So ... You Want to Start a Business?

There is little doubt working for yourself is one of the most rewarding things you can do. After all, you’re not going to fire yourself and if you want a raise all you have to do is work harder and smarter.

It is also one of the scariest moments you will ever experience and is clearly not for everyone. Self-doubts of failure, financial ruin, and starving to death are among some of the first emotions you can fully expect; so don’t get scared when those scary thoughts show up. It is both natural and healthy.

I am not going to get into the mechanics of how to set up and start your business; There is a wealth of differing points of view on how to do that and I will leave that to you.

Instead, I want to share with you five things that will absolutely kill your business before you even begin. This is not taught in MBA schools – only through real-life experiences. Get these basics correct from the onset and you have a much better chance of succeeding.

1. Define clearly what it is you want to do. You can’t be vague here. Is it a service or is it a product? Be specific. You can always change or modify as you go later on, however, at the onset, you must be clear. If you are getting stuck, contact me, or hopefully your consultant. If you haven’t hired a consultant at this point – go no further until you do.

Do Not Do This Alone. I can’t give you stronger advice early on.

2. Ask yourself honestly "What is it that will set you apart and make you more desirable than the other guy selling similar products or services? "

This is critical if you are entering a crowded market or even a market where there are others selling similar goods or services. Simply being a great person is not sufficient. If you cannot come up with three distinct differences without thinking hard - DON’T GO INTO BUSINESS UNTIL YOU CAN.

3. What are you going to call your business? This critical and simple step is missed by 85% or more of all businesses I come in contact with.

The graveyard of failed businesses is filled with poorly thought out names. We live in a fast and visual society - you must get this right to stand a chance.

A successful business name will meet three very distinct name criteria. If you miss one of the three, you still have a chance, however; you have already set yourself up for a difficult beginning or even failure. You want people to remember you early on.

If you missed two or more of these criteria, the chances of success are less than 30%. Why would you want to set yourself up for failure early on?

A successful name must meet three distinct criteria, in distinct order:

- Is the name should be fun to say?

- Is the name memorable?

- Can the name be branded?

4. Create a domain name and assign your email to that name. Nothing immediately shouts out you may be a "rookie" or "wannabe" more than an email address ending with @Yahoo.com, @Hotmail.com, @AOL.com, or even @Gmail.com. It completely invalidates you as a professional. First impressions are lasting ones - don't blow it on something so obvious and basic as your email address. Your email address speaks to your level of professionalism and attention to detail. If you do not care enough about yourself or your new business to professionally promote it in a first-class manner early on, how can I expect to count on you to care for me at the professional level I need and want?

There is nothing wrong with Gmail, Yahoo, AOL or others EXCEPT they do not belong to you and they fail to set you apart from the rest of the crowd - a critical component of success.

HINT: When choosing a domain name, keep it short and memorable because your email will be attached to that suffix and no one wants to type more than seven letters when addressing an email. Example, few people would want to be forced to type:[email protected]. It is simply too long to remember and subliminally, it will bite you in the end. Keep it short - keep it powerful - keep it memorable. Go back to the three name criteria if you get stuck.

5. Seek professional help with logo design and business card production – DO NOT GO HERE ON YOUR OWN unless you are a professional illustrator.

A cheap card, printed on a poor quality paper stock, clip art logo and @yahoo.com email will put you out of business before you start.

Do Not Go Cheap Here – this is the foundation of your business. Yes, Fivver.com will make one for you for $5, but it will always look like a $5 logo. You only have one chance to make a first impression – park your ego, and financial craftiness and get a professional involved.

As with everything you will want to do, keep in mind that if can be seen by potential clients or placed in their hands, do it first class or do not do them at all. You will be wasting your time and money if you go for cheap and this includes the cost of your business cards. Spend the money necessary for very high-quality business card stock, even if they cost a dollar piece. You can thank me later.

Keep in mind that cheap and boring business cards are rarely kept - most are immediately tossed. The idea behind the business card is to leave behind a great first impression that hopefully, in time, will generate business.

The quality of the card speaks a lot about the value and quality of service I can expect if I do business with you.

... And now you know five of the secrets they don't teach you in your MBA courses, and you got it here for free - my favorite price. Good luck!