Your Own Start-Up!
Want to start your own business? Here are five indispensable rules from a millionaire mom.
1. Protect your good idea.
Consult with an attorney, then do the paperwork yourself—it's easy. Start by applying for a trademark or a provisional patent application at uspto.gov. A PPA protects you for a year. Ask others to sign a nondisclosure agreement (download form for free at www.score.org), which protects you as you discuss your idea.
2. Find funding.
Remember that old saying, "It takes money to make money"? It's true! But be careful. Before you charge up your credit card, consider taking on a partner who will give you money in exchange for part ownership, and look for a home-equity loan (the interest is tax-deductible). Come up with a plan that shows how you'll spend the money and how you'll earn it back.
3. Sell, sell, sell.
Make sure you have a pitch no one can refuse. Be confident. When you're making a deal with someone, ask yourself, "What's in it for them?"
4. Multitask.
Carry your proposal wherever you go: soccer games, the supermarket. You never know where your next sale will turn up. And have a good story—everyone loves that.
5. Find a mentor.
Having someone who's "been there and done that" can get you through tough times. You're bound to face setbacks, but with a good product, belief in yourself and hard work, you will succeed!
Read more in Start-Up Mom.
Kim Lavine is the author of Mommy Millionaire and the founder of Green Daisy
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