Do you have an idea for a business that you think could
change the world? Join the club! Self-employment, entrepreneurship and social
enterprise are hugely popular these days – among recent college grads wanting to
make their mark, Baby Boomers looking for a more satisfying career change, moms
and dads who want to stay at home with their children, and all sorts of people
who want to deliver goods or services for a social purpose.
And most of these folks have an eye on doing something that’s
green – sustainability consulting, carbon offsets, home energy audits,
bio-fuels, wind power, organic food, natural baby products or a vegetarian
restaurant. No matter what sort of product or service you want to sell, and how
big or small your ambition is for your enterprise, some common principles apply.
Your unique business idea
What is your unique idea or unique twist on an existing idea? And what makes it
different from all the others? Is it better, cheaper, not available in your
area, more fun, more reliable?
The benefit to your customers
Forget about the benefit to you (which will, we hope, be fame and fortune, or at
least independence and satisfaction). Your eye should be on how other people or
businesses will benefit from your new enterprise...and if those prospective
customers will value what you are offering enough to pay what you have to
charge. That information will provide you with your marketing focus and a way to
measure your success.
Why you?
You will need some basic business skills (or the ability to pay others
who have them), money (at least enough to pay both your living and business
expenses for at least a year if you’re jumping in full-time), knowledge of and
passion for your business idea, some risk tolerance, the ability to sell (either
yourself or your product/service), good health and physical stamina, the ability
to learn quickly and on the fly, ability to deal with stress, determination,
decision-making ability, and good time management and organizational skills. And
it doesn’t hurt to have some contacts in your field. If you’re planning to work
at home, you’ll need to be able to deal with issues like procrastination,
isolation and the crossover between your business and personal lives. If this
makes it sound like starting and running a business isn’t for the timid, you’re
right!
Your business plan
Once you’ve thought about these things, do some hard-nosed research to be
sure you’re operating from reality, rather than your dream. Create a
business plan that confirms there is a need for your business, outlines its
mission and goals, states how you will market the business, describes the
advantages you’ll have over a few specific competitors, details expected
costs and revenues on a quarterly or monthly basis, shows where money is
going to come from to cover cash-flow gaps and provides information about
you and any business partners.
Just do it
Many people dream about being their own boss but most never get past the
dreaming and planning stages. So once you
have put together a business plan that’s solid enough to convince a banker
(even if you don’t plan to seek a business loan), believe in your research
and in your idea, and go for it.
Seek help
We all make mistakes; in fact, that’s how most of us learn. Pretending that
you are invincible is a sure path to failure. Instead, seek help and support
from others – your banker or accountant, other entrepreneurs, seminars and
books.
The green bottom line
Whether or not you define your business as a social enterprise, you should
consider delivering on environmental quality, social justice and economic
security performance targets, something that is often referred to as the
triple bottom line.
Wendy Priesnitz, is Natural Life’s
co-founder and editor. She helped pioneer the home business movement in the
1980s, taught and coached micro business owners for over 20 years, wrote a
weekly small business column for 10 years and is the author of
Bringing It Home: A Home Business Start-Up Guide for You
and Your Family. Read some of her
articles
about home-based, small and green businesses.
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