Step 1: Answering the Question- Why?

There are many reasons to go into business for yourself, and not every reason is a good one. The first step in the process for starting any company should be answering the question “why?” Why do you want to start your own business? Most advice givers call this step formulating your “life plan.”

Here’s a little background on myself…

I’m in my late-twenties. I hold both an Associate of Arts and a Bachelors of Business Administration in Finance. I took the finance route because I don’t find it boring, and I like helping people financially. After graduation I was looking at being a financial advisor, but didn’t like the quotas and sales-oriented demeanor of any entry level positions out there.

I wanted to help people by offering them real advice; not the product of the week, but genuine good-for-them stuff. Sadly, though, I had a family to support and could not take the high road. So I did the next best thing and entered the world of corporate financial analysis.

After about 6 years of working the unthinkable happened and my position was eliminated due to “restructuring.” Though I was upset at first, I was given a package that included a job transition consulting firm that aided me in a little soul searching. The first thing I learned is that I was miserable. The corporate life was and is not for me. I had to find a way to get back to who I am, and who I want to be.

The big question for me was “do I have to temporarily sell my soul in the process and take one of those sales-oriented positions?” Well I took full use of the consulting firm and attended their entrepreneurship seminars, which covered everything from consulting to franchising. In this process a light bulb went off… I don’t have to give people advice directly, but rather I can own a business that helps people financially in some way. In what way I haven’t decided, but let’s not get ahead of ourselves now.

So why do I want to do it…

I started my life plan as any newbie would - I did some research. Through the SBA website I found a really interesting site, http://www.startupnation.com/, which has a “10-step to Open for Business” guide. This site… tada… has creating your life plan as step one. Complete with a template, this site has really good insight to what kind of soul searching you really need to do.

I found that, due to my family, I am only willing to accept moderate risk at this time, and need something that will provide income fairly quickly after startup. As the site prescribes, I created my “manifesto” of:

• Freedom: I think work should be about pursuing happiness. I want career that allows me the flexibility to pursue my dreams, not for the benefit for some company, but for myself. I should have the freedom to choose what kind of business I want and who I do business with. I should also be free to choose to use my time the way I see fit. Most of all the ability to create financial freedom for my family.
  
• Family: I want a work environment that is all about family, where my employees are part of my family and feel as if the company is partly theirs. A place where family needs are understood for everyone and accommodations are easily made. Also my business will afford me the flexibility to be there for my family when they need me, and work can be done when I am not needed (or there).
  
• Success: I want to be able to create success for myself on my own terms. Being successful enough that I am a good role model for my girls, and have the ability to hand down that success through generations in my family. I want tangible success, where I don’t need words of encouragement throughout the day, but rather success that is obvious and measurable. Owning my own business provides this as my success is measured by the company’s growth.

Not everyone will formulate the same “manifesto” because it is based solely on your needs, wants, dreams, likes and dislikes. For me, I like working in an office environment, but need the flexibility in my schedule to accommodate my family.

I am the next generation of quasi-full-time mothers. I want the successful career and the family time all-in-one. I want the option to balance both with equal passion and ambition. I want to attend every dance recital and not have to beg my boss and cross my fingers that a new project is not assigned in the interim.

So for me, owning my own business is an obvious choice. It has the best of all worlds. Though what kind of business will fit my needs? Check in next time as I discuss different business models and how I chose the right one for me.

-Rebecca