Jack Mencini and Adam Sonnhalter co-hosts of Dirt Secrets of Small Business and business owners themselves with Maximum Value Partners (MVP) (www.maximumvp.com) tackle the difficult HOW question this week of: How do I start my own business?
Jack was recently at a family event when one of his relatives, who is a licensed massotherapist shared with him that she was thinking of starting her own business and wanted insight on how to do this. She is currently working for someone else and is trying to get advice from many different sources including family members. (Spoiler alert – many family members may not have a clue on how to go about starting a business.) Talking to Jack was a good first step, but not a short conversation that could provide a solution while the chip dip is being passed.
A good first step, which Jack advised is to get a good definition of what her products and services will be. As simple as that sounds, most people don’t do this well, especially early on. This type of definition quickly leads into the types of people who would want that type of product or service, also known as the target market. Jack also suggested that she look at Maximum Value Partners 7 Keys to Success to get her on the mindset of what are the fundamentals to developing a good business which includes creating a good Marketing Plan http://maximumvp.com/7-keys-to-success/
Adam also offered a key insight to have Jenny ask herself, “Is my product or service good enough that I can give it away and people will want it?” The premise being that if you can’t even give it away, you might not have the right product or service to start a business.
Jack’s relative was also considering something that is another common mistake, going into business with a friend. In this case, the friend is also a massotherapist who doesn’t know anything about business. Partners can be good when they each bring different things to the partnership. What typically happens in a case like this is that they’ve now doubled the number of mouths they need to feed and will ultimately lead to stress on the business and the friendship. We encourage folks who are just starting out to focus hard on getting their first customers. If you can’t get people to pay for your product or service, it doesn’t make sense to take the plunge and get into that business.
For more insights on this HOW question of starting a business and additional insights on running a small business, listen to the entire podcast. Access the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site at http://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions http://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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