Archive for July, 2013

Six Steps to Starting Your Own Business

Looking to be your own boss? Here’s how to get started on the right foot as an entrepreneur.   By Gwen Moran, March 15, 2013

Maybe you have a million-dollar idea, or maybe you have just grown tired of working for someone else. Either way, becoming your own boss requires a mix of creativity, strategy and street smarts. We’ve tapped the minds of experienced entrepreneurs and business experts to give you six secrets to success. Heed these guidelines as you take the next steps toward starting your own business.   Know your customer   The better an entrepreneur understands the target audience, the more likely he or she is to create products and services that buyers are willing to pay for, says Joel Wiggins, chief executive of the Enterprise Center of Johnson County, a business incubator in Lenexa, Kan. It sounds simple enough, but that critical edge, whether gained from experience or market research, can separate failing companies from successful ones.   That’s certainly the case with Marcie Carson. Based on what she learned from running IE Design + Communications, a Hermosa Beach, Cal., graphic design firm she co-founded in 1995, Carson was confident that customers would pay a premium for high-end, eco-friendlypaper products. But before jumping into the design process, Carson spent two years researching gaps in the upscale paper market. The result: a product line shaped not by aesthetic whim but rather by a thorough analysis of the target audience. Carson’s new venture, Mixt Studio, sells sustainable goods ranging from cards and gift wrap to totes made from fabric-like paper.   Test your idea   One of the best decisions an entrepreneur can make is not to go into a business that’s doomed to fail. A simple way to determine the likelihood of failure is to test an idea before sinking time and money into it. Business consultant and author Jim Beach recommends taking a new idea to ten prospective customers and finding out how many would buy it.

Read more at http://www.kiplinger.com/article/business/T049-C006-S001-six-steps-to-starting-your-own-business.html#juKKCh1IKzW7QdxH.99

 


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