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How to Start Your Own Business and Succeed
by Joe C. Hopkins, Journal Publisher
A few years ago ( 1992) I wrote and self published a book entitled titled Effective
Entrepreneurship Strategies. The book is subtitled "How to Start your own Business and Succeed." A short book of only
67 pages it explores the basics of how to start a business and includes strategies like moonlighting as a way to start while
still working at another job. Below we reprint the short but important chapter on Moonlighting for your perusal.
I am proud to have been asked by the producers of the Annual Trumpet Awards to be part
of their "Meet the Authors" in Atlanta, GA in January, 2004. Twenty five authors make up the panel and include giants like
Andrew Young, Sidney Poitier, and many others. I will be there to discuss and sign my book " I will not Apologize."
published in February 2003 by Milligan Publishing. The book is available at The Journal office, at Express Yourself Books
at 1425 W. Manchester and Zahra’s Books and Things in Inglewood on North La Brea, and Vromans in Pasadena on Colorado
Blvd. It can be mail ordered from the Journal or on the Net. I may be prejudiced but I think it’s worth reading. It
is especially beneficial reading for young people looking for a life philosophy other than the Thug world of gangster Rap.
It also provides insight into developing and promoting business, Economic development and creating of wealth from my 40 plus
years in either business or twenty plus years as a lawyer but most important 60 plus years as a Black man in America. Now
that is a unique experience.
I will also have a booth to sell and sign books at the Journals 2003 Holiday Marketplace
set for the end of November at Hopkins Village. Watch for information on booths and the opportunity to do some or all of your
holiday shopping in the community with Black Business people. Last years holiday Marketplace was a great success even though
it rained near the end of the day. Many Home based Vendors reported a new beginning for their business life. (Note: the principles
of how to make money at weekend Marketplace Events can be found in the Essay on moonlighting reprinted here from the book
Effective Entrepreneurship Strategies).
MOONLIGHTING
STARTING A BUSINESS WITHOUT MISSING A MEAL
Many people who want to go into business try to figure out how they can save enough
money to quit their jobs and start the business at the same time. That’s a nice little plan if you have unlimited funds
or funding. One should seriously consider moonlighting as a way to start a business because it provides a method of starting
it without quitting your job. It also provides a way to create jobs for family members who can run the business for less than
the cost of non-family member employees.
Moonlighting draws its name from the fact that it was traditionally a job or occupation
a person practiced after completing work at his/her regular job. We all are aware of businesses which started as sidelines
such as Famous Amos Cookies, Ms. Fields Cookies, Yum Yum Donuts, numerous building maintenance companies, catering, real estate,
Amway, mail order and desk top publishing companies. By using the five W’s of Who, What, Why, Where and When it is suggested
that a sideline business while you work a regular 40 hour job can lead to financial independence.
WHO
Any person who has a job has certain skills, interests and knowledge outside of that
job. The typing class you took in high school, the gardening hobby, the cooking hobby, the wood shop or sewing class, the
love of art or something you learned from family members, all qualify each of us to provide a product or a service to potential
customers. Just be sure that the product or the service is one that has an audience that wants what you are providing.
WHAT
What product or service a person decides to provide as a business is as varied and
wide open as there are people. We’ve already mentioned Famous Amos Cookies. Amos was a public relations specialist who
baked cookies as a hobby. He turned it into a multi-million dollar corporation, starting small with one retail bakery and
progressing to packaging his cookies for sale in stores. There are a number of books that provide business ideas at your local
bookstore. However, the best idea may be in your head. Try doing something you like doing. A restaurant for someone who doesn’
t like food or cooking can be dreary. For boredom and dreariness, you can just find another job. A sideline business should
be fun.
WHY
Why one starts a sideline business is answered in many ways:
1. To develop a safety net for the possible loss of a job;
2. To plan to be economically independent;
3. For tax benefits;
4. The starting of a business can bring the emotional satisfaction and increased
self-esteem from merely being the boss for once in our life. You get to make the marketing decisions, the design decisions,
the personnel decisions, and make money at the same time;
5. Moonlight rather than quitting your job and starting cold offers a major benefit.
You "reduce your risks". If the business folds and goes broke, the job is still there. If the business is successful but needs
operating capital, the job income can provide working capital;
6. Last, but not least, a sideline can, and usually is, the start of a family business.
WHERE
Where you start a sideline business depends on the business. But keep in mind that most sideline businesses
are started at home, on a kitchen table, or in a garage, or a spare bedroom. There is no need to start big with rented space
and new equipment and impressive office furniture. Start small and grow. I propose that starting at home with one single product
is the most efficient, sensible and economic way to start a business. The major expense should be a separate telephone line,
but beyond that, used equipment can produce products, and cost less. If your business requires a store, you may have to rent
one, but if it does not, don’t.
HOW
A companion to the issue of where, is the issue of HOW to produce your product. If your business idea requires production of a product, you can either do all the work yourself or with
family members. Alternatively, you can do what more and more companies are doing - you
can create a "hollow" company. A hollow company is one which sells a product with your name on it, but which is actually produced
by a second company.
American automobile companies buy motors from Japan, and other parts produced from
Canada or Mexico, and put them together with parts made in America. They then put an American
name on the product to sell as theirs. As a moonlighter you can buy clothes made at a
sewing factory, have your own label sewn in, and sell it as your own product line.
WHEN
The answer is now. You’re never too young or old to start your own business.
Remember that as a moonlighter, you start out under the protective umbrella of a pay check which provides security and cash
flow for your business.
I have personally started employment agencies, sales companies, hair styling salons
and newspapers, while working on a job or in another business. I have never regretted any sideline
business. I don’t believe you will regret it either. For detailed look at the concept of Moonlighting, read Philip Holland’s
book, "HOW TO START A BUSINESS WITHOUT QUITTING YOUR JOB".
[If you would like to read more, this book is available at the Journal Offices, 1541
N. Lake Ave., Pasadena, CA. Cost: $9.95]
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