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MicroEnterprise Works (MEW)
Are You Ready?
If you can answer yes to the following questions, then you may have the potential to start a small business.
- Do you have experience in the work you want to do?
- Are you able to sell yourself (or products) to people?
- Are you highly motivated?
- Are you good at solving problems?
- Can you stay focused and on task?
- Are you adaptable and flexible?
- Are you a risk taker?
All of these personal characteristics are necessary for someone to be a successful entrepreneur.
Also, we have learned that a business must make:
- PERSONAL SENSE - Will it fit in with your family or lifestyle?
- BUSINESS SENSE - Can you sell your product for more than it costs to make and sell and still provide you with a profit (income for you)?
- MARKET SENSE - How many competitors are there in your market and is there room for you?
- FINANCIAL SENSE - Do you have enough money to make your business successful?
Many beginning entrepreneurs fail to realize that they will have to work long hours and that it can often be difficult to attract enough customers for the business to be successful. Almost all of our clients who start businesses struggle to generate sales in the first year. The purpose of our work at MEW is to help beginning entrepreneurs realistically look at your business idea or business expansion and help decide if it can be successful.
Working with Clients
There is no fee to clients who work with MEW.
If you are interested in working with us, we will usually suggest an initial meeting where we will ask a number of questions about your background, your work experience, your education, and the vision you have for your business. Our purpose is to understand “where you come from” so we can have a better idea of “where you want to go”.
At the end of the first meeting, a "TO DO" list is prepared together to help you as you continue to research the feasibility of your business idea. A lot of the focus on your research will be towards potential customers. Finding good, paying customers is one of the most difficult parts of the business process and we encourage very careful research in this area:
- Who are your target customers?
- How many are there?
- Who are they buying from now?
- Why are these potential competitors successful?
- Why will you be successful in competing with them?
Additionally, we will suggest careful research into the financial needs your business will have:
- How much cash do you need to purchase needed assets and supplies?
- How much cash and ability to borrow do you have?
- What will you have to purchase before you start?
- What will your monthly fixed expenses be?
- How much money do you need to earn each month?
Our consulting philosophy is this: You are the potential business owner and we are here to help you. Our goal is for you to do as much as possible in researching and preparing your business plan. You need "to own" the business planning process. We have extensive experience writing business plans and preparing financial information and we will guide and support you all the way, but the more you do, the more prepared you will be.
As you do this research, you will find answers to hard questions about your competition, pricing, and financial requirements. This work, if you continue to believe that your business idea is feasible, will become the foundation for writing your business plan and financial forecasts.
If your business idea looks feasible, the next step is to write a business plan. MEW has developed a business plan format that is relatively short, but contains all the essential information. We would be happy to share that with you.
If you are interested in discussing your business idea or have any questions about or for us, please email us: rweir@aacil.org
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Ann Arbor Center for Independent Living |
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