Be Your Own Boss! Tips for Starting a Small Business in 2011

Tips for opening your own small business in 2011.

ByABC News
January 2, 2011, 7:48 PM

Jan. 3, 2011 — -- If we learned one thing from the job market last year it's that nobody's coming to take care of our careers. We can't wait for a big bailout, a massive economic turnaround or some miracle to grow our paychecks. We're each responsible for taking charge and making things happen for ourselves.

Among the workplace highlights of 2010: small businesses experienced the fastest growth in the private sector.

One of my big goals this year is to help more people launch and grow their own ventures. In fact, I'm so passionate about this that after investing more than 11 years focused almost exclusively on helping people get hired through Women For Hire, I've recently expanded my company by starting a whole new division called Spark & Hustle to guide even more people to entrepreneurial success.

It's enabling me to retrace my roots (I started in the corner of my bedroom, researching and cold-calling prospects with my dial-up connection and an AOL e-mail address) and share what works and what doesn't to hopefully enable others to avoid my mistakes and experience similar successes.

Click HERE to see tips for creating your own business plan.

First step: Be sure you truly want to be a small business owner. This isn't something you should pursue because nothing better has come along. It's not something to seek because of financial desperation. It's incredibly hard work with inevitable obstacles along the way, which means you have to really want it if you expect to be successful. Starting a business must be your primary plan, not your fall back.

Next, figure out the small business idea that you're most excited about making happen. Don't attempt to reinvent the wheel. There's no need to create the next Google or Zip Car; tried and true businesses are perfectly acceptable. When I started Women For Hire, career fairs were (and still are) a dime a dozen. I put my own spin on them and created a very successful business.

Take a look around and you'll see the same thing: People buy cupcakes, we all get haircuts, everyone likes some kind of jewelry. Walk any mall or Main Street and you'll see multiple coffee shops, banks and clothing stores. Competitors can co-exist quite successfully as long as the product or service is sold effectively and delivered with excellence.