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.
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