Ageism has made it difficult for me to get a job in my industry, but my family prefers I get a job. I have enough money to survive for 12 months without work. What advice would you give?
1. Families are all about security. Getting a job is seen by them as the easy path. They don't have to go through the usual negative experience of job hunting.
2. Do a SWOT of yourself.
3. Realize the running a business is hard.
4. Figure out where you have value, and why people would pay you for it.
5. Figure out how much money you need to make.
6. Create a business plan. Even if you don't use it, the exercise of doing it will help.
7. If you can, get a job in the area you want to start a business in. If you want to run a franchise for example, say a Subway, get hired by one.
8. Fail fast.
9. Study & interview in the area you are going into. Join groups. Do lots of research.
10. Figure out for the business your going into, who are the top players, and what they do right.
11. Answer the question, being brutally honest, why would somebody buy from you?
12. Don't compete with Amazon.
13. Figure out why people fail in the business your going into.
14. There are courses out there to teach you to be a consultant.
15. Make a list of why you don't like the industry your in. Can you change your role in the industry, for example being a consultant, so you get rid of the parts you don't like?
16. Get a board of advisors for your business, that you need to present ideas to. The feedback will be invaluable.
17. Avoid industries with high failure rates (like opening a restaurant).
18. Look at the profit margins of a business.
19. Do not compete with a business segment that can ship directly from China that is all about price. Try to stay away from business segments that are all about price.
20. Do customer research. Buy Ryan Levanque's book, ask. Most business fail, because they don't know what their customer really wants.
21. Memorize the Drucker 3:
Who is your customer
What do they value
What can you provide of value
Running a business can be very rewarding, but most business owners are not doing that great money wise. Non-employers have an average revenue of $44,000 per forbes.