You may be surprised to know there are many local chamber groups having meetings in your area. They consist of small business owners who are interested in growing their business and expanding their mind.

Just Show Up and Make More Money

That is not how it works. You need to bring knowledge, the desire to learn, the commitment to return, and practice practice practice. Business networking is a skill. A simple skill that is hard to get right.

Networking Defined

Networking is about forming and nurturing mutually beneficial relationships with large numbers of people. Some will be become customers, some will help your business in other areas such as law, tax, industry expert and so on.

It will take time for your business to grow. The people you meet at business networking events will refer customer to you in the future. The first step is to form strong bonds with fellow business networkers.

How Not to Network

Find a local chamber or commerce event, meet and greet, exchange your business card and you’re  done.

How to Successfully Network

Find a variety of local chamber or commerce event, meet and greet and exchange your business card. Make sure you follow up with new business contacts and learn as much as you can from them. Try to learn about their business goals and their lives. Take your contacts you already have and provide referrals to them, information about them and other bonuses. The secret is to cultivate your business relationships to keep them strong and healthy.

• What product/service will you provide?
• Is your idea feasible?
• How will you protect your idea?
• Is there a market for your product/service?
• What skills do you need?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity?

Running Your Own Business

After years of working in a job. Working for a boss. After always asking, waiting in expectation and accepting tasks from a manager for one’s whole life – it is a giant change in mindset from being a worker to running a business.

What is a Business

Things that you will need to think about when running your own business:

• Income – Income must meet expenses
• Legal Structure – Sole Proprietorship or Sole Trader
• Planning and Overall Management – Vigilance over many aspects are required such as customer service, purchasing supplies, pricing, promotion…
• Financial Management – Paying the bills, planning for future expenses, managing credit, chasing receivables, taxes…
• Marketing – learning about potential customers, pricing, products, advertising, promoting, product distribution…

Managing Risk

Confidence is needed in your own ability to do what you set out to do. As a business owner you have ultimate control and decision making authority. You call the shots. Therefore, if you have a sturdy plan, the greatest risk may be of your own capabilities.

Entrepreneurs seem to thrive on the 3 to 1 shot – a gamble they judge to be exciting but realistic. Although they are unwilling to gamble on long shots, they are more willing to take a chance if their individual skills can affect the probability of success.

Joe Mancuso – How to Start, Finance, and Manage Your Own Small Business

You have made successes in your own field of expertise. Now, to make the transition to a successful self-motivated businessman you must create a plan.

Your Business Plan

If you are starting your business on a credit card some of the following are not necessary. You need a plan that outlines your goals, expected costs, marketing plan and exit strategy. A business plan is your road map for how you expect to succeed and how you’ll measure success.

Your 9 Step Business Plan:

1. An executive summary outlining goals and objectives. The executive summary introduces your business strategy and probably is the most important section for lending institutions. If you can’t persuade a loan officer in the first two or three pages that you’ve got a viable business proposal, you’re going to leave empty-handed. This summary is also important as a communication tool for employees and potential customers who need to understand — and get behind — your ideas.

2. A brief account of how the company began. Clearly explain the origins behind the company’s creation and how you or your business associate came up with the idea to start your business.

3. Your company’s goals. Explain in a few paragraphs your short- and long-term goals for the company. How fast do you think it will grow? Who will be your primary customers?

4. Biographies of the management team. The management section should include the names and backgrounds of lead members of the management team and their respective responsibilities.

5. The service or product you plan to offer. A key aspect of this section will be a discussion of how your product or service differs from everything else on the market.

6. The market potential for your service or product. Remember that you’ve got to convince lenders, employees and others that the market you’re after is relatively large and growing. You’ll need to do some research for this section. If it’s a locally based business, you need to assess the demand for your offering within an xx-mile radius, based on what you determine is a reasonable distance from your business. If it’s a Web-based business or a business that relies on both the Internet and local traffic for revenues, you’ll need to evaluate demand on a local and/or a national basis. A research report from sites such as Forrester Research can cost hundreds to thousands of dollars. But you may be able to get some basic information simply by using the Web and its many search engines and directories.

7. A marketing strategy. How do you plan to tell the world you’re open for business? Will you rely exclusively on word of mouth (not a good plan unless you’ve already got a reputation)? Will you advertise in print, television or on the Web (or all three)? Will you use online services to get your company listed on search engines and advertised on other Web sites? You’ll also need to include how much you plan to spend on marketing.

8. A three- to five-year financial projection. This section should include a summary of your financial forecasts, with spreadsheets showing the formula you used to reach your projections. You’ll need balance sheets, income statements and cash-flow projections for the entire forecast period. The summary in this section is also where you would tell prospective lenders how much money you’d like to borrow to cover your startup costs. The assumptions that you make in this section will make or break your company’s success. If you’re unsure about using this kind of financial modeling, find a professional or invest in financial management software . It’s worth the money.

9. An exit strategy. All good business plans include a section that lays out the benchmarks you’ll use in deciding to call it quits. The strategy could be based on a dollar figure, revenue growth, the market’s reception to your idea, or a consensus among top officers.

Will It Work?

• What product/service will you provide?
• Is your idea feasible?
• How will you protect your idea?
• Is there a market for your product/service?
• What skills do you need?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity?
• What product/service will you provide?
• Is your idea feasible?
• How will you protect your idea?
• Is there a market for your product/service?
• What skills do you need?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity?
• Who are your target customers?
• How can your reach your customers?

The bottom line is to never lose sight that is about you solving a problem for your customer. Do not get overly caught up in theoretical research. Instead, put efforts into finding out what you need to do get your first customer. Then find out how to get many more.

Look for Others

There may be others you know, or can potentially know, people who are just outside your current circle of friends – who have ventured out into the self-employed business world. They will have sound advice that speaks from experience and will be able to offer real advice and encouragement about your new plan.

Let the Adventure Begin

By running your own small business you can get control of your life. You will be walking the fine line between unemployed hobbyist to successful entrepreneur until you get your break. But with self-confidence any eroding negative opinions will be quelched. Do not suppress this desire for control, use it. In your spare time start developing your idea, research your market, find other who have done it before and write up a succinct business plan. By getting it on paper you can rehash some ill devised notions that need attention.

Good luck and please comment in the forums regarding your business.

Bizmonies – Building Your Business

Bizmonies is here to show you how business systems can help you achieve financial freedom. BZM will concentrate on the following:

• Possible franchise opportunities
• Multi-level marketing opportunities
• Management Strategies
• Outsourcing
• Financial tips on running a business
• Internet business opportunities
• Entrepreneurship

Take care!

BZM