Is having your own business right for you? You may have to do some soul searching to see if you are willing to take the chance. You are probably very good at the business you are thinking of doing; however, you also need to be aware of the administrative requirements that are helpful in keeping your business running smoothly. I recommend having a conversation with me if you are contemplating self-employment.
According to one study, most businesses fail due to a combination of 4 factors:
• Poor business planning
• Poor financial planning
• Poor marketing
• Poor management
This study found that 78% of businesses fail due to the lack of a well-developed business plan.
http://www.businessplans.org is one website that has sample business plans to get you started in writing one. Hit “sample business plans” to search by different categories. You can search the internet for other sites that can help you create a plan. A business plan is a work-in-progress that continues to evolve. It should be revisited and revised as needed. It should include all your ideas and plans for the business.
Questions to ponder:
• How are you going to market your business?
• What are your expectations for your business, including financial goals, target markets, advertising choices, networking opportunities?
• What are you trying to accomplish?
• How will you finance your business initially – will you obtain a loan from a bank or use personal money? Remember that it is ok to have bank debt – you create a credit history for your business.
1) The library is another great source for start-up businesses – they have a lot of information that you can obtain for free. 2) SCORE is an organization comprised of retired business people from all industries that assist entrepreneurs in starting businesses and creating business plans. Your local community college can assist you in contacting SCORE and other organizations that work with small businesses. SCORE will review your business plan for free.
3) The Small Business Development Center is an organization funded by government grants and usually set up in your local community colleges. They can assist with everything from business concepts and implementation to Quickbooks training and marketing.
4) You can also ask your financial advisor or CPA to assist you in creating your business plan.