There are a number of ways to evaluate your chance of success, including whether you are an entrepreneur with the “right stuff” or if your business has the “right stuff.”

The following evaluation should be made before making any new start-up business decisions:

A)      Market assessment

B)      Securing realistic funding sources

C)      Forecasting sales, expenses and cash flows

D)      Potential profitability

E)      Regulatory, legal issues

F)      Personal costs

Arguably, the most important issue revolves around determining who or what your market niche is. You need to quickly address a market review that indicates who are your clients, where are they located, how will you reach them and what are the costs associated with this process.

Secondly, start-up businesses require varying amounts of cash. Figure out how much it will cost to get your business open on its first day and then determine how much working capital will be needed to keep it running for a period of time - typically 90 to 120 days. Be prepared to personally provide a great deal of this early money from your own finances, and then work to secure traditional funding (banks) or from possible angel investors.

When you have completed your market assessment, it is vital that you work with an accountant or local economic development agency to develop projections which will include sales, expenses and burn rates. This information is not only vital when determining potential profitability, but will also help guide you in your effort to secure the proper amount of financing, and also timing as well.

Most businesses have either regulatory or legal issues that have to be dealt with at some point,  such as OSHA, the FDA, health departments, city, state and federal laws, etc. The sooner you identify them, the better prepared you will be.

Last but not least, very few entrepreneurs take into consideration the personal “life” costs associated with starting their own business. How does this impact your family, your personal financial situation, your “day” job, personal and legal risks?

Although there are many more issues you should work through before making a decision, this exercise will certainly help you decide if you have the “right stuff!”

Daniel P Slifko

A challenge for any business, particularly new startups, is generating awareness and positive news coverage for the company. Advertising dollars are often limited, and entrepreneurs might lack the experience with traditional public relations.

With that understanding, there are a number of tactics for startups to consider, most of which are relatively simple and inexpensive, if not free. Here are just a few for consideration:

1. Web site – As much as anything else, a company needs an online presence to promote itself. While top-of-the-line Web sites can run into 6 figures, modest, yet still effective sites can be developed at reasonable rates. Ask for referrals on freelancers, who often charge less because of limited overhead. Also, check with a local high school class, which might take the job at no cost as a class or group project. Bottom line – even if you just have a one-page site with basic product and contact information, it gets you in the game.

1. News release – Writing a news release is a means to communicate information to your target audience via the media. You don’t need a journalism degree to write a news release. Most important is to clearly state your news and describe why it is important to the readers or viewers. There are multitudes of Web sites devoted to teaching the proper techniques of writing a news release.

1. Networking – Take advantage of every opportunity to meet with colleagues related to your business or professional industry. Our (free) quarterly Tech Connect event is a perfect place for entrepreneurs to make new, valuable contacts. Also consider joining your local chamber of commerce or rotary. While there might be a nominal membership fee, it will pay for itself quickly, assuming you take advantage of the resource.

1. Other – If you have a few dollars for advertising, consider some low-cost avenues which might potentially reach your target audience, such as church bulletins, chamber newsletters, and neighborhood association newsletters. In addition, bulletin boards at public places such as gymnasiums, senior centers and university campuses offer opportunities to promote your business.

Whatever strategies you take, always remember your target audience. Who do you most wish to reach to promote your product? What message will be most effective for that audience? Which mediums will best reach that audience?

The RGP and its technology programs, Launch and Rocket Ventures, will readily provide input, suggestions and advice to help your business take the right steps in attracting positive publicity.

John Gibney