There is a growing feeling by aspiring entrepreneurs that the start-up phase is easy. You get an idea, put up some flyers, order generic business cards and you’re off. If you speak with seasoned business owners who have made it through the start-up phase with success then you will hear a different story. One that says it takes more than advertising to build an entity that is lasting. Read on to learn why launching a business is not a pie in the sky task if it is to be a life-style sustaining endeavor.
When you are forming a business on a solid foundation, plan to succeed. I know a lot of people who started their companies by telling friends what they were setting out to do. Then mid-way into the launch they put on the breaks because there was no concrete plans or goals written down. Starting a business is not solely about advertising, though that plays a big part. A real business considers what you will bring to the market, what the market will buy, and how you will get services and products to them. It also answers the question of when is the best time to quit your day job or, if you are currently unemployed, when to stop looking for career opportunities as someone else’s employee.
Take environmental factors into account. Even if you are from the modern school of thought that says, “Do first and think later,” it is important to consider what what is going on inside your industry. One of the biggest mistakes that new entrepreneurs make is failing to monitor changes such as tax laws, business regulations, and marketing trends. Even if you are not doing a detailed business plan, a one page bullet point summary is better than planning strategies that are ineffective and destined to miss the mark.
Lastly, consider how much your inspired idea will cost. This is another trap that aspiring entrepreneurs must avoid. To increase the likelihood of your success, review your available resources and plan for the time, talent, and finances that you will need. Also, if you are going full steam ahead by giving up your day job, consider who will be affected by your choice and how? Keep family members in mind and discuss your plans for entrepreneurship with them. It is best to have their encouragement and support right from the beginning because starting a business is doable but not so easy when you’re doing it alone.
If you are starting a business and having trouble figuring out the financial part of your business plan, don’t worry. Check out http://www.tbsusa.com where we can prepare the cash flows and forecast the financials for you. There you can also get advice and assistance to set up an easy system for keeping your books in order throughout the year. You can get a move on and finish your business plan without losing momentum this year at www.tbsusa.com