Congratulations, you are starting a small business! You are taking charge and going for your piece of the American dream! Your excitement is high, and the adrenaline is pumping! Everyone dreams of freedom and owning a successful business, but not everyone can successfully create that reality. Now that you've made the commitment to give it a shot, let me give you the single most important tip that I can give you to insure your success. Businesses that succeed whether large or small all begin with a business idea. Your challenge is to determine if your idea will be a winner or a loser.
You may be surprised to know that in most cases it is not the quality of the idea, but rather the quality of the planning that determines the success of the business. That's right, small businesses that start with a good idea often fail because they lack a plan to successfully execute the idea through both the good and the bad times. The plan to succeed is probably more important than the idea. Fail to plan and you plan to fail.
Writing a good business plan is not something most entrepreneurs want to spend their time doing? they have dragons to slay, and mountains to climb. A business plan seems like busy work that is necessary only for the banker or the angel investors, right? Wrong. The business plan, when done correctly is the guide that an entrepreneur can refer to when under the unending pressure that is part of any startup venture. Sometimes the pressure is from too much business too quickly, and sometimes from not enough business? the 'ol too much month left at the end of the money dilemma. Referring back to the business plan can clarify the vision and help make those difficult decisions easier to make.
Reviewing your plans and your solutions for problems that were thought through with the luxury of a clear head and no pressure can give any entrepreneur a fresh perspective. And perspective is needed when you are in what seems to be a never ending crisis. I don't know of a single entrepreneur that hasn't felt that feeling. This alone is reason enough for a good business plan.
Most entrepreneurs write (or hire someone to write) a business plan that outlines a solid plan for success, as they should; however, they often fail to fully contemplate the risk factors, the potential problems and challenges that are surely going to raise their ugly little heads. A good business plan evaluates every aspect of the business good and bad. Granted risk factors and contingency planning are not as much fun to concentrate on, but knowing what to watch out for certainly helps a company avoid the pitfalls that gobble up most startup companies. Better to spend time thinking about how to avoid the pitfalls than to experience them first hand!
Your business plan should have contingency plans for every conceivable disaster. Disaster recovery planning or business continuity is what separates the winners from the losers. It is easy to sail on calm seas, but when it is stormy, the boats that float are the ones that planned for the storm. Planning a disaster recovery strategy is vital for every business regardless of its age or size.
Don't be afraid that discussing the risks so openly will scare away the potential investors or the much needed bankers. It is quite the opposite. Most business plans are glorified sales pitches. Don't kid yourself, seasoned investors and bankers read between the lines hunting for risks. An entrepreneur that has taken the time to adequately evaluate the risks and has formulated plans to lesson the impact of those risks on the startup company will be well ahead of the game. Confidence is gained when it is evident that an entrepreneur has planned for every possibility. Contingency planning is something that gives investors' confidence in your plan. Knowing you've carefully evaluated the risks and are ready to plow ahead is the sign of a strong leader.
Starting a small business is the most rewarding thing you will every do ? if it is successful. Take advice from this seasoned sailor? spend the necessary time developing your comprehensive business plan before you float your boat! It will help you weather the storms and sail into the exciting seas of success!
Have fun and good luck!
Renee Rich is a success entrepreneur and freelance writer offering guidance and suggestions for small to mid-sized businesses concerned with business continuity, time management, strategic internet marketing, business & money. Her many articles on these topics can be found at http://www.business-continuity-4u.com
She gives information and tips to help grow your business, save money, manage your time, and develop a successful business continuity plans. For more information go to: http://www.business-continuity-4u.com
Wood Dale Chicago prom limo .. Lockport Chicago limo O’HareWhen do annoyances in a relationship become too much to... Read More
If an organization lacks a mission statement, it is worthwhile... Read More
With all the cabinet refacing business opportunities out there, you... Read More
Cash is King... That is what everyone tells us and... Read More
Q. I am a former pastor who left the ministry... Read More
Nothing can drive a business down faster than customers who... Read More
We very much like what we see in Lubbock, TX... Read More
Early in my career, I wrote an article for a... Read More
I am simply amazed at the problems some of my... Read More
North County San Diego has had some significant growth, and... Read More
The life cycle of the typical small business is short... Read More
You'd like to go into business for yourself, and believe... Read More
Q: I really want to start my own business, but... Read More
Should your business have a toll free number for customers... Read More
1. Everyone Makes A Difference ? Despite not letting him... Read More
Many physical therapists in private practice have the appearance of... Read More
If your home business is not performing the way you... Read More
The Federal Trade Commission out of the blue decide in... Read More
What unspoken message are you sending your clients and customers?... Read More
According to the American Society for Aesthetic Plastic Surgery, since... Read More
Purchasing a franchise has become one of the most popular... Read More
Are you thinking of starting a small pressure washer business... Read More
If you own a mobile service or home based franchise... Read More
Paper Shredding Business Opportunities are blossoming up everywhere because in... Read More
How far can you go based on your relationship with... Read More
Antigo wedding limo ..When working properly, computers enable small businesses to make big... Read More
Sometimes when you run a business you feel as lonely... Read More
I believe the number one reason why a business will... Read More
If you ask most small business owners what priority CRM... Read More
Paper Shredding Business Opportunities are blossoming up everywhere because in... Read More
Business Process Automation or BPA for short. This was a... Read More
$37.4 million funded from venture capital today. $86.4 million funded... Read More
The way you manage your money is one of the... Read More
Hogwash!That's what I say to people who tell me that... Read More
Many government department heads are on the take. Oh they'll... Read More
There are several well-known truck washes in the Great State... Read More
When a person knows and knows not that he knows.... Read More
How do you know when an alliance needs to be... Read More
So you think you're not justified in taking time away... Read More
Under the Securities Act of 1933, any offer to sell... Read More
Ok, you have successfully accomplished your dream of being the... Read More
Mr/Ms, 'not me' is often on holidays in your business.... Read More
Are you a small business owner who wants to expand... Read More
Habit: A consistent behavior you perform so frequently that it... Read More
So there I was ? sitting in the audience of... Read More
If you're just ramping up your small business email newsletter,... Read More
The Franchise Group at the Federal Trade Commission in all... Read More
As you reflect on this year and prepare for next... Read More
Most folks in the pressure washing business are happier to... Read More
E-mail and Internet use are integral parts of the typical... Read More
Small Business |