Launching Your Own Business

By Bonnie Wallsh

As time goes by, more and more planners are opting to start their own meetings management businesses. Some of these enterprises, of course, are more successful than others.

This week, I will be focusing on different aspects that are crucial factors in making your business a highly successful and rewarding venture. Today, Monday, we’ll focus on Getting Started: Challenges and Opportunities. Tomorrow, Tuesday, we’ll focus on creating your business plan and developing a marketing plan. On Wednesday, we’ll cover how to establish equitable client fees. On Thursday, we’ll discuss how to make your business more profitable. Friday, we’ll concentrate on mastering basic administrative and management issues including legal, financial, and insurance issues.

The following outline is a Q&A drill for the purposes of hanging out your own shingle. These questions will give you an idea of areas that you should consider when you make the leap.

1.                  Self analysis - What are my goals in life? Am I willing to work more than 8 hours a day, 7 days a week, when necessary, to get my business off the ground? Will I be able to continue “managing my business” while actually coordinating meetings? What are my strengths and weaknesses?

2.                  Personal skills and traits - Can I work alone without support staff, if necessary? Am I organized? Am I willing to work very hard? Do I have the desire to excel? Am I able to focus on achieving my objectives without being distracted?

3.                  Experience – Do I have sufficient knowledge and experience to properly execute the fundamentals of planning? Can I think strategically and partner with my clients in achieving their goals?

4.                  Finances – Do I have the financial resources to maintain my lifestyle until my business generates sufficient income? Will I need to borrow money for working capital?

5.                  Support system – Do I have a contingency plan in case of an emergency?

Next, consider 5 crucial questions that you should consider as you plan to launch your business.

1.                  What are your success criteria?

2.                  What is your mission statement?

3.                  What is your target market profile?

4.                  What is your unique selling proposition?

5.                  What is your prospect personal profile?

Comments

[Marjorie Risinger, CMP]

Good Start, Bonnie. Almost everything we ask when we start planning a meeting, we need to ask ourselves when we consider starting our own business. One very important question is: Am I a good sales person?