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Welcome to the My Own Business, Inc. (MOBI) newsletter! My Own Business, Inc. is a 501(c)(3) nonprofit organization providing free educational coursework on myownbusiness.org to foster successful entrepreneurs.
Each issue will give you information and ideas to help achieve your entrepreneurial goals. Highlights of this issue include:
- Feature Article "Top Ten Questions To Ask Before Starting Your Business" by Phil Holland, founder of My Own Business, Inc.
- My Own Business passes the 100,000 visitors per month mark.
- Academic institutions have an eye for MOBI.
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Top Ten Questions To Ask Before Starting Your Business
By Phil Holland
Founder of My Own Business, Inc.
Far too often, first-time entrepreneurs go about starting a business without sufficient knowledge as to what bobby traps lie ahead -- traps that can lead to failure. For these start-ups, it's like walking into a minefield blindfolded. Yet there are certain basic questions to ask yourself that can collectively serve as a checklist to avoid many costly mistakes. Here are some of them, taken from our course at myownbusiness.org. (Keep in mind that airline pilots are required by the FAA to use a check list before they take off.)
- Have I focused on a specific product or service? As a rule, specialists outperform non-specialists. Would further specialization improve your prospects? Think about the most successful retailers, real estate firms and food chains. And where did you buy the last pizza, chicken or cup of coffee?
- Is my business plan complete and in a written format? The primary value will be to create a written outline that evaluates all aspects of the economic viability of your business. Does it include pre-opening, first year and long-range planning? It will also play a key role in securing financing and will help uncover weaknesses in the planning process.
- Have I acknowledged my competition and limitations? It will be hard to compete with "category-killer" discount chains with powerful buying power and efficiencies of scale. Does your marketing plan serve a special niche?
- Do I understanding the basics of accounting? And do I have a one-year cash flow projection prepared to insure I can maintain ongoing liquidity? (Our free website for entrepreneurs at myownbusiness.org will show you have to prepare this as well as your business plan.)
- Do I have the necessary e-commerce tools in place? It is the fastest growing segment of the economy and allows even the smallest business to reach a global audience with minimal costs. There are now more than 300 million people using the Internet internationally.
- Have I learned the basics of my business by first working in the business for someone else? This is probably the best way to discover if you have made a choice that will be not only successful, but also satisfying.
- Have I successfully test-marketed my product or service? There can be a huge gap between the concept of a great product or service and the reality of what paying customers are seeking.
- Have I focused on selling a great product at a fair price rather than a fair product at a great price? (Great products suggest pricing power and fair products suggest a commodity-type product more susceptible to competition.)
- Do I have all the communications, computer and other business tools in place? Do I have the skills to use them? Unless potential customers are aware of your business, they will not have the information to contact you or to purchase your products.
- Is my marketing plan and budget in place? Every business has a specific strategy that usually works best and has already been proven by your most successful competitors.
If you can answer all of these check-off items with an enthusiastic "yes!" your chances for success will be improved enormously.
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My Own Business Hits 100,000 Mark
In August of 2004 as gauged using our Webalizer usage reports My Own Business passed the 100,000 visitors in a single month with just over 110,000 visitors! More than ever people are taking advantage of My Own Business website and the free course material. In October of 2002 My Own Business recorded 18,759 visitors. The latest surge in visitors to the site can be attributed to the continued hard work and dedication of the MOB staff.
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Academic Institutions Take Notice
In recent months several academic institutions have taken interest in the My Own Business Curriculum. With the generous help of Knobbe Martens Olson & Bear LLP we have been hard at work to establish licensing agreements. These licensing agreements would protect the intellectual property of the course material while at the same time allow teachers and schools to present our course!
Of particular interest is the My Own Business Certificate course. We are currently in the proposal stages with a major university to explore the possibilities of presenting the My Own Business course material in a classroom. This would count as towards continuing education credits for students who took the course. There should be some positive developments in our next Newsletter!
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Valuable Products And Services
We are proud to present our latest products and services. - MOBI has forged stronger ties with partner PaloAlto.com to further enhance the tools and resources accessible through the My Own Business Website.
- The Apprentice - Season 2 of the new business reality series with Donald Trump can be found here.
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Share Your Success Story
Your sharing your Success Story in the FYI Newsletter offers a double benefit: You can gain widespread recognition by and promoting your business to the more than 100,000 visitors who view the My Own Business site over 500,000 times each month. Also, your success story will provide lessons and inspiration to the many other who are striving to achieve success. We really want to hear from you. Visit our Success Stories page and share your good news at myownbusiness.org/success.html.
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Dear MOBI Column
We welcome your questions to be answered in this Newsletter feature! Here is our Q and A for this edition:
Question:
I would like to know what the pitfalls are of child care. Someone is selling their 14 year old business. I don't know much about this type of business other than paying for child care services. I need help to know if this is a good idea.
Answer:
With my twenty plus years of working in childcare, it has been my experience that when people without childcare experience try to run a childcare center, they fail. I have never seen it work.
- One of the first hurtles is the high cost of insurance.
- You will need to rely on someone who is qualified (as per state licensing) and who knows the business, to run the facility for you. A few absent children in each class can make a huge difference to your bottom line.
- Another huge problem in childcare is staffing. Not only do childcare employees need certain qualifications, you must meet specific adult - child ratios. If an employee is absent, someone must watch those children.
If you have a burning desire to work with children and run a child care center, I would recommend that you:
- Enroll in some Early Childhood Education courses at your local community college.
- Speak with someone at the agency that licenses childcare centers in your state. Get a copy of the licensing regulations. Find out if they offer licensing classes. Get familiar with the state regulations. Ask licensing to see the public file of the center that you are interested in. Check out their record.
- Go to work for a childcare center, or even the one that you are interested in.
Then, if you really love it, you may now be the right person for the job.
Lisa Rathfelder
Preschool Training & Licensing Specialist
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www.myownbusiness.org
My Own Business, Inc. welcomes your comments and questions. Please send to FYI Newsletter, My Own Business, Inc., 13181 Crossroads Parkway North, Suite 190, City of Industry, Ca 91746, phone 1-562-463-1800, or e-mail us at info@myownbusiness.org.
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