There are several chats on Twitter that I enjoy and Melinda F. Emerson's #smallbizchat is one of them. Each Wednesday night she features a guest expert who shares useful information for small business owners. Her book, "Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works!”, is a great road map for business startup and I recommend it to my clients. Well folks, today we have a treat as she shares her motivation for writing her book and some additional tips for aspiring and established small business owners...
Q: Why did you write Become Your Own Boss in 12 Months?
A: My mission as small business coach is to End Small Business Failure. I wanted to develop a tool for people who are unhappy with their jobs and wanted to start a business. I also wanted to discourage people from just quitting their jobs without a well-researched plan. Too often I got calls from people seeking my advice about starting a business—after they had already quit their job which is just too late to start planning.
Q: What makes your book different from all the other start-up business books?
A: Become Your Own Boss in 12 Months provides a realistic, month-by-month planning guide to start a sustainable and profitable small business. If you’re planning to start a business soon, the key to being successful is not only to create a sound business concept, but also taking the time to figure out the business of running a business. This book will point out the important and necessary steps to take – so you will have the right foundation for a small business. Become Your Own Boss in 12 Months is not a book about writing a business plan; it’s about planning your successful small business.
Q: Why does it take 12 months to start a business?
A: 12 Months is an ideal time-frame to start a business, it’s not meant to be restrictive. I have been an entrepreneur for more than 11 years. Based on my experience, I believe the longer you plan, the more research you will do, and the more money you save, the more likely you are to succeed in business.
Q: What if you don’t have 12 months?
A: Sometimes people are forced to start sooner. This is triggered by layoffs, getting fired, buyouts or retirement packages. I only planned for three months with my first business, but the challenge with that approach is you learn plenty of lessons the hard way, and that can be expensive. If you live by a budget, have your debt under control, and have a significant amount of savings, you will be able to start your business much sooner. Depending on your individual situation, it may take more than a year to get your personal finances in order.
Q: Who should start a business?
A: Anyone with a solid, profitable business idea, willing to learn the business of running a business, can start a successful small business.
Q: Why do small businesses fail so often?
1) No Life Plan—You need to develop a life plan and then build a business around that.
2) No Network—People do business with people they like and people they know. Who do you know and, more importantly, who knows you?
3) Lack of Target Market Focus—You have limited time and limited resources. Choose a niche so you can focus your marketing efforts.
4) Undercapitalized—If you do not save enough money to run your household for at least a year and fund the business, you may not be able to hang on until the business can generate any real revenue.
5) Lack of Fiscal Discipline—Do you run your business with a budget? Do you just rob the cash register when you need some cash? Do you make business decisions based on up-to-date financial information?
Q: How do you transition from a job to starting a business?
A: Inside Become Your Own Boss in 12 Months, I illustrate the Emerson Planning System which is a six step system to transition from having a job to starting a business. It includes developing a life plan, a financial plan, validating the business concept, developing a marketing plan, the business plan and then finally starting the business.
Q: What is Life Plan and why and do I need one to start a business?
A: You need a Life Plan before you ever write a business plan, because you need to make sure that the business you start is the right business for you.
Q: What are the 7 Essential Principals of Small Business Success?
A: Throughout the past five years, I have interviewed hundreds of entrepreneurs and business executives. After listening to what they said about running their businesses and observing how they did business, I realized that there were 7 things they all had in common. They include having an entrepreneurial mindset, utilizing strict fiscal discipline, and having a kitchen cabinet of advisors. They make use of a well-defined brand identity; have a niche market customer, excellent customer service, and a firm understanding every day of their cash position by carefully managing their banking relationship.
Using these principles can help any business run at its best. It’s the gold standard all businesses need to strive for from the very beginning.
Q: Who is this target audience for this book?
A: roadmap to reinventing a struggling business.
About the Author
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