LATIN TIMES MAGAZINE Vol 5 No 1 | Page 10

The ABC ' s of Starting your ownBusiness

Many believe that the American dream is to one day start your own business and experience financial freedom !

I am willing to bet that at one point during our lifetime we have thought about owning our own business and making it big . We have all heard the story about the secretary who used her own kitchen blender to mix up her first batch of liquid paper or “ white out ” and later sold her company for $ 47.5 million .

The stories can go on and on , but what separates those trailblazers that start their own business and from those who spend a lifetime thinking about it , was their willingness to take risk . More then likely , those who took the risk and succeeded were diligent , flexible , laser focused and not afraid to ask for help from those with more experience .

However , before you take the plunge , allow me to raise a few issues that every potential entrepreneur should consider before investing valuable time and money .

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By : Attorney Gilberto “ Gil ” Sanchez of Maney & Gordon , P . A .

A-B-C ' s 1 . IDENTIFY YOUR SKILLS AND EXPERIENCE . Generally small business loans require that you have at least five ( 5 ) years experience in the business that you will be engaging in . For better or for worse , five ( 5 ) years experience seems to be the threshold as to the likelihood of success for the business . Whether you have the five years experience or not , every entrepreneur needs to perform an analysis of their skills and experience .

You need to sit down and make a laundry list of your skills and experience ( similar to develop a personal resume ). Your skills or experience may include your education , work experience , community involvement , hobbies or languages . You could have experience in sales , marketing , importing / exporting , public speaking , graphic design , art , dancing , event planning , project management , leadership or creativity . Open your mind and think outside the box when truly evaluating your skills or experience , you ’ ll be surprised with what you come up with .

Don ’ t be discouraged if you feel that you do not have the sufficient skills or experience . At the very minimum , identify your weaknesses or lack of experience and skills , and develop a tangible plan to build them up . Remember , to be honest with yourself when doing this exercise of self analysis .

2 . IDENTIFY WHAT GOOD OR SERVICES YOU CAN OFFER . Once you have successfully evaluated yourself , the next step is to play matchmaker . No , not matchmaker with other people , but matchmaker between your skills and experience and a business that best suits your skills . This process can be agonizing if not properly structured . You need to first realize the free resources that are available to you when searching for the right business .

You obviously have internet search engines , such as google . com and yahoo . com . If your not internet savvy , go to the business section of your local library . You can also call the U . S . small business administration or the local chambers of commerce for advice or guidance . Even better , pick up the yellow pages and flip through all the different businesses that have synergies with your skills and experience .

Make sure to be flexible in your search . Once you have developed a list of business possibilities , you can begin analyzing each one , with “ cabeza fria ”, and truly narrow down what best suits your skills and experience .

3 . MAKE YOUR IDEA A REALITY BY PREPARING A PLAN . Now you should have a list of your skills and experience , along with a list of potential business opportunities . Now what ? Well , what increases your chances of business success is to prepare a business plan . Bare in mind that this does not have to be a 50 page plan . However , to truly identify if you business will succeed you need to develop some type of business plan . The major components of a business plan include : - An executive summary which summarizes the strategies and goals of the business ; - key investment consideration which contains a description of the reasons why the business would be viable and would be worth financing - Marketing plan which describes the good / service to be offered , the price for the good / service , placement or where the services will be offered and the promotions , or marketing behind the good / service . These are known as the 4 P ’ s in marketing : Product , Price , Placement and Promotions . - Operations plan that identifies the management of the business and the roles and responsibilities of each .

- Financial projections of the business for at least five years , identifying startup costs , revenues , expenses and annual budgets . This section is absolutely key when trying to raise the sufficient capital to start the business .

Remember that you do not need an MBA or be an accountant to develop a business plan . This exercise is crucial when assessing the viability of the business . There are many non for profit organizations within the area that offer seminars or technical assistance when preparing a business plan . I highly recommend the Hispanic Business Initiative Fund , (“ HBIF ”) as a potential resource for assistance .

Obviously it ’ s difficult to explain every detail in starting a business , but I wanted this article to be a primer or general overview of the major areas to contemplate when starting your business . I wish you the best of luck as you trail blaze into the world of owning your own business . Remember that taking risks can pay off greatly ! Best of luck !

Attorney Gilberto “ Gil ” Sanchez of Maney & Gordon , P . A .

Please email : g . sanchez @ maneygordon . com for questions .

Maney & Gordon , P . A . Attorneys At Law

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