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Feeling entrepreneurial and thinking of starting your own business? Something that you would like to do rather than have to do? People of all ages have successfully mixed business and pleasure. They have turned their ideas, passions and hobbies into solid businesses. Jim Antonopoulos turned his passion for food into one of Toronto's most successful chain of Greek restaurant franchises. He started with one restaurant (Epikourion in First Canadian Place), then Penelope and now the popular Jimmy the Greek fast food chain. Ross Bolt was a banker for 30 years and enjoyed collecting antiques. After retirement he opened a small but lucrative antique shop. Brett Baggott, a 31-year-old contract computer programmer, created his own computer gaming network store after two years of soul-searching research. Rowena Fullinwider began baking for a profit at the encouragement of friends after tasting her almond pound cake at a fundraiser. Now the owner of a thriving wholesale, retail and catalog business she attends about 30 trade shows annually and has customers all over North America. Matt Hamerling, now 18 years old, turned his teen-age hobby of collecting sports memorabilia and celebrity autographs into a finely honed business and is hoping to start 100 franchises next year. Perhaps more people are successful at starting their own business because more people are trying, and for several reasons. According to a recent Gallup poll 3 out of 10 individuals who are currently working for someone else expect their job situation to decline, or that they may lose their job and not be able to replace it. Other polls indicate that many workers are now laboring between 45 and 70 hours per week and would find working for themselves more rewarding. Likewise, Generation Xers are stating that it is hard to commit to companies and organizations that aren't financially rewarding or loyal to their employees and would rather go it alone. If you are among them, consider this: Out of more than one million businesses that start each year, 40 percent will be out of business by the end of the first year and 80 percent will have failed within five years. In order to succeed and to sustain a successful business you must: 1. Have a vision (be a visionary), a plan to make the vision work (create a business plan and strategy), and technical expertise to make it work (recruit a good team and Board of Advisors with complementary experience). 2. Do ongoing research. Is there a sustainable need for your product or service? What other companies are similar to yours, and what have they done to succeed or fail? What are you going to do to distinguish yourself from the competition? 3. Start out slow. Don't make the mistake of jumping into things too soon. Many have watched their businesses dissolve after taking on more than they could handle or spending more than they could afford. On the other hand, be on the look-out for synergistic acquisition opportunities at the right price. 4. Stay motivated. A lot of frustration can occur during the start-up phase and as the competitive landscape changes But if you truly believe in your idea, service or product, keep yourself encouraged and don't give up. Dream it, plan it and do it! 5. Get advice. Hire smart people with experience and a practical, can-do attitude. Retain lawyers and accountants that can set up appropriate corporate and tax structures, assist in formulating your strategy and drafting your business plan, mitigate your risks (properly drafted contracts with your employees, shareholders, suppliers and customers) and maximize your after-tax profitability. 6. Network for business and pleasure. Build a good business and social network that can help you find the right people to expand your business and provide you with solid business and legal advice, and give you leads on product and service suppliers, customers, strategic alliances and merger opportunities. To obtain a membership to TheLegalNet, please visit Membership. If you would just like to purchase a ticket to the next event, please click register and purchase ticket.
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