Q: After many years at a job, I was recently let go. I have two children and a mortgage and I don't want this to happen again. I'm looking to start a new business. What do you recommend?
A: Perseverance is the key. Beyond that, of course, there are several steps you should take to make the path to success a bit smoother. Here they are:
ANALYZE YOUR SKILLS
What are your strengths and weaknesses? Maybe you're a great organizer or have a way with numbers. Or perhaps you're a wordsmith or have a future in sales.
Whatever it is, capitalize on it.
TROLL YOUR CONTACTS TO PROMOTE YOUR NEW BUSINESS
Once you've chosen a path to take, begin promoting yourself. Contact everyone you know _ personally and professionally _ and tell them about your new venture. Usually a personal phone call works better than sending out a generic email.
There's one caveat here _ and an important one: Be careful you don't violate any intellectual property regulations imposed by your former employer. And make sure you're not violating any agreement by approaching former clients or doing things of that nature.
GET OUT THERE, BE CREATIVE
Talk to people about your new business. Attend local chamber of commerce meetings. Attend meet-and-greets around town, introducing yourself and your business to everyone you meet.
Seize the opportunity to speak at various functions, whether they be the ladies garden club meetings or chamber of commerce breakfasts.
Volunteer for various projects around town and attend town functions.
You can also start a group not directly related to your business to show off your capabilities.
FUNDING
This is the hardest part of setting up your own business.
It's extremely important that you have a good credit score. If it's low or fair, bring it up by paying your bills on time or possibly paying some of them off.
Check with banks to explore funding options. Some may turn you down. Others may offer you credit at extremely high interest rates (depending on your score).
Check the Small Business Association and local small business development centers for funding programs they may offer to startups.
