Planning Your Business
Business planning is considered by many to be the most important factor in determining business success. Become familiar with the environment, market, and technology surrounding your business idea and what it will take to get it up and running. Consider taking a course or seminar on small business management. Even if you have worked in a business similar to the one you are planning to start, you can still learn valuable information that will save you time and money down the road.
Do these common personal characteristics of business owners describe you?
- A leader and self-starter
- Willing to invest a significant portion of your savings or net worth to start your business
- Self-confident about your abilities to sustain yourself in business, even if things get tough
- Enjoy making your own decisions
- Prepared, if needed, to temporarily lower your standard of living until your business is firmly established
- Others tend to turn to you for help in making decisions
- Willing to commit long hours to make your business work
- Others consider you a team player
If the majority of these characteristics describe you, your chances of success at managing your own business are increased. Few people can say that they have all of these characteristics, and business owners vary immensely in their strengths and weaknesses in each of these areas.
Next, take a look at our suggested checklist for starting your new business.