Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

New Year, New Business

by John Cerasani, author of “Paid Training

Starting a new business is quickly becoming #1 on many people’s New Year’s resolution list. It is amazing how a down economy can really inspire the entrepreneurial spirit inside of people. Many people, both employed and unemployed, have the skills and training necessary to go into business for themselves.

However, there a few things to consider before branching out on your own. Here are five things to consider before going into business for yourself:

1. Are you as good as you think you are?

Take time to evaluate your skill sets. Be honest with yourself. Think about your past successes and failures and identify the cause for both.

2. Can your company compete in the long term and survive?

Evaluate the industry. Is it on the upswing, stagnant or on the way down? Identify how long your company can stay afloat in the current and future economy.

3. What is your desired market share?

Be realistic about the amount of business you can generate. Can you take over your industry? If not, is there enough business out there for your business to thrive?

4. What are your differentiators? Why would clients choose your company?

What can you offer that everyone else can’t? Find your niche! Identify the needs that aren’t being meet by competitors and generate business by addressing those needs.

5. What is the financial risk/reward versus what you are currently getting paid as an employee?

Look at the amount of money your current employer makes off of your hard work. Chances are your compensation is drastically lower than what you bring in for your company. If this is the case, you are in the perfect position to generate more income by working on your own.

 

John Cerasani, a Chicago area native and Northwestern University alum, is an entrepreneurial success through a number of business endeavors. Cerasani’s founding and subsequent success of Northwest Comprehensive, Inc. serves as the motivation in inspiring him to create the message of Paid Training. Paid Training is ideal for anyone who ever considered becoming a business owner as well as anyone who is ready to be open-minded enough to understand the pitfalls of working for someone else in the long term.

 


This is an article contributed to Young Upstarts and published or republished here with permission. All rights of this work belong to the authors named in the article above.

Tagged as: , , , , ,