Plan Your Business Start-Up Success
A business start up can be as simple as getting an eBay store going, or as complex as beginning a corporation. No matter what size business one begins, the most important stage can be the start up phase. At this point, the planning begins, as you plan to succeed. If you fail to plan, chances are greater that the business will go off track, and possibly fail.
When you begin to plan your business start up, make sure you write down some ideas and some facts. As soon as you have decided what business to begin, there are still many questions to answer, and these should be addressed in your new business plan. Answer the following in your business plan:
- Will you have associates or partners?
- What will be your business structure? (Sole proprietor, partnership, corporation)
- Will you need employees?
- Do you have a business lawyer and/or accountant?
- Where will your business be located?
- Will you be leasing?
- What permits or licenses will you need?
- What are you going to sell or service?
- What resources do you have?
- Do you have a mentor?
- What will you name your business?
- Will it be a franchise or licensed business?
- What equipment and insurance will you require?
- How will you finance this business?
- Are there zoning restrictions to deal with?
- What government requirements may apply?
- What is your marketing plan, and competition?
Although it takes some time to prepare, the business plan is one of the most important documents you can create to help your business start up. It is also useful if you need to approach a bank or other financial institution for a loan for your business. It explains in detail how your business will operate, who will be involved, how the business will be financed, what is the market and competition, what you will sell or how this business will make a profit, physical location or offices, personnel, permits, and how you will promote this business to achieve success.
There are many resources to draw from, including the SCORE organization, which is the Service Core of Retired Executives, the government Small Business Administration, and myriad of information on the internet regarding putting together a successful business start up. You will need some advice from an attorney, an accountant or tax professional, and business insurance. With the business plan in hand, and your financing arranged, you are ready to launch your business start up.
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