Life Lessons: How to start your own business
Updated On: Apr 01 2013 05:53:30 AM CDT
DId you ever think you could start your own business?
Maybe you think you might have a million-dollar idea, or maybe you're just tired of working for someone else.
If you think you could run your own business, experts say you'll need a great idea, a good strategy and street smarts.
A year ago when Kym Faylor started her own business, she hoped she would be where she is today but she wasn't sure.
Kym says," It was very scary...very scary."
Kym was working for someone else and thought she could do better on her own.
So, she took her idea and some of her colleagues and started Azzur Labs in Schnecksville, Lehigh County.
"Well we've done this for 15 years so I really had an idea of who was out there, what they were looking for and what they needed," she says.
Kym knows a lot about biology, but she didn't know much about business. So she enlisted the help of Glen Cheney -- a volunteer with Lehigh Valley SCORE.
SCORE is a group of active and retired businessmen and women who offer free advice to new businesses or current businesses looking for help.
Glen says,"We have a very good time at it because we enjoy the entrepreneurs who come to us. They have a world of ideas."
As a former manager, Glen adds you have to ask yourself two questions: Who is the market for this product? And Is this a money making idea?
"If you're doing some kind of activity and it's not making money, you have a hobby. If you have a business, it's making money or it has a plan to make money."
Kym is already looking to expand. She says her only regret is that she didn't do this a long time ago.
"It's awesome to see how it's going and how it's working. It's going better than I expected."
Experts say a detailed business plan is a must. The better you understand your market, your product and the costs associated with doing business, the better your outcome will be.
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