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Big business dreams begin with small steps
By Ted Albenesius
Contributing Writer
If you are one of the thousands of U.S. workers who have been affected by the wide economic swings of the past few years, this may be a good time to consider starting that small business you have always dreamed of owning.
The first steps for creating a successful business are planning, research and more planning. Ask yourself, “Can I be my own boss?” and try to objectively assess the pros and cons.
Running a business is different from working for one, even if you are an experienced manager. Every responsibility—generating new work, paying taxes, locating office space, buying paper clips—falls on your shoulders. That responsibility is in addition to actually doing the work itself.
Step by step
As part of your research and planning, you should:
Find your mentor. There is no substitute for experience. Talk to other small business owners who are in the same line of business as you aspire to enter.
Find out how they got started, what mistakes they made and what they would do differently. These discussions may also reveal opportunities to team with existing businesses for special projects, workload overflows or complementary services.
Find your customer. Put yourself in the position of your potential customers. What impresses you about the businesses you patronize? The little things, such as home delivery or online shopping.
Happy customers are repeat customers, a necessary part of a successful business.
Find your network. Tell friends and colleagues of your plans. Even if they are not prospective customers, they may volunteer other contacts who may be interested in using your services and offer other useful perspectives.
Practical application
Melissa Lykins took the first step to owning a business by speaking with Ross Ahntholz in May 2004. Ahntholz and Ann Cabot, counselors with the Service Corps for Retired Executives, advised Lykins and her son, Chris Williams, about owning and operating a bike shop.
With the help of their SCORE counselors, Lykins and Williams developed a detailed business plan to submit to potential lenders for the business loan they needed for their startup.
In order to better serve their potential customers, Williams completed courses at the United Bicycle Institute in Ashland, Ore., in bicycle assembly, repairs and maintenance. He had previously worked for a bike shop in Mount Pleasant as a shop mechanic, and the additional courses refined his skills.
After several more visits to the SCORE offices in July and August 2004, Lykins and Williams refined their business plan, and in December 2004, the Black Dog Bike Shop opened at 1150-A Hungryneck Blvd. in Mount Pleasant.
“My SCORE counselors were of tremendous help in getting our new venture to a thriving locally owned business,” said Lykins.
“It was indeed a pleasure to work with someone dedicated to making her dream a reality,” said Cabot about Lykins’ determination.
Available help
In addition to entrepreneurship counseling, SCORE offers low-cost workshops and seminars on a variety of business topics ranging from how to start a business to developing a succession plan.
If you are thinking about starting a new business or if you have recently started a small business, visit the local SCORE office at 2750 Speissegger Drive in North Charleston. Hours are 10 a.m. to 2 p.m. weekdays or visit the Web site at www.score285.org.
If you would you like to become a SCORE counselor, call 805-3068.
Ted Albenesius is a retired Charleston businessman and past chairman of the local SCORE chapter.
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