The Business of You: Will The Next Chapter of Your Life Be 11?

by Kenneth J. Weiss
May 16, 2006

Passion wins ball games. Passion builds cities. Talk to any successful business owner and they will tell you that their story is driven by passion. Talk to any unsuccessful entrepreneur and they will tell you they were driven to bankruptcy by same thing. So, as you contemplate the next chapter of your life, how will you be sure that you are working on a great ending instead of a tortured, misguided tale?

Never, Never, Never (Did I Mention Never?) Go into Business Unless...

...You Got The Docs
You should have three very important documents. If they are tattered and torn and show the signs of thoughtful cups of diner coffee, and late nights at the kitchen table, all the better. The first is the business plan. The second is the marketing plan. The third is a working budget. Don't even think about starting a business unless you have every last detail nailed - of every one.

...The Business is Scalable
In the days of the butcher, tailor and cobbler scalable meant having sons. Remember, every son of the funeral director someday buys a blue suit. Business scalability via merlot and Luther Vandross rarely works today. You must have a plan to scale by multiples of two, five or even 10.

...You Can Win The Real Estate Game
If your business requires office, manufacturing, warehousing or retail space you need to have a plan to own rather than lease your space. For many businesses this is the single largest expense after personnel, and it is usually a fixed cost. Many businesses are strangled by lease escalators and landlords who change the rules of engagement.

...The Business Is Not Built Around You
If your business relies completely on your skills and talents, your story will be an epic disaster. You will get tired. You will get sick. You will have an off-day. If the crux of your model relies on you, the first order of business is to systematize those skills and transfer them to other people. If you can do it quickly and repeatedly, your chances of success increase exponentially.

...You Married A Gumby
Your spouse needs to be incredibly flexible. Your hours will be ridiculous; the financial commitments outlandish. At some point enough may be enough. Knowing when is the hard part, but nitially you will need more than a little give.

...You...Have..Patience
Early success is remarkable, and perhaps a bit scary. Most businesses struggle for the first few years. You will need emotional and financial endurance to get a business off the ground.

...You Can Point to the Exit Sign
You need to have an exit strategy. An exit strategy if things are going good - and an exit strategy if things are going bad. Not knowing how to get out spells the end for many business owners.

Turn the page. What do you get? The girl or the gallows?