Start a Business based on your present knowledge and
skills
A lot of successful entrepreneurs, who start a business, build upon their existing skills and contacts. Plan your business
venture based on an inventory of your experience, contacts and skills and do your business plan accordingly. To be the next Elon Musk Paypal entrepreneur, you need to plan every facet of your
business. Offering a helping hand to struggling members of our society can be a double win event. An
excerpt from the Bucyrus Telegraph Forum demonstrates this
approach:
BUCYRUS -- Matt Gibson made his money. He was an accomplished advertising agent, and is now
looking for a new challenge.
Get help from Silent Partners when
You Start a Business
Gibson, with help from a silent partner in the
Crawford County area, purchased Go Fast LLC and created Champion Foodservice, which puts together ready-to-serve
meals that can last -- at this point -- up to a year on the shelf without going bad.
The focus is to provide services to schools, then
expand. Gibson said he has two major contracts in the works that would expand the operation that employs 20 mostly
full-time workers.
"We are a new business, so some weeks are better
than others," Gibson said. "We hope to expand, but most of the workers get about 35 hours per week right now --
give or take."
Champion is trying to do many things differently,
beginning with its employment practices -- which are unusual in this area.
Gibson works closely with Beacon House, which
provides transitional housing for women overcoming addictions. He employs some who have gone through the program
successfully.
"I believe in second chances, and when people
walk through that door, it is their first chance with me," Gibson said. "I am here for business, this isn't
religious-related, but by partnering with Beacon House we can give someone a shot that might not have otherwise had
one.
"I have already had someone who has worked for me
and promoted them into a management position. That can be scary at this early stage."
That's not to say Gibson will be able to hire
everyone who goes through the program.
"They will still be drug-tested and all of those
things. I am about not lying, having integrity and being very loyal," Gibson said. "This is important. This
community really needs it. The more we can grow, the more the community can benefit from it,
too."
Gibson, of Grand Rapids, Mich., worked for one of
the largest shelf-stable food packaging facilities in the country before coming to Bucyrus.
With help from his partner, he set up the
business and brought one of his biggest clients from his former company to his new endeavor. That helped him get
off the ground quickly. Since May, he has shipped one million meals.
"We want to create a Google type of atmosphere
here," Gibson said. "We have a different edge to how we do our business here. We are using a lot more technology to
drive our sales than the old way.
"We work with Michelle Obama's administration
helping kids stay healthy. All of the food we put in there is healthy. Obesity is a big problem, and we are hoping
to help with that. We follow where the federal money goes and work towards helping with that. Some of the things we
put in there, they look like snacks, but they are whole grain.
"It matters what's inside the
product."
Gibson said in his old job, when Hurricane
Katrina hit, he helped to get more than a million meals out to the victims through the Federal Emergency Management
Agency
Utilizing your current skills can make life a lot easier for you when starting a new business. The
financial part of the business can be supported by your chosen professional team.
John Whiteley, Certified Accountant
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We all require the new business support offered by our Canadian
accountant or US Accountant, lawyer, insurance agent, banker, personal financial planner and business coach.
Your Start a Business Team needs to be created before you invest
your money and time into your venture. Sadly, most small business people run for help only when they are in
serious trouble. Your Team Members want you to succeed and will advise your accordingly.
How to start a business is a difficult
task which is proven with over a 80% failure rate for new businesses within the first two years. Your accountant
and support team will provide you with valuable advice and great practical ideas so that you stay in the 20%
success group.
Accountants, Lawyers, Insurance Agents and Personal Financial
Planners are available so our business startups can be successful when you
organize your team of professionals and consult with them during the planning stage and during the business
operations.
A Business Professional can assist you with Small business planning
which includes the following steps:
Preparation of business plan which will encompass market research, competition, investment
required, cash flow, projection of income; employees needed, and funding sources. Your accountant
will help you with this plan.
Find a product or service that fits your plan
Determine the extent of your business resources
Calculate the total investment needed for equipment and working capital
Decide on the best legal structure for your proposed business; factors to consider are; risk,
branding, taxation. Do not incorporate a company on your own before discussing with your team
members.
Physical location of your business if not home based
An experienced business coach can help you navigate through the maze of obstacles in this new business
startup phase and keep you focused on your personal and business goals. Just as Small
Business Navigator can help you with your business plan, Thebusiness directory at DandB.comcan
help you gain insight into small business credit information.