Starting a Business

Starting a Business

Do you need to take the time and make the effort to write a business plan for your new small business or home-based Enterprise? The short answer is that you don't actually need one but it is very advisable that you create one--particularly in this economic environment. It is a lot of work, but it gives you a road map to set you on the course to achieve your goal of a profitable business. Think of your plan as your "GPS to success."
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  There is an old but true saying: If you fail to plan then you are planning to fail. While "going with the flow" might work on vacation or a long weekend, it has no place in business. (The word in the lending markets is that when banks lend money at all, it is based on old style lending criteria where things like your company's written plans play a big role.) Writing a plan will writing a to only serve as your GPS device but it will be extraordinarily helpful in gaining necessary funding for your new venture, particularly now when lending is tight.
Writing a plan will writing a to only serve as your GPS device but it will be extraordinarily helpful in gaining necessary funding for your new venture, particularly now when lending is tight. There is an old but true saying: If you fail to plan then you are planning to fail. While "going with the flow" might work on vacation or a long weekend, it has no place in business (The word in the lending markets is that when banks lend money at all, it is based on old style lending criteria where things like your company's written plans play a big role.)
If you are knowledgeable about your business - either the business you are in or the business you will start - but have little or no knowledge on how to put together a simple business plan, one of your best first steps would be to go to the internet and search out and print out a free sample business plan or a business plan template that is as close to your business as you can find. If you are in or will start a commercial real estate business, for example, looking at a plan for another real estate development company would be helpful to see how its senior management handles the various sections of the plan.
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Once you look at a plan of a company that closely compares to what you will do, go to the internet again and print out several free sample plans from different businesses.
For example, if you will launch an investment and financial management business, technology and software business or a brokerage and mortgage company, definitely consult good plans in your area of endeavor but also print out plans for enterprises as dissimilar as a massage therapy business, basket making, lesson and planning and education, and an eBay business plan It is a good idea to pick out very different small businesses from the one you are in so you can see how companies handle their plans These samples and templates will be a real eye opener for you and will help you understand the process better and how different portions of the plan fit together.
Help you take the right tone for your company and you will also find different voices and tones in the various plans that will help you find your voice. strongly urge you not to copy any plan but it will be helpful to you to read over various plans to get a picture of a whole plan. Never copy someone else's term paper but do read over samples so that you can see how a typical term paper fits together and reads. It is like writing a term paper for the first time.
We strongly urge you not to copy any plan but it will be helpful to you to read over various plans to get a picture of a whole plan.shoping

Planning to Start a Business?

Planning to Start a Business

Ask Yourself 13 Tough Questions

They are the best of times to start a business because the economy in the U.S. and else here is coming out of a deep recession, which will boost demand and create fresh opportunist for the savvy entrenchment; these are the worst of times to start a business because joblessness remains high and small business start-up funding and start-up business grants have dried up while business start-up costs can be considerably. Naturally, some of these costs can be cut by working on a low-cost business start-up, opting for a home-based business start-up to save on office rent, or choosing an inexpressive online business option.

Many long-standing client relationships have also disappeared. More than anything else right now, consumers and businesses want the lowest cost, period! There is real opportunity to start a business today because many, many businesses that existed prior to the recent recession have gone belly up and left broad segments of markets under-served. This presents a great opportunity for entrenchments who want to position themselves in the marketplace as the lowest-cost provider.

But before you get too far ahead of yourself to start a business, ask yourself these 13 questions so that you can take a good look at yourself, your capabilities, your commitment, and your business plan:

