Your profitable business: 7 Essentials for Setting Up A Successful Enterprise   

While writing your list of whys, make sure your list includes the situations or items you no longer want in your life. For example:

It is crucial to become clear with your internal motivations to start your own business. Why is this important? Invariably you will have the challenges in your business. In those times, getting in touch with the reasons why you started your enterprise in the first place will excite and compel you to keep going! Tapping into what you desire to create as well as what you are moving away from are two powerful forces of drive and motivation.

Also be sure to list all the reasons why you chose the particular service/product and company/association for your home based business. Hopefully, you have done your due diligence on the product, company and industry you are entering in. (For more information on this topic please refer to my article entitle: Home Based Business Seekers: You Must Read This Before You Choose Your Business!)

2. ESTIMATE income and expense

Remember, this is a business not a hobby! Listing your projected monthly expenses and desired income is crucial so you can plan for a steady progression toward your financial goals and to monitor your results.

Estimating Expenses Here are some basic costs to consider:

Advertisement How will you advertise your business? Internet or newspaper ads, buying leads, mailing out flyers or postcards, etc.

Marketing materials Business cards, brochures, website, etc.

Operational expenses Utility bills, equipment such as a new computer or fax machine, registering your business name, etc.

Estimated Income I suggest estimating your income by month for the next 12 months. I recommend asking several people in your business what their income is. This is not to determine what you will make, but give you a rough idea of what others are generating in your specific industry.

3. ESTABLISH

Especially if you are transitioning from a current job, it is important for you to establish when and where you will conduct your business. If you have children, will you work when they are in school or after you put them to bed at night? If you currently working a full time job, will you set aside a half an hour of your lunchtime to market the business, or reserve some time on your days off? 

Also determine where you will work the business and, if possible, designate a specific area in your home. This could be a home office, or perhaps a corner of your bedroom. Communicate your needs with your family members or housemates and establish boundaries of your 'do not disturb' times when you are working, so that you can receive the support and cooperation you deserve.

4. ENVISION your ideal business

Get in touch with what your strengths and talents are so that you can create a business that reflects yourself as an individual, and therefore will be natural and enjoyable. How do you do that? One fun way is to sit down in a quiet spot and write down what an ideal day in your business would be.

Do you see yourself talking with people in person? Or are you one of those persons who feel more comfortable talking on the phone to prospects in your bunny slippers and robe? Maybe you're a natural at speaking in front of groups, or you want to market your business through writing informative articles on your product and services.

What are the traits of your ideal client? (ie: timely for appointments, professional, communicative, positive, etc.) Perhaps you feel drawn to focus on a specific group of people, such as stay-at-home-moms, retirees who want to generate more money, or other like-minded entrepreneurs.

What ideas come to mind? For this exercise, don't worry about how it will be accomplished, just let your ideas flow. Feel free to come back to this list for inspiration and add to it from time to time. If you really let yourself explore ideas you should feel a sense of excitement!

5. ELECT your board of directors

Many home based businesses, networking and multilevel marketing groups in particular, offer motivational speakers as a part of their training. For a moment, imagine a football team. These trainers would be the cheerleaders, who are important in the initial phase of starting your biz as well as when you find yourself wanting a boost about your business. 

However, like any great team, you need more than cheerleaders. You need coaches, people that will offer you objective feedback, brainstorm new strategies with you and give practical advice.

Firstly consider the person that introduced you to the business (in network marketing groups, your upline or your director) as well as others that are in your team. It is also imperative to find guidance from others that are not affiliated with your company/association. 

Remember you want objective feedback. So try joining a local networking or leads group, or your Chamber of Commerce. There are also online business organizations that offer forums and resources for professional assistance. We are in the land of free enterprise, and there are many resources and professionals out there to help you succeed.

6. EVALUATE your business

Plan to evaluate. In my opinion, many businesses fail to execute this important step. This includes short term as well as long term evaluations. I suggest a 3 month, a 6 month and a end of year evaluation.

Have a simple system previously set up, in order to evaluate regularly. First, write what success would mean for you in different areas. Remember that profits are just one way to measure success! So besides financially (what you want to earn), include areas like emotionally (how you want to feel), growing in product knowledge, developing effective communication skills, etc. 

Then, use a scoring system of numbers 1 to 10 to gauge your progress: 1 is no progression at all, 5 you are midway at manifesting your goal and 10 being you have achieved your goal. With this technique, you can easily see the areas that require attention while also acknowledging your achievements and growth.

7. ENJOY the process

Yes, Enjoy! While having your own business requires discipline and diligence, it doesn't mean that you can't have fun! Celebrate your wins! Calling your first set of leads, getting a press release in a local paper, placing your first newspaper or internet ad, your first sale, deciding on your business name, these are all milestones in your enterprise! 

Give yourself a well-deserved pat on the back, share your accomplishments with others and reward yourself for your achievements, however big or small they appear.

Discovering your unique way of doing business is a process, so relax and enjoy the journey! Know that with each action you take, you are one step closer to creating the business of your dreams.