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By Warren Coughlin

Warren is a business coach with ActionCoach, who is committed to helping entrepreneurs and executives grow themselves and their businesses so they can live the lives they seek. He has been recognized as the Canadian Coach of the Year Award (2005), The Top Performing Coach Award (2006) and as one of the top 10 coaches among the 1000+ coaches around the world in ActionCoach.

Hi Warren. I am interested in starting my own business. I currently work in industrial engine and transmission sales, as well as parts support. I am thinking of going out on my own as a small business owner in the same field. The only thing is, I have no idea how to even begin. What is the process of starting a small business?

– Jason B.

Hi Jason, Now that is a big question. There are large books written on this subject, so there are limits to what one can convey in this format. Having said that, let me outline some things to consider...

1) Why do you want to go out on your own? What are your goals for your business?

2) Apart from sales, what skills do you bring to running a business? What skills will you have to develop or acquire?

3) What is the competitive landscape? You say you are in that business already. What makes you believe that there will be enough business? (I'm not suggesting you are wrong, by the way. I just want you to evaluate the nature of the opportunity)

4) What resources do you have available and are they enough to sustain you until the business becomes profitable? Look at this both from an optimistic and a pessimistic perspective. If business growth is slower than anticipated, how long can you sustain yourself.

5) What are you offering that is different from your competitors? In other words, why should people come to you rather than existing businesses? It is important to be able to explain how you are different or better.

6) Once you are satisfied that your business can take you to your goals, that you have or will acquire the skills needed to grow your business, that there is room in the market for your business, that you have adequate capital and that you have something unique to offer, then you need to create a business plan so you know how to deploy your resources and reach your markets profitably.

Best of luck, Warren

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