1. Where's the money coming from?Start up business financing business start up funding and start up business grants are hard to come by. Where will you get a small business start up loan? There has been a change in the banker's tone recently regarding small business. That tone change is that if you survive the recent recession and you are still here, come see us about a loan. Of course, for the new business start up, that same banker might view you as too risky for a loan. You may want to apply for a loan anyway and get turned down. Then the bank can go to the Small Business Administration and get help for you in securing a loan.
2. Why do you want to start a business? Is it really for you? Up until the recent recession and its aftermath, we suggestive that you start a business of your own only if you have a real passion and commitment to get out on your own and do what you have to do to make it happen. Unless you are very lucky or very rich, to start a business of your own can be tough sledding for a lot longer than you might anticipate. Today, there is another group of people who likely need to start a business of their own--those in their late 40s, 50s, 60s and 70s who simply cannot find work. Those are the people who have sent out 200, 300 or 400 resumes and gotten literally no response in the job market. For them, their only alternative is to get that new business going and move into the black as quickly as possible and achieve financial independence once and for all.
3. What do you know how to do, and what do you love doing? Are you a great butcher, baker or candlestick maker, but rather be skiing, boat making or involved in a craft? Are you one of the lucky ones who have great skills in the area that is also your passion? You need to decide what direction to go in with this. If you are a great teacher, an obvious business step for you to take is to develop a tutoring business. You can do this on your own or through a franchisor company. If you have had it with teaching kids and love travel, perhaps you could combine your skill and passion and create a semester abroad business for active adults
4. Do you have a strong Spense of what business you would like to start? If you have a passion for being in your own business but do not know what business to pick, we strongly recommend that you look into a franchise business for start up business ideas. A good franchise company will literally tell you all you need to know to be successful in a particular business. It will cost you more than starting a business on your own, but you will be able to climb the learning curve a lot more quickly than you can on your own. Be careful with franchises and know what you are doing before you sign on the dotted line.
5. Do you know how to run a business?Running a business takes different skills than practicing what you know or love. We know two business people who set up a highly profitable home remodeling business--even through the current recession. The first fellow knows everything there is to know about improving a house, but almost nothing about running a business. The second partner knows how to run a business, but is not a skilled crafts an. Together, however, they are a great team. If you don't know how to run a business, learn how to do it, or partner with someone who has complementarity skills to yours. If you want to start a consulting business, for example, and love doing the work but hate doing the selling, then partner with someone who will get on the phone and sell the job. You will both do well financially.
6. Why do you think your business idea will work?Do you think your business will work just because Joe or Jane down the street is making a similar business work? Do you have their skills and talent? How do you know? We are not being negative or pessimistic, only realistic. What is that entrepreneur bringing to the table? Do you really understand why his or her business works? One stark example we know of is a highly successful local party planner. A would-be entrepreneur who attended one of her party functions said to herself, "I could do this!" Absolutely! The new would-be entrepreneur could plan and execute a party, no question. What she did not realize at that moment was that the successful party planner could indeed organize a good party, but the key to her success was her ability to network almost constantly with high net worth individuals in her market who had the bucks to hire a planner. If you are attracted to a successful business, you need to really understand what makes that business tick.
7. How will your business start, grow, and proper? You may read this question and respond…"How the hell do I know, I haven't started it yet!" Exactly our point! You do not need a formal business plan to start a business and to grow a business, but we will tell you that it is a lot easier going forward if you "force yourself" to sit down and come up with a realistic plan. Creating a real business plan is hard work and a pain. But it is hard work that will be rewarded. It forces you to think past rationalization that we all tend to make and come up with something real and doable. Remember: if you fail to plan, you are planning to fail.
8. Do you know the applicable laws that apply to your new business start up? If you are going to run a business out of your home, are you allowed to by law to have a business there? Can you have employees working out of your home? Can you legally store supplies in your garage? Can you have trucks in your driveway? You need to figure out what you can do and what you can't do.
9. Can you layout in a step-by-step fashion, what you need to do to get the business off the ground and running? We are not talking about a written business plan here. We are talking about your ability to vitalize the business being successful and the key steps you need to take to make it profitable.
10. Who can you turn to for help to set up the business in the most effective way? There are a number of different ways to organize your business...sole proprietorial, partnership, corporate or LLC to name just a few. Do you know what is best for you? Figuring that out now, will save you money, time and effort in the future.
11. If you are new to business, do you have a mentor for business start up advice? If that sounds all tough-freely to you, it is not. You need someone you can talk to. You need a "been-there, done-that" kind of person.
12. What about setting up an office? What is the most effective way for you to do this? What about buying a computer system and small business software?
13. What about issues like taxes, payroll, and insurance? Where will you turn for help?