Starting and managing
a business takes motivation, desire and talent. It also takes research and
planning. To increase your chance for success, take the time up front to
explore and evaluate your business and personal goals. Then use this
information to build a comprehensive and well thought out business plan that
will help you reach these goals. Your plan will become a valuable tool as you
set out to raise money for your business. It should also provide milestones to
gauge your success.
Before starting out,
list your reasons for wanting to go into business.
You need to determine
what business is "right for you." Ask yourself these questions:
1. What do I like to
do with my time?
2. What technical skills
have I learned or developed?
3. What do others say
I am good at?
4. How much time do I
have to run a successful business?
5. Do I have any
hobbies or interests that are marketable?
Then identify the
niche your business will fill. Conduct the research to answer:
1. Is my idea
practical and will it fill a need?
2. What is my
competition?
3. What is my
business advantage over existing firms?
4. Can I deliver a
better quality service?
5. Can I create a
demand for your business?
Now develop your plan
is the pre-business checklist. You should answer:
1. What business am I
interested in starting?
2. What services or
products will I sell? Where will I be located?
3. What skills and
experience do I bring to the business?
4. What will be my
legal structure? (see overview below)
5. What will I name
my business?
6. What equipment or
supplies will I need?
7. What insurance
coverage will be needed?
8. What financing
will I need?
9. What are my
resources?
10. How will I
compensate myself?
Your answers will
help you create a focused and well researched business plan. You must detail
how the business will be operated, managed and capitalized.
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