Starting Your Business

Many people consider the chance to start a business as an opportunity to take control of an area of their life in which they traditionally have had no control. The start of a business is viewed as an escape, a panacea in which one will be able to take full control of their life. The budding entrepreneur thinks they will control when they work, how they work, and whom they will work with. For long-term business owners, many of these items and ideas are realized, but not all business owners realize these results, especially when the business is in the initial stages of development.

Once an entrepreneur starts their company they encounter a number of unanticipated issues: longer hours than expected, constant financial pressures, demanding clients and vendors, additional family pressures, and other unforeseen concerns.

If the new business owner can make the transition to experienced or seasoned business owner the rewards can be many, greater control over one's time, greater opportunities for enhanced financial rewards, and control over who are you associates and clients.

When considering the start of a new business there are a number of items that should be considered to insure that you are in the best position possible for success. This is not an all-encompassing list by any measure; however, it covers several fundamental items that can help to develop a realistic view of this undertaking.

1. Be Experienced in the Industry
There are many success stories of people starting companies in areas in which they had no experience. In many of those cases those people had additional resources or connections that mitigated the lack of experience or knowledge. Most successful entrepreneurs began companies in industries in which they had experience. There will be many challenges facing you as you begin, a firm knowledge of the industry will add the additional security that may be needed to get through the challenging periods that you will face.

2. Write a Business Plan
Again, there are successful entrepreneurs that started without a business plan. For most of us, a business plan is a necessary item in the formation of a business. The plan is the tool to tell your story as well as force you to think about the business. If you require outside assistance for financial resources, i.e., a bank or even friends and family, a business plan will help to lay out your thought process. The plan will let potential stakeholders that you have an idea about running this new operation.

The plan should highlight both the strengths and weaknesses possessed by you and the business, as well as the opportunities and threats that will be encountered in the marketplace. The plan should also focus on the financial issues, competitive challenges, the overall marketplace, the history and future of the industry, and the impact of the local and national economy. These are just a few of the items that should be included.

3. Capital
Probably the biggest issue facing a new business is capital. There are many places to raise the money that will be needed to get going. Friends and family, savings, investments, home equity, financial institutions, and the SBA are several areas to consider. You must be willing and able to explain how you will repay the debt or generate a return on the prospective investor's money.

One of the major pitfalls of a new business is overestimating revenues and underestimating the expenses. Once you have developed your plan, consider reducing the projected revenues by 10% to 50% with the same level of expenses to see what the effects will be. Increase the expenses by 30% to 50% with the same levels of revenue to see what the impact will be. Be prepared to go without a salary or with a sharply reduced salary than you are accustomed to for the first year to eighteen months and perhaps longer. Reduce your personal financial commitments to the essentials and be prepared to function in that mode for several years.

4. Communication
Running your own business is significantly different that running someone else's business or the department of a large organization. In those scenarios if things get bumpy or you get tired of the rat race, you can leave and get another job. When you get your business up and running, it's hard to just leave it or close or just take some time off when the going gets tough. You must communicate with everyone that is involved with you from your spouse or partner, other family members, clients, suppliers, and creditors.

Situations that appear bleak may be resolved with a conversation. If you are having specific challenges talk with the

5. Ego
Leave your ego at the door! You may find yourself in situations that would have never occurred to you based on your past experiences. There may be times when you cannot delivers on time to a client or pay a vendor and need extra time. It is very humbling to ask for additional time to pay a bill or a debt.

6. Be An Optimist and Persevere
Starting a business for most of us is a risky proposition! You must be an optimistic person if you are going to succeed! Do not confuse optimism with being naïve. Optimism is the well from which you will dip when things are tough without an apparent positive resolution. Optimism keeps you focused when the world seems to be crumbling around you. Optimism may be the sole thing that influences someone to give you that first major contract. Be optimistic, it will yield many dividends. Optimism will help you to persevere. Perseverance is a necessary trait in order to be successful. On those days when you want to curl up into the fetal position, you have to buck up! Get out of bed, go into the office and continue to move forward, even if it is only 1/2 inch. Your still going in the right direction!!

Need other ideas? Below are the related websites that you may find helpful:

WORKFORCE CENTRAL FLORIDA would like to extend a special thank you to John Gill, with Whitehall Staffing, for his contributions in helping to develop the content contained on this page.

