Melvin Feller Discusses a Six-Month Plan to Transition to Entrepreneur

Melvin Feller Discusses a Six-Month Plan to Transition to Entrepreneur

Melvin Feller Business Group in Burkburnett Ministries and Dallas Texas and Lawton Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry. We provide workshops and resources that help companies discover how to do business God’s way and provide a positive outreach. When the heart of a business is service rather than self it can be transformed into a fruitful business ministry earning a profit and being of service to the community and their customers. Melvin Feller is currently pursuing another graduate degree in business organizations.

Six-Month Plan to Transition to Entrepreneur by Melvin Feller

Aspiring entrepreneurs often wonder how long it takes to get a small business started. The answer is, “it depends.” Some new enterprises can be up and running in a matter of weeks; others may require several months or more of diligent planning.

If you currently have a job, you can pursue your small business ambitions without risking your family’s financial security (assuming, of course, that your research does not interfere with your 9-to-5 responsibilities). If you are unemployed or facing a layoff, you are obviously eager to move things along.

A good rule of thumb is to allow six months to make a complete transition from employee to entrepreneur. By following the steps below, you will be able to wisely invest this time in building a sound foundation for your new business, and your future.

Six-Month Plan to Transition to Entrepreneur by Melvin Feller

Assess Your Personal Strengths & Experience

Determine if you have experience in the business, you are planning to start. If you do not have experience, how will you get it? An honest and thorough review of your experience and education should give you some leads about whether a particular venture is right for you. Be honest; your review must consider both personal weaknesses and strengths.

Six-Month Plan to Transition to entrepreneur by Melvin Feller

Be sure to consider the most common reason why a small business does not succeed: lack of management skills such as record keeping, personnel management, market analysis, communication skills and taxes. Many universities, community colleges and adult learning programs offer courses and seminars in these and related topics.

Begin Planning What Your Business Will Sell or Do

Ask other small business owners how they got started, what mistakes they made, and how they would do things differently. Research your potential markets and determine whether there is enough demand to sustain your proposed business. In addition, examine your idea from the customer’s point of view. What will you offer to attract them, especially if you are competing with existing businesses?

Six-Month Plan to Transition to entrepreneur by Melvin Feller

Attend an SBA Workshop on Starting a Business

This is a great way to learn the details of launching a business from veterans of the business world. The workshops cover the process of building a sound business plan with tips on information resources, legal considerations, working with lending institutions and other important topics.

Six-Month Plan to Transition to entrepreneur by Melvin Feller

Work With a Business Coach on Different Aspects of Your Business

Experienced business coaches make valuable sounding boards to answer questions, evaluate ideas and point you in the right direction to find additional information. Depending on the nature of your business idea, you may work with one or more coaches.

Six-Month Plan to Transition to entrepreneur by Melvin Feller

Develop a Business Plan to see that the Business is Viable

The information you gain from research, workshops and conversations with SCORE counselors will help you understand everything necessary to start and manage your small business. Now, it is time to put your plan on paper. Do not worry if the answers lead to more questions. Evaluation is an ongoing process, even for long-standing businesses. In addition, as you address and eliminate unknowns, you greatly increase your chances of success.

Six-Month Plan to Transition to Entrepreneur by Melvin Feller

Finalize Your Plan & Gather the People and Money to Start Your Business

If you have prepared a thorough business plan, you will be ready to make a strong case for acquiring the resources you need to bring your small business planning into the “home stretch.” You will know what banks to approach, where to “set up shop,” how to market yourself and contact potential customers, who to hire, and what other tasks necessary to make the big jump.

Six-Month Plan to Transition to Entrepreneur by Melvin Feller

Ready to Roll?

Do not worry if, after six months, you feel unsure about moving forward. Many variables involved with starting a small business are beyond your control. Your research may also reveal that the wisest course is to wait and gain additional experience, explore other ideas or simply put your entrepreneurship dreams aside temporarily.

However, if everything is ready, you will enjoy that proud moment when you can look at yourself in the mirror with confidence and say, “Hi boss!

Melvin Feller Business Consultant, Business Owner, Burkburnett ministries and Graduate Student Candidate in Business Organization

Melvin Feller Business Consultants Ministries Group in Texas and Oklahoma. Melvin Feller founded Melvin Feller Business Consultants Group and Burkburnett Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes and a positive outreach. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.

President of Melvin Feller Business Group With over three decades of executive coaching, speaking, and most importantly, real-life, in-the-trenches experience.