The 5 Minute Business Consultant

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I am constantly looking for benchmarks to measure myself against. I’m not sure if that’s a positive or a negative thing yet, but I try to keep track of my progress in everything from my physical fitness to my consulting practice. I’ve already talked about how important it is to have measurable goals so I won’t be re-beating this dead horse yet. Goal setting is one of those topics that always warrant a good re-beating. Here today I’m going to provide you all with a check list that I go over with clients who are in the beginning phase of a “side project” or small business.

Sometimes we get so caught up in the excitement, myself very much included, that we lose sight some of the logistics. It gets so exciting: finding a niche, the first hired jobs, maybe selling something you made, and getting that first great thank you note. So hopefully this check list keeps you focused when your entrepreneurial spark goes off and you speed off into the world of freelance/small business work.  

1. Business Plan. Especially in the early stages this could be kind of tough to put together. The most important thing is that you are acting with a purpose and finding that mission statement. The rest of the plan can be a work in progress but the quicker you get some kind of outline on paper the more efficient you’ll be able to work. You are setting your own acceptable parameters.
2. Are you providing for a constant need? It’s great if you have a “wonder widget” that solves a problem but once everyone has that “wonder widget” and no one has that problem anymore how will you grow?
3. Marketing. There are so many great resources out there that can help you spread your brand. Take advantage of the Blogging (Link to new ProBlogger book is ah-mazing), Twitter’s, Facebook’s, MySpace’s, LinkedIn’s, etc. It’s a bit of a time investment but totally worth it. Making friends and connections is the name of the game. Plus you’ll be learning so much along the way from people just like you spreading their brand awareness.
4. Tracking systems. I’m a huge proponent of knowing where I stand at any given moment. How long projects are taking, how much money I’ve invested in them, and when might I start to see a profit. It’s important to keep track of cash flows and time. Starting out resources are limited (usually) so getting the most of them should be a priority – including your time.  
5. Having fun. I know this is kind of cliché but if you open up a pastry shop then I hope you really love baking otherwise you’ll get sick of smelling like dough really quick. Making money is always fun, ask anyone, but how you do it is just as important. If you find a niche that needs a service or a product you provide you better find a way to make it entertaining and engaging for you otherwise your disinterest will eventually bury your pet project. You’ll come to frustrations and disappointments that not even the lure of making money will help you overcome, unless you love what it is your doing.

If you’re interested in getting a free small business checklist shoot me an email and I can send one out to you! Feel free to take a look at a previous post another small business post The Small Business 7 by yours truly here.

Keep the questions coming too!! I want this to continue to be a forum for discussion, sharing, and maybe a laugh or two..who said learning couldn't be fun.

Comments

[Melissa Cibelli]

Great post, and totally relevant for me concerning the husband and I venturing into the entrepreneurial world.

This may go along with "business plan," but I can't stress it enough: TALK TO AN ACCOUNTANT. Early on. Writing that first tax penalty check is painful, and all too common for those diving into a side business.