The Suites Collection

With the gloomy economy threatening to stretch into 2009, business owners are shifting gears.   Decisions are being put on hold, spending reduced, hiring frozen.  But, what if you are in the midst of starting your own business?  If you’ve moved beyond the dreaming and the planning stages, you may not want to restrain that momentum.   Luckily, achieving success in a slow economy is possible if you remain attuned to the unique dynamics of the market and adjust your plans accordingly.  Finding additional funding as well as ways to reduce spending in non-essential areas will help you succeed.

The first thing you should do is revisit your business plan.  Make sure your financial projections are realistic considering the stringent credit market and increased competition for venture capital.  It’s best to assume you are going to need more money than you previously thought, because customers may take longer to attract.  Experts estimate you will need 2-3 times the amount of money to fund your start-up in this economy.   All avenues should be pursued in depth including equity, debt and government financing.

Certain long term goals may need to be modified into short term solutions that keep overhead costs down.   Consider using freelancers instead of hiring full time employees.   Allow yourself flexibility for the future by not locking yourself into long term contracts.  The Suites Collection has shared furnished offices that can accommodate your needs for dedicated or flexible space.  Included services such as internet connections, telephones, faxes and copiers mean you won’t have to outlay cash for equipment or enter into service agreements with support technicians. 

Strengthening professional relationships will bring significant benefits at this time and won’t cost a dime.   Touch base with your peers and customers to find out how they are doing and listen to their experiences.   This social initiation demonstrates confidence and signifies your potential.  Instead of hiring a business consultant, reach out to a mentor or an experienced professional in your field.  This is a way to get a little free advice or maybe to learn from another’s mistakes.  SCORE offers free career counseling for start ups and small businesses from experienced entrepreneurs and seasoned executives. 

Sometimes you have to roll with the punches.  It’s good to practice patience and optimism and trust that eventual success is in your hands.

“Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.”

• - Ben Bernanke, US Federal Reserve Chairman

The creation of a sound business plan is essential to your company’s success.  Not only is a plan necessary to obtain funding from banks or investors, the very act of developing it will enhance your ability to convey the good reasons your company should exist.  Even if you constructed a solid plan back at the beginning of your venture, you should continue to reassess it based on current circumstances and goals.  Experts agree that a well developed plan signifies your company’s strong foundation.

In order to write your plan as straightforwardly as possible, separate out the main components into sections.  These are the key areas you will need to analyze:

Product – What are you selling and how is it innovative?

Market – Who are your customers and why will they buy your product?

Finance – How much money do you have and how much are you going to need?

Examining these elements will force you to confront all of the small details that go into running a business.  Doing so will likely reveal many answers to questions you currently have about how your idea should be structured and pursued.  Throughout the life of your company, you may find that expanding the original plan can enlighten you when obstacles or surprises force you to make important decisions or to change course.

There are a host of free resources to assist you while you create your business plan.

• Use the Small Business Administration’s interactive workshopto guide you through the practical steps of putting the document together.
• Talk with experienced business owners who have already met this goal.  One benefit of working in an office business center, especially one where an atmosphere of congeniality is fostered, is that networking with other business owners allows you to gain from their expertise and advice.
• Refer to other business plan examples.  Even though the examples may not be the same business model you propose, you can tweak certain aspects to conform to your own plan.

Once you’ve completed your work, don’t file it away.  Keep it updated so that you stay on top of current trends and future possibilities.  Maintaining an effective business plan means you are constantly in tune with your company’s position and always have a written plan for success.

Starting your own business is a dream many people have but few pursue.  The vision of being your own boss and reaping direct financial rewards from your own hard work can be very appealing.  Having a great concept or brilliant innovation will certainly open doors for your endeavor, but it’s the person behind the business that will ultimately direct its success or failure.

Though there is no litmus test for a successful business owner, many thriving entrepreneurs share similar personality qualities which indicate a better chance for survival in the daunting realm of self employment.  If you have decided to work for yourself, consider your personality type to realize strengths in the areas that research has proven will help you.  Conversely, try to face those areas in which you have weaknesses and commit to improving upon them so that you can make the best of your situation.

Many of the traits associated with successful entrepreneurs are exemplified by people who exhibit self-confidence and self-reliance.  A confident person is a visionary who is courageous, idealisic, passionate and innovative.  The confident person takes risks and adapts with flexibility and resourcefulness when things don’t go as planned.  Someone with self-reliance is independent and dedicated.  They are willing to sacrifice creature comforts and are committed to their vision, not quitting until they feel satisfied with the results.

Taking an online quiz is an interesting exercise and can jump start your own entrepreneurial self-evaluation. No test is a certain indicator of who you truly are or predictor of what you will become, but Monster.com has several types of interactive examinations and SCORE has a good start up quiz.

If you have recently decided to become self-employed or if you are already on the journey but feeling the strains of self-sufficiency, know that there are resources in the market to support your business endeavors while still respecting your autonomy. Office Business Centers like The Suites Collection offer you a private furnished workspace with internet and phone. We also have onsite staff to provide you administrative support. Contact us today for a tour and find the right place to begin or expand your dreams.