So you’ve been mulling it over for a decade or more and now you finally want to start a new business. OK maybe not a decade but, I’ve learned the most difficult challenge for many people wanting to start a business is actually making a decision to do it.
Public Forum on Small Business Start Ups
I’d love some input on your thoughts at the end of the post. If your here you likely have a story to share that could help the other readers. Small business entrepreneurs have insight into starting small business and many who have started more than one small business could surely add some valuable suggestions.
I’ve seen all sorts of business planning tools and templates and books and strategy. What is a business plan? I like the definition that the book “E-Myth” uses, basically its your story and your passion. What you intend to do with the business and why. The business plan need not be a technical document. When you think about it there is really no data before starting a business and the plan is just speculation anyway. Market research aside, there is no proof like the first year in business. Most businesses that are going to succeed are going to take work. The actually business will likely vary from what you first envisioned, that is a fact.
Business Plan | Exit Strategy
One of the smartest elements of a business plan is an exit strategy, a pull the plug strategy, and a long term growth strategy. Are you building the business because you want to sell the business or are you building a business that is truly an extension of a strong passion you’ve had for sometime. Have you thought of the best place to start a business?
Small Business Partnerships.
Choosing a good partner has little to do with what they know, or if you like them. Chances are there will be times that you disagree, and vehemently dispose one another, choose your partner carefully. Most small business partnerships fail for reasons that could have been avoided. I know one lady entrepreneur who started a business based on a life long passion. Her partner saw it as a business and when and offer to buy the property came along with a big dollar sign the partner wanted to sell. As chance would have it the one who wanted to sell had the brunt of the financial capital invested and apparently that equates to stroke in small business partnerships, at least in this one.
So be of the same mind if your looking to form a partner ship. Have an exit strategy should one partner choose to move on.
Funding a Small Business Start Up.
What ever happen to good business ideas seeding themselves through obvious need in the marketplace. Too many aspiring entrepreneurs think they need and SBA loan to start a small business. While some small business start-ups may require more capital than others, more than not you could start a small business from scratch. Talking to people in the community may net some private investors. Creative funding can be approached like creative marketing. Can your business venture add to an existing venture in the area and if so would the respective owner be willing to invest as a marketing write off? Making money is usually easier with a healthy amount of capital, but what is the cost of the capital your considering, both in dollars and stress?
Anyway, I’ve got my stories, but I want to here yours! What are some silly obstacles that might have kept you from starting a small business years or even decades earlier. Be Honest…..