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Starting Your Backyard Business: Steps to Success

December 10, 2010

 

  

Could your backyard business start like this? Tony Knight's did.

 

Starting Your Backyard  Business: 21 Steps to Success 

This is the outline of 21 Business modules presented as part of my radio shows, “The Backyard Sportsman” and “Hovey’s Outdoor Adventures.” An expanded version of this outline will be written up as a White Paper in 2011 and made available from my website, www.hoveysmith.com. I will also produce 21 short videos expanding on these themes.  

I. Why start your outdoor business?

    Control own destiny

    Enjoy nature

    Income

      Financial security

    Productive use of time

    Social interaction

      Improve family life

      Meet interesting people

      Social mission

    Learning experience

      Yourself

      Family

    Psychological comfort

      Maintain mental acuity

    Hone skills

    Satisfy life goals

      Leave a legacy

 II. What is your passion?

      Can your hobby be your business?

         Creative work

            Writing

            Acting

            Fine Arts

            Crafts

         Agriculture

            Crops

            Livestock

            Pets

         Mechanical skill

            Mechanic

            Alterations

         Business facilitation

            Revitalization

         Trading and speculation

         On-line facilitation

         Marketing

            Re-packaging

              Knowledge

              Physical objects

            Own works and skills

III. What are your skills?

         Long-term project tolerance

         Mental

           Professional training

           Communications

             Language

               Written

               Verbal

         Mechanical

         People

           Family

 IV. Weighing your objectives

         Income game or loss

            Tax consequences

         Material accumulation

         Stop-gap employment

           Resume enhancement

           Income producing

         Supplemental income

         Learning enhancement

         Advancing towards life goals

V. Market Reach

         Local

         Regional

         National

         International

 VI. Prototyping your business model

         Time required

         Financial return

           Risks

           Loss tolerance

         Physical facilities

           Communication

           Storage

           Accessibility

         Transportation

         Supporting activities

         Inventory costs

         Advertising and promotion

         Equipment needs

         Break-even point

         Return on Investment

 VII. Judging the competition

         Local

           Who

           What

           Where

         Regional

            Who

            What

            Where

         National

            Who

            What

            Where

         International

            Who

            What

            Where

 VIII. Fire in the belly

       Time commitment

         Enthusiasm quotient

         Stamina

         Overcoming nay-sayers

         Association with a culture of winners    

 IX. Partnering

        Gathering people with complementary skill sets

         Recognition of excellence in a field of knowledge

         Barter skills

X. Gathering Resources

       Physical plant

       Equipment

       Electronics

       Personal comfort

XI. Training

       Independent study

       Community colleges

       On-line

       Spouse and family

       Colleges and Universities

         Special courses

         Continuing education

       Seminars, teleconferences

 XII. Naming your business

       Personal

       Product

       Generic

       Poor names

         Alphabet soup

         Cute, but meaningless

 XIII. Legal issues

      Registering your brand

       Registering your business

       Deciding legal framework

 XII. Financing

       Self financed

        Bank loan

        Credit cards

        Small business loans

XIV. Launch

        Local

         Paid advertising

        Public Relations

 

 

           Local newspapers radio and TV      

       WWW

            National

            Press Releases

            E-blasts

            Radio talk shows

            TV        

            Own Radio Show

            Private video-TV productions

              YouTube

 XV. Evaluation

          Bottom line

           Sales vs. expectations

         Analysis

            In house

            Outside

            Tweaking

XVI. Launch II, Expanding your reach

       Expanding market to next level

          Regional

          National

 XVII. Going global

        International opportunities

 XVIII. Liquidation

         Selling your successful business

         Liquidation of assets

 XX. Restarts

      Starting a second business

        Related

        Noncompetitive

 XXI. Legacy

       Passing on your business

          Partners

          Spouses

          Family

          Non-profit groups  

Tony Knight started a successful business from a tin workshop and store after he lost his railroad job. This business became a world-famous maker of muzzleloading sporting rifles.

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