Before you can began rolling on the fast track with your new business, it takes planning. Don’t skip any of the original 10 step business plan we’ve listed below. Some things are absolute necessities in advance of your opening date for business.
Let’s make it easy and simple. Listed below is a 10 step plan you need to undertake well in advance of your new business opening date. This is only the beginning list but you’ll discover and add more in coming days and weeks.
Your own business expertise and experiences will obviously come into play as you work on your complete business plan. For now, let’s get underway and begin to work through the following list of important business decisions…
1. Decide on Service and/or Product you plan to market/sell.
2. Select Accounting Firm or CPA if required
3. Hire Competent LEGAL COUNSEL
4. LOCATION is an important key to your success
5. Know your FINANCES, Money Source, before making any investments
6. Determine Employee Requirements – background; education; professional; etc.
7. Recruit a Mastermind Team
8. Is a new building required before you can open for business?
9. What licenses are required, certifications, etc.?
10. What is your opening Date for business?
Shooting from the “hip” or without a plan is a disaster waiting to happen. Even the smartest entrepreneurs are NOT willing to take such risks. Are you going “solo” or is this a franchise with a long-term history of success? 90% Vs 10% success rates may give you a reason to make the investment for a franchised business.
Weigh the odds. Research the history, do your due diligence. Don’t let anyone rush you into making a decision because someone else wants the same territory and is waiting with money in hand, ready to roll and cut you off at the pass. Don’t believe it without proof and then only if you are sure this is your choice.
Everyone dreams of owning their own business. Making BIG dollars, driving fine cars with all the goodies, BIG houses in beautiful places to vacation at will, club memberships at the finest golf courses, places for fine dining and meeting the upper crust of society.
Where’s the problem? For most of us, it takes 25 to 30 years of hard work without any guarantees that we’ll ever reach the pinnacle of success. Far too many businesses bite the dust than hit the big time. Taxes, employees, thieves, bankrupt customers are the main culprits of business disasters.
Not a pretty picture but awareness is extremely important. The more YOU know what can happen the better prepared you’ll be. Watch out for any employee with too much “power” in your business who likes to take charge.
Many services you need to run your business are better outsourced than handled internally. Hire reputable people in all areas whether in house or outsourced. Pride yourself on building a company with competent staff, well paid, good benefits simply because it’s your key to a successful business long-term.