Starting my business - or what NOT to do!

The way I started my business is a lesson in what NOT to do. I am very lucky that it worked for me.

Market Research

Before starting a business, you should do some market research. This could be formal - surveys, etc - or informal - contacting people in your target market and finding out what they think about your business idea.

My market research was minimal. I saw a gap and decided to fill it. I asked a few close friends what they thought and went from there. In hindsight, I would be a lot further along in my business if I had done more research.

If your business isn't in such a niche, or if it is, doing research before you start is a must. You can find out if your idea is viable as well as possibly getting some ideas on how to improve your business idea.

Business Plan

In simplest terms, a business plan is like a road map for your business. It can help you work out where you are going and how you will get there.

I didn't have a business plan, or even any sort of plan! I put up a message board, and the site evolved from there.

There are many excellent templates you can use for a business plan. They have the headings all ready, so all you need to do is fill in the details. One of the best I have seen can be found in the Business Mums Network shop. It's called the Getting Started in Business Pack and includes a business plan, cash flow template and some business templates to help get you started.

Support System

For any small business, a good support system is essential. When I started I had my husband and a few friends. This support was invaluable in starting out; especially as I had limited cash flow (read none!). My friends told their friends and helped to spread the word. My husband also designed my website.

Business Networks are a fantastic way to get the support you need. Online networks such as Business Mums Network provide support any time of the day or night, and there is usually someone on the message boards when you need help, or at least shortly after.

The Last Word

Whether you have started a business or are in the very early stages, it is never too late to go back and do your research and a business plan. Your business is a growing entity, and a business plan is a living document that should be amended as necessary. Market Research is also an ongoing process as you change your focus or add a new product or service. Support Systems will also change as your needs change.

I wish you every success in starting and growing your business.

Article Source: http://www.therepozitory.com.au

Melissa Khalinsky is the mother of two boys and lives in Melbourne . She runs the Business Mums Network - www.businessmums.com - a support network for Mums starting and running a business.

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