75
Startup and/or starting own business
Hello everybody. I had posted on here last week. I was conferred for my Ed.D in instructional technology and distance education in August. My dissertation was on the efficacy of telehealth using the Delphi Method.
I have been struggling with my job search, looking for ID, technical writing, project management, telehealth (non-clinical) and a variety of other positions. I am currently living near Roanoke, VA but would like to relocate to Charleston, SC or Charlotte, NC.
Another member of FGB suggested that I look at working with/or at a startup. I have been at a qualitative research conference this week and am realizing because what I am looking for is so niche, that I need to either work with/at a start up or begin my own business.
Does anyone have experience with these areas? Or have any resources you can recommend. I have registered for a start your business and requested a counseling session with the local SBDC.
Thanks!
Anonymous
01/20/20 at 6AM UTC (Edited)
I urge careful study and consideration, as most (+/- 80%) start-ups fail and because starting your own business doesn’t work for everyone— although it certainly works for some. I’ve been an independent consultant and have had both successes and challenges.
Bottom line: maximize your likelihood of success in launching a new business by thoroughly developing and evaluating the strength of your business plan before you start.
Things to consider about starting your own business:
1. Are you entrepreneurial and able to accept ambiguity and risk? If not, starting your own business might not be advisable.
2. Do you like marketing and selling your services? That will be the heart of your business until you build a sufficient volume of repeat customers. Most successful entrepreneurs are aggressive marketers/sellers.
3. Is your specialty a niche in which you are expert, in which there is ongoing demand and little or limited competition? The more specific your service or product, the better. Research the market, your competition and pricing.
4. Is the work that you’d perform something that you can handle yourself (good), or would you need to team with others to perform your work (more difficult; if so, form your team up front.)
5. Can you perform your work at a competitive price? As a solo entrepreneur, you won’t have the scale economies available to larger enterprises. On the plus side, your overhead might be limited.
6. Is your service/product scalable (ie you can provide the same standardized service/product to more and more customers)? Helpful if yes. If you must customize the service/product to each customer, it may be more difficult to grow the business.
7. Is your work capital intensive? If yes, do you have the required capital or do you have the required financing source/s?
8. What will you do for income while you are building your business? Is someone else in your household earning sufficient income to support everyone or do you have sufficient savings?
Things to consider about start-ups:
1. Does the company have a growing book of business?
2. Does the company have a well-differentiated and well-designed product or service?
3. Does the company have a credible marketing plan?
4. Is the company well-capitalized and does it have the cash flow needed to repay any outstanding debt? Are there financial statements and a business plan that you can look at?
5. Does the company appear to be well-organized and does it have sound financial controls for keeping records, disbursing funds and preventing fraud? How are disputes or controversies resolved? Is the staff sufficient to handle the work being done or does the company have the net income to grow the staff as needed?
6. Are you comfortable with the key staff members and the culture of the company?
Cybele WuUX Researcher | Designer seeking healthcare
75
01/21/20 at 5:01PM UTC
Thank you A.N. Much of what you said I have heard or am aware of . I am still researching but I can say that what I want to do is in my niche. I have attempted to find employment in this area but it doesn't exist so I will need to create it myself. Yes it is incredibly scary and risky but really it is more of a risk not to attempt to follow this dream!