Metro Orlando Economic Development Commission
The Metro Orlando Economic Development Commission (EDC) is an organization that helps business. We are dedicated to meeting the needs of today's industries and creating a competitive economic climate where businesses can thrive. To meet this goal, the EDC provides key services and support, which range from relocation and expansion expertise to export counsel to long-term planning with our community partners.
http://www.business-orlando.org/

About, Inc. - Human Resources
New ideas, trends and direction for the human resource professional. What human resources is, how to motivate, training tips, policy/handbook examples, and many other human resource topics.
http://humanresources.about.com

About, Inc. - Small Business Information
Information on starting a small business.
http://sbinformation.about.com

Agency for Workforce Innovation
Includes information on labor market statistics, job seeker services, employability skills, and more.
http://www2.myflorida.com/awi

All Business
Small business resource center. Includes forms & agreements, resources, business advice and business solutions.
http://www.allbusiness.com/index.asp

AltaVista
An international search engine with the ability to search for any topic imaginable.
http://altavista.com

AltaVista Career Center
A career center online. Job seekers can search for jobs, post a resume, and read tips on interviewing. Employers can look at resumes and post a job. Includes information on business opportunities, franchises, marketing, management, and home businesses.
http://altavista.worklife.com

American City Business Journals, Inc.
Industry news sources, business resources, articles from business consultants, an advice library, business forms, and the latest "talk & rumors."
http://www.bizjournals.com

Baldridge National Quality Program
Find resources dedicated to performance and excellence in business, health care, and education.
http://www.quality.nist.gov

Business Owners Idea Café
A fun approach to serious business. Find information on starting a business, running a business, and any available grants.
http://www.businessownersideacafe.com/Welcome.html

Business Week Online
Small business center and career search information.
http://www.businessweek.com

Business@Home
Informational articles related to working at home.
http://www.gohome.com

Career Talk
Includes information for job seekers, recruiters, managers, teachers and more.
http://www.careertalk.com

Chamber of Commerce
Your gateway to a world of chamber resources.
http://www.chamberofcommerce.com/

ChamberBiz
Small business resources, including industry news and more.
http://www.chamberbiz.com

Corporate Care Works, Inc.
Company that provides EAP services for employers/employees. This site has an online newsletter called "Lifestyles" that provides helpful information on a variety of workplace and stress related topics.
http://www.corporatecareworks.com/

Entrepreneur
This site has many topics related to solutions for growing your business. Topics include start-ups, home biz, franchise, money, marketing, management, e-biz, tech and more.
http://www.entrepreneur.com

Entrepreneur Media, Inc.
Purchase small business tools and start-up guides with software.
http://www.smallbizbooks.com

Entrepreneurial Connection
If you are self employed or a small business owner, then check here for useful tools, tips and training.
http://www.entrepreneurialconnection.com/About.asp

Fed World
Search careers in the federal government. Find access to top government web sites, government R&D, science & tech sites, IRS tax forms and more.
http://www.fedworld.gov

FindLaw for Business
Legal resources and links to area specific lawyers.
http://biz.findlaw.com

FirstGov
"Your First Click to the U.S. Government". Look for jobs, find employer services, find government services, and more.
http://firstgov.gov/

FL Department of State Sunbiz
Florida Division of Corporations' online information, research, and electronic processing service center.
http://www.sunbiz.org/

Florida Chamber of Commerce
Find business resource links to many human resource tools.
http://www.flchamber.com

Florida Economic Development Council, Inc.
Florida Economic Development Council.
http://www.fedc.net/content

Florida Small Business
Information on starting and running a small business.
http://www.floridasmallbusiness.com/

FRED - Florida Research and Economic Database
Database of information on education, employers, population, income & wages, industry, labor force, occupations, area profile, and economic indicators.
http://fred.labormarketinfo.com

Google Groups
Browse Google usenet groups for topics of interest.
http://groups.google.com/

Greater Oviedo Chamber of Commerce
http://www.oviedochamber.org/

Hispanic Chamber of Commerce of Central Florida
http://www.hispanicchamber.net/

How to Start a Small Business
An on-line book on how to start a small business by the Small Business Development Center at California's San Joaquin Delta College.
http://sbdc.deltacollege.org/startup/

HR Management Services
Human resource management services. Subscribe to Net Assets e-newsletter.
http://www.hrms.net/

Hrnext
Human resource tools, including job description writer, human resource policies, and more.
http://www.hrnext.com

International Economic Development Council
Resources, conferences, and more
http://www.iedconline.org

IRS - Small Business/Self-Employed
Your one-stop business resource.
http://www.irs.gov/businesses/small/

JAN - Job Accommodation Network
A comprehensive resource for job accommodations with links on disability legislation, publications, employment opportunities, and federal, state, and local resources.
http://janweb.icdi.wvu.edu/links/

Kissimmee/Osceola Chamber of Commerce
http://www.kissimmeechamber.com/

Labor Market Data/Survey
The survey was completed during February and March by Nielsen Media Research in partnership with our provider, Geographic Solutions, Inc. The new labor market data site is up and running, the survey was completed during February and March by Nielsen Media Research in partnership with our provider, Geographic Solutions, Inc.
www.floridahightech.com/labormarketdata

Leesburg Area Chamber of Commerce
http://www.leesburgchamber.com

Lycos Small Business
Small business resource center with numerous how-to articles, columns and tools.
http://business.lycos.com/

MBA GlobalNet
Business network for MBA professionals and a recruiting resource for corporations and start-ups.
http://www.mbaglobalnet.com/

Medical Staff Builders
Advertising and free medical job placement service. Exclusively to the Central Florida Region.
http://www.medicalstaffbuilders.com/

