Be the Boss Over Cancer

Hello Lynn,

I am very pleased with your previous comments, and I'm hoping that you might be the one to help me. I have talked to many of career coaches, read many of books, and listened to many audibles. Yet I still cannot find the business passion I'm looking for. Nothing excites me more than opening my own business and seeing it grow and succeed. In 2 years I plan on opening a bar/salon/boutique. I get so very excited when I think of it. However, for the last 4 years I have been trying to find a small business I can start from home that peaks my interest. I have a very creative/realistic nature. I have a business management degree and a real estate license I have never used. I work 9-6 for a large utility company that pays well, but not fulfilling my need to have my own business. 

I have been interested in building, design, fashion, colors, detail oriented. I don't want to go to school for another 2 years. My husband is starting his construction company this year, so maybe something to feed off that?

Tina

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  • Margot Larson

    Margot Larson on Jan 8, 2013

    Career Coach Comment:

    Tina –

    Owning your own business can be exciting and
    challenging.  I started my own business
    in 1990.

    Becoming an entrepreneur offers many challenges.  The first is to be sure that you have the
    characteristics to be an entrepreneur. 
    Since you have worked with a career coach already, then you probably
    have taken an assessment to identify the type of environment where you would be
    the most successful. If not, I suggest you do so as a first step. Many clients
    with whom I have worked liked the idea of being their own boss but lacked some
    of the characteristics that could make them successful and ensure that their
    business will survive and thrive.

    Here are some areas to consider. 

    Do you have depth of knowledge of the business you want to
    engage in?  If you do not, then do you
    plan to partner with someone who does?

    Have you completed the research as to the market,
    competition, the need, the geographical location that would ensure success?

    Have you created a business plan as to how you will operate?
    Where will your investment capital come from? 
    How much you will need to carry you until you make a profit? How much
    income you can expect to generate and what will your expense be in the first
    year?  Who will your customer base be and
    how do you plan to attract them?

    Are you capable of personally managing the finances, develop
    the marketing, performing the sales function, manage the operations and
    producing the work?  If there is any one
    of these areas that are not among your talents, how will you fill that gap?

    One approach when starting a business is to have a source of
    income to help you finance the growth of your business.  That may suggest that you maintain a part
    time job while you build the business.

    You mention several potential businesses:  A bar, a salon, a boutique and a home-based
    business. These are extremely varied in the requirements for knowledge, talent,
    manpower and financials, etc.  You need
    to narrow things down and the best way to do that is to conduct research in
    advance and develop a business plan that will lead you to the most likely to
    succeed.

    You can learn more about preparing a Business Plan
    online.  Get a template of business plan.  Talk to people who have started such a
    business.  It might even be a good idea
    to work for such a business for a while to learn first-hand the ins and outs.  You can also meet with SCORE, or  (NAWBO),
    National Association of Women Business Owners or the Women’s Business
    Development centers to gain information and guidelines.

    I
    hope some of these ideas are helpful to you.

    Margot

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