Starting a Small Business

Starting a small consulting business is possibly the easiest way to get into business on your own account. You can quickly go from being a sub contractor working for a variety of clients including your previous employer to consultant selling your particular specialisation and later advising your clients.

This was the way I set about starting my small consulting business and once you have broken the dependence on 'employment' you quickly realise there are masses of opportunities as your entrepreneurial instincts are let loose.

I recently received a 'tip of the week' from Bill Myers, someone I greatly respect but on this occasion I felt that he missed a point. I reproduce the tip here in full as it's probably relevant to many struggling with the same dilemma as the questioner who is wishing to start a business: Bill wrote;

"I was recently asked the following question on our discussion forum.

Q. "I am looking to quit my job working for a major PC company to start my own PC repair and video company. But it seems that there are so many people doing this.

Is there really any room for another PC repair and video company out there? I want to make this my career. Any advice?"

Here is my reply.

Don't get into a business where you sell your time and services by the hour.

And don't give up your real job until you have reliable and sufficient income from another source.

And don't get into the PC repair business. Doing so means you will be competing with everything from small 'mom and pop' businesses to giants like Best Buy and Circuit City, for repairing what are quickly becoming 'throw away' devices.

Instead, choose a business model where:

1. You are not competing with well established national businesses.

2. You don't sell your time by the hour.

3. You do create a product once and sell it many times.

4. You can automate order taking and fulfillment of your sales.

5. You don't need employees.

6. You don't have to deal with customers face-to-face.

7. You don't have to have a physical retail location and

8. Where the price of the product you sell is at least ten times the cost

By following the above guidelines, you stack the deck in your favor, and you significantly increase your chances of success, while reducing the problems that cause many businesses to fail".

Generally I'm in agreement with most of what Bill advises with following caveat. Many people wanting to start their own business are well advised to do so by starting a small consulting business, selling their time and expertise.

This is what they have been doing with their employer and when they break away they just do it independently, it's good way to ease into your own business. I did it and it worked for me.

What you then have to do as quickly as you can is follow Bill's business model. You can also do this because by starting a small consulting business you will rapidly complete assignments that can be written up so you produce, tips booklets, books, manuals, presentations and seminars that you video, all can be turned into products on CD or DVD and you can sell them to your clients and at your seminars etc.

So my advice would be, ease yourself into independence by starting a small consulting business and as you become established and confident in your new situation quickly follow Bills' business model.

There's more on starting small business here.

Be beatiful if you can, wise if you want to....But be respected -- that is essential.

Best wishes,

Michael Harrison.

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Article by Michael Harrison, Author, Consultant and Business Builder.