Mount Dora Area Chamber of Commerce
http://www.mountdora.com/

MyFlorida
Working in Florida, starting a business in Florida, statistics, Florida government information, hi tech employment and more.
http://www.myflorida.com

National Association of Women Business Owners
The only dues-based national organization representing the interest of all women entrepreneurs in all types of businesses.
http://www.nawbo.org/

National Federation of Independent Business
Largest advocacy organization representing small and independent businesses.
http://www.nfib.com

Nolo Law Center
Legal information for small business startup.
http://www.nolo.com

O*Net OnLine - Occupational Information Network
Database of information on over 950 occupations that can be used to facilitate career exploration, develop job orders and position descriptions or align training with current workplace needs.
http://online.onetcenter.org/

Open Directory
International search engine or catalog of the web providing links and information about any subject.
http://dmoz.org/Regional/North_America/United_States/

Orlando Regional Chamber of Commerce
Orlando Regional Chamber of Commerce.
http://www.orlando.org/

Personal Strengths Publishing
Web site for information on the strength deployment inventory (SDI) and the relationship awareness tool used for building relationships.
http://www.personalstrengths.com/

Sanford Seminole County Chamber of Commerce
http://www.sanfordchamber.com/

SBA Women's Business Center
A lot of good information, including an entrepreneurial test that is helpful to all potential business owners, not just women.
http://www.onlinewbc.gov

Seminole Community College
Information on Seminole Community College.
http://www.scc-fl.edu

Seminole County Lake Mary Regional Chamber of Commerce
http://www.seminolebusiness.org

Small Business Development Center of Northeast Texas
Small business topics, including facts, micro-guides, advice and helpful links.
http://www.bizcoach.org/sbdchome.htm

SonicRecruit
Applicant tracking service for recruiters and HR Professionals.
http://www.sonicrecruit.com/

South Lake Chamber of Commerce
http://www.southlakechamber-fl.com/

State and Local Government on the Net
Links for many state resources.
http://www.statelocalgov.net/index.cfm

The Chronicle of Philanthropy
Charity leaders, fund raisers, grant makers, and other people involved in the philanthropic enterprise can post jobs and job seekers can search for positions.
http://philanthropy.com/jobs/

The Florida High Tech Corridor
Job market information, hiring trends, job opportunities, salaries, employers who plan to hire, required skills, HR tools, ERISS' job market surveys, and trend information by occupation, industry or area.
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http://www.goalsguy.com

The Jim Moran Institute for Global Entrepreneurship
This site provides information on free professional services offered to help businesses succeed in the community.
http://www.cob.fsu.edu/jmi/

Topica
E-newsletters on small business, various career subjects and more.
http://www.liszt.com

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A source for business training videos, books and more. Buy or rent training videos with over 3000 titles to choose from.
http://www.trainingabc.com/

TrueCareers Inc.
Job seekers can post their resume and search for jobs. Employers can post openings and search for job candidates.
http://www.careercity.com

U.S. Chamber of Commerce
Site topics include political advocacy, news & events, business resources, member services, and porgrams & affiliates.
http://www.uschamber.com/default.htm

U.S. Department of Labor Occupational Safety & Health Administration
Includes information on keeping the workplace safe/ Q&A's for small business employers, OSHA handbook for small businesses, and help for new businesses.
http://www.osha.gov

U.S. Dept. of Labor Bureau of Labor Statistics
The principal fact finding agency providing information on the broad field of labor economics and statistics.
http://stats.bls.gov

U.S. Securities and Exchange Commission
Small business information related to the SEC.
http://www.sec.gov/info/smallbus.shtml

U.S. Small Business Administration
Provides financial, technical and management assistance to help Americans start, run, and grow their businesses. Includes links to help you find your local SBA office.
http://www.sbaonline.sba.gov/

University of Central Florida
University of Central Florida
http://www.ucf.edu/

University of Phoenix
Information on the University of Phoenix.
http://www.phoenix.edu/

Valencia Community College
Information on Valencia Community College.
http://www.valencia.cc.fl.us/

Warner Southern College
Information on Warner Southern College.
http://www.warner.edu

West Orange Chamber of Commerce
http://www.wochamber.com

White House
Find information on the president, vice president, news & policies, government, and much more with informative resources concerning current issues and policies.
http://www.whitehouse.gov

Winter Park Chamber of Commerce
http://www.winterparkcc.org/

Workforce
An online resource for HR trends and tools.
http://www.workforceonline.com/

Workforce Development Board of Flagler and Volusia Counties, Inc.
Flagler and Volusia Workforce Development Board. Links to state & federal resources, local government & business development, education resources, and employment resources.
http://www.wdb-fvc.org/index_frames.htm

Worktech Solutions
Career opportunities for people with disabilities. Includes recruitment strategy and guidance, resources and guidance on attracting, supporting and retaining employees with disabilities.
http://www.worktechsolutions.com/