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Start A Small Business

Start a Small Business

One of the most powerful ways that you can control your own destiny is to start a small business. Starting a small business is not as difficult as most people think. My name is Rich Christiansen and I have now founded or co-founded 32 companies. Of these, 11 were ugly failures, but 11 have become multi-million dollar successes.

It’s most intimidating the first time that you start a small business. You feel out of control, there are many questions you don’t know and you won’t have all the answers. I tell all young aspiring entrepreneurs to get over it all ready! Getting going is the hardest part of starting a small business. Even if you have a failure or two, that is okay, the trick is to bound the amount of failures you’ll have and put not only a financial target to your business, but also a time duration. My experience is if you have a good business idea, about 1 out of 3 will succeed. I know many people are not accustomed to failure and indeed I’m not saying that you’ll fail. However, the reality is, part of starting a small business includes some level of failure. The trick when you start a small business, is to learn to fail efficiently.

Free info to start a small business

Starting a small business can actually be really fun! It has become a favorite past time of not only myself and my wife, but also our children. You can use it to explore a personal interest or a personal market need. One of the key advantages is that you now also have the very vehicle to help you reduce tax liabilities. I say that every single person in the United States should have their own LLC or they should start a small business. This allows them a vehicle to develop an idea when they have one and also to reduce their tax liabilities in a legal and appropriate manner. When you start a small business, I admit it can be a little bit intimidating, but it also can be a grand and exciting adventure.

Many people ask me what are the most important things that I need to do when I start a small business. I can’t boil it down to one thing, but I can give you these Key Pieces of Advice that I have found beneficial throughout all of my adventures.

* First of all, generate many ideas. Don’t just take the first idea you run into. Get a whiteboard, get in a relaxed, calm environment and generate, thirty, fourty, or even fifty ideas. Then go through betting the ideas quickly one by one to settle on the top four or five. Once you have those ideas narrowed down, I use the Porter Model (which is also on this website) it is an excellent tool that I use to determine how high of a probability the idea will be, when I start a small business.
* Second, once I have my idea, then I will generate a quick business plan. People typically spend too long generating their business plan. The key thing to focus on is the channel. Before you actually go into business, make sure that you have a channel or a way to sell the product through the business. Determining the channel is the single most important factor of your success or failure.
* The third aspect of being an entrepreneur or starting a small business is making sure that you have a really good support system in place. Whether it is a wife, a significant other, a boyfriend or someone you can honestly and without fear of recourse be able to bounce ideas and your vulnerabilities off of. It is intimidating at times, and even those of us with extensive experience still at times need this sounding board, so having a really good support system is vitally important.

The next word of advice that I would give you is: as you get into the business, make sure you get a good accountant and a good attorney. These will be individuals you will call on at times when you just simply have questions about the law or how you will financially enact.

The last piece of advice that I give you is to watch the financials very carefully. Run a profit and loss weekly. Make sure you understand that you are either making money or losing money. If indeed you get into a situation that it is becoming a big financial pitfall, then simply choose to shut that business down, regroup, get more resources and then start again.

Often times with so many small business owners it becomes a project with no deadline, no financial goal, and no target to run too. Make sure you set a short term duration flag to run to when you start a small business. You will find that it’s terrifying and exhilarating all at the same time, but it is the best way that you can control your personal and financial future of anything that I have discovered in my life. Let The Zig Zag Principle help take you where you ultimately want to be!

For more in depth information on how to start a small business feel free to contact our small business consultants.