Home
>
Small Business
>
Starting a Small Business? ?Tips from a Veteran

Starting a Small Business? ?Tips from a Veteran

Congratulations, you are starting a small business! You are taking charge and going for your piece of the American dream! Your excitement is high, and the adrenaline is pumping! Everyone dreams of freedom and owning a successful business, but not everyone can successfully create that reality. Now that you've made the commitment to give it a shot, let me give you the single most important tip that I can give you to insure your success. Businesses that succeed whether large or small all begin with a business idea. Your challenge is to determine if your idea will be a winner or a loser.

You may be surprised to know that in most cases it is not the quality of the idea, but rather the quality of the planning that determines the success of the business. That's right, small businesses that start with a good idea often fail because they lack a plan to successfully execute the idea through both the good and the bad times. The plan to succeed is probably more important than the idea. Fail to plan and you plan to fail.

Writing a good business plan is not something most entrepreneurs want to spend their time doing? they have dragons to slay, and mountains to climb. A business plan seems like busy work that is necessary only for the banker or the angel investors, right? Wrong. The business plan, when done correctly is the guide that an entrepreneur can refer to when under the unending pressure that is part of any startup venture. Sometimes the pressure is from too much business too quickly, and sometimes from not enough business? the 'ol too much month left at the end of the money dilemma. Referring back to the business plan can clarify the vision and help make those difficult decisions easier to make.

Reviewing your plans and your solutions for problems that were thought through with the luxury of a clear head and no pressure can give any entrepreneur a fresh perspective. And perspective is needed when you are in what seems to be a never ending crisis. I don't know of a single entrepreneur that hasn't felt that feeling. This alone is reason enough for a good business plan.

Most entrepreneurs write (or hire someone to write) a business plan that outlines a solid plan for success, as they should; however, they often fail to fully contemplate the risk factors, the potential problems and challenges that are surely going to raise their ugly little heads. A good business plan evaluates every aspect of the business good and bad. Granted risk factors and contingency planning are not as much fun to concentrate on, but knowing what to watch out for certainly helps a company avoid the pitfalls that gobble up most startup companies. Better to spend time thinking about how to avoid the pitfalls than to experience them first hand!

Your business plan should have contingency plans for every conceivable disaster. Disaster recovery planning or business continuity is what separates the winners from the losers. It is easy to sail on calm seas, but when it is stormy, the boats that float are the ones that planned for the storm. Planning a disaster recovery strategy is vital for every business regardless of its age or size.

Don't be afraid that discussing the risks so openly will scare away the potential investors or the much needed bankers. It is quite the opposite. Most business plans are glorified sales pitches. Don't kid yourself, seasoned investors and bankers read between the lines hunting for risks. An entrepreneur that has taken the time to adequately evaluate the risks and has formulated plans to lesson the impact of those risks on the startup company will be well ahead of the game. Confidence is gained when it is evident that an entrepreneur has planned for every possibility. Contingency planning is something that gives investors' confidence in your plan. Knowing you've carefully evaluated the