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IS YOUR WHY BIG ENOUGH FOR BUSINESS?

By Sherice L. Bellamy

Why do you want to start a business? The answer to this question varies from wanting to be one’s own boss, wanting to control one’s own time, and wanting to make more money. The reality, however, is that business owners are subject to the demands of clients, more often than not work longer hours, and wait several years before their new business earns a profit. Hence, these reasons may serve to motivate you during the initial stages of development, but it’s doubtful that they will encourage you to persevere when the storms come. What’s going to keep you standing? What are your values? What inspires you? In what are you rooted and grounded? To whom and what are you totally committed? Does your WHY or reason for starting a business focus on a sincere desire to serve a deeper purpose and to achieve specific goals, both tangible and intangible?

With this in mind, the process of self-assessment and self-evaluation is the most critical step towards discovering your purpose for starting a business. This should be completed prior to writing a business plan. It assists you in determining the type of business in which you would most likely have the highest probability of success. This is contingent upon several key factors that can only be decided after a thorough examination of your interests, goals, needs and desires.

Setting goals in 6 areas of your life…1) Spiritual and Ethical; 2) Family and Home; 3) Financial and Career; 4) Social and Cultural; 5) Physical and Health; and 6) Mental and Educational, will get you headed in the right direction, but a further analysis must also be completed in order to make a final determination. (http://www.topachievement.com/goalsetting.html)

This analysis includes, but is not limited to, your answers to the following pertinent questions:

• What type of business are you considering?
• What talents, skills and experience would you bring to the business?
• What tasks do you enjoy?
• What tasks do you dislike?
• Are you self-motivated?
• How much money do you have to invest?
• Do you have the support of your family?
• How much risk are you willing to take?
• How long are you willing to wait before you see a profit?
• How important is control?
• Are you willing to follow strict rules and guidelines?
• How well do you work in a structured environment?
• How will you support yourself while building the business?
• Do you work well with people?

This assessment will guide you through the process of evaluating your strengths and weaknesses and ultimately lead you to deciding whether you should start a business and build it from the ground up, buy an existing business or invest in a franchise operation.

The next four issues of The Immigrant Magazine will address the fundamentals of investing in a franchise. This series will examine the opportunities available, the process, and the advantages and disadvantages of this form of business organization. We are seeking franchisees to share their experiences, offer their opinions and provide practical advice on this subject. For an interview, highlighting you and your organization, please call (213) 384-5640.

Sherice L. Bellamy, SLB Associates, provides business planning and development services to small businesses and entrepreneurs. Ms. Bellamy can be reached by phone at (213) 384-5640 or email sherice@slbassociates.biz. You may also visit the company’s website at www.slbassociates.biz.