Practically plan a start-up

2012-10-28T00:00:00Z Practically plan a start-upWorkWise Interactive with Mildred Culp nwitimes.com
October 28, 2012 12:00 am  • 

Q: I’ve been working in a business that allows me to do what I love – baking and decorating cakes. Meanwhile, I’ve been making cakes here and there for special occasions, such as weddings, bachelorette parties and graduation ceremonies. I’ve just had a baby.

I’m torn between continuing to work full-time, because I have to drive 90 minutes one-way, which makes for a very long day. Do you think I could develop a business out of my passion?

A: No doubt about it, but it takes more than passion. It takes planning.

First, see if it’s practical. Can you afford to a long start-up without your income? Can you make it safe for the baby?

Read books and articles about bakeries, especially those that are home-based. Find out how to market and develop referral sources. How can you get media attention? Drop by bakeries in the area to see what you can learn. Find a commercial banker, a bookkeeper, an attorney, a web designer and a graphics person for stationery, sales brochures and cards. Plan a budget.

Being in business involves very much more than producing a delicious product. You have to sell and run the business, too.

LETTING GO

Q: I’ve been a business owner for seven years, including during the recession. While I’ve been able to make some money, it’s clear that I’ll never earn a full income out of it. My being small is obvious, because I have no employees. Because it’s just me doing everything, I can’t project myself as anything but small. How do I make a case for myself?

A: If you don’t want to add a new service, consider looking at small businesses, where you won’t seem as small as you would even if the companies were medium-sized.

Think about what you have to offer that makes you different from others on the market. Day by day you’ve lived with the need to keep costs down, retain quality and make a profit. Think how you could transfer these skills to a business that has even five or ten employees. Find a connection between the business you have and the ones where you apply. If you can build a bridge so other people see the connection, you’re almost there. Use your entrepreneurial drive to keep going.

(Dr. Mildred Culp welcomes your questions at culp@workwise.net. © 2012 Passage Media. The opinions are solely those of the writer.)

Copyright 2014 nwitimes.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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