business”. The days of thinking that you need $1000s of dollars before you can start your business is over! The days of thinking you need 3 staff and an office before you start a business is gone too.
It is important to create a business that suits your lifestyle and desires and not the old model. This should be a top consideration before you start your business.
Let me illustrate by this case study. A client wants to start a business in resolving family conflict and is an experienced person and still working part-time within this field. They desire to start a business but the first obstacles are the cost of the office and salary. That is the old model. This model says you need to have an office in a nice place and salary for at least 6 months before you can start the business.
The model of creating a ‘High Performance’ business says find a local Church (which generally has room and fits with the service, which is generally unoccupied during the day; rent a room for the hours you need for your meeting.
Before setting up a meeting have a telephone consultation. The meeting is paid for in advance (earn an income) and you use the client’s money to pay for the space; the rest is profit! In addition, keep your part-time job until you are so booked up that you cannot continue to run the business and work.
Set up a Facebook page – cost $0, use this to educate potential clients and establish yourself as the expert. Become a self-published author and sell your books through Amazon Kindle. Cost $0 except for book covers which you can get done for $10.
Conduct seminars and charge a low cost just to get potential clients which you can convert to paying clients. Cost – at worst you breakeven or make some profit but the deal is really about the clients you can convert.
This business has been started by less than $50 apart from your time! This is how a ‘High Performance’ business works.
Are you thinking in this way or are you considering archaic models like the mechanics that are not moving with the times. A lot to think about before you start your own business in 2013!
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