Thursday, March 2, 2006
More Bang for Your Buck: Small Business
If you want to be your own boss, everybody knows going out on your own requires timing, funding, and a lot of luck. But there are ways you can reduce the risk of failure. In tonight's More Bang For Your Buck, we're going show you how to start a successful small business.
WSVN--For Claudette Grant, life is all about fashion.
Claudette Grant: "Sewing is in my blood."
But after spending 10 years as a nurse, she finally decided it was time to design her own destiny.
Claudette Grant: "My husband said do what you love to do, than you won't really be doing a job."
That advice inspired her to open CG Couture and Design - a store where all clothes are custom made.
But as Claudette knows firsthand, starting a small business can be as tricky as threading a needle.
Claudette Grant: "You have to want it bad enough to go get it, because nobody's going to come knocking on your door and say here this is what you do."
What you have to do is find a demand in the marketplace.
Althea Harris: "That's the real challenge is to find something that the marketplace wants and then sell it at a price the market is willing to pay."
Althea Harris works for the Small Business Administration in Miami.
She believes once you find your niche, creating a business plan is essential.
Althea Harris: "A lot of business owners skip the business plan and that is a big, big mistake."
For Althea, the business plan is your strategy for success and survival.
It should include how you are going to finance the business, your profit projections, your staff size, and your operating procedure.
Althea Harris: "If you complete a business plan, you will have a sense of where to place your business."
Plus your business plan can help you land a loan.
Just remember, when it comes to starting a new business, you or a partner will be expected to shell out most of the money.
Althea Harris: "Financing is very important to a business because you don't want to be under funded when you begin and you certainly don't want to be over-capitalized."
If money is an issue, franchising can be a more affordable option.
Althea Harris: "The fanchise often provides the critical support that a small business needs in the beginning stages."
Whatever you do, remember patience is a virtue.
Claudette Grant: "The first year is going to be the most difficult."
Claudette has created a pattern for success.
Being her own boss has been a learning experience one stitch at a time.
Claudette Grant: "It has made me realize, if you have a dream, go for it. Don't let anybody tell you you can't do it."
One more suggestion - before you go out on your own, try to find comparable businesses in other cities. Talk to the owners, study their plans, even see if you can volunteer in their store to see how they operate.