Think carefully and do your research

As our nation celebrates Independence Day, many people often dream of job independence, which means a pursuit of entrepreneurship, owning a business.

But before you jump ship to go and start a new venture make sure you have covered all your bases.

Think carefully and do your research. Is your product unique? If it’s not unique are you better than your competition in quality and/or service? Poor research and planning can close a business before it’s given a chance to perform. {{more}}

Know your competition. Even though the island is small you need to know more about your competition than their name and location. Why do customers use your competitors? Are they conveniently located? Is it their price?

Know the answers to these questions and much more.

Are you qualified? If you are a good chef or cleaner it does not mean you are qualified to run a business. Take a few classes or read books on managing the day-to-day operations of a business.

Stay in your field. To be successful you must be passionate and convincing.

Few people who enter an area they know nothing about succeed. Use your current expertise to your advantage or spend time developing a new one.

Seek financing. Don’t be shy to ask friends and relatives to invest in your dream but make sure you have a sound business plan so you can explain your idea. Financial institutions will want to see a business plan so write one as it also keeps you focused. If your idea is good, investors will expect you to put in some of your own money as well.

Start small. When possible, test the market with your product or service and do not expect to be an overnight success. Small beginnings give you the opportunity to work up to being a large company and work out issues as you go along.

Don’t burn your bridges. Before you leave your job, mend broken fences on your job and try to leave on good terms as your old colleagues can refer business to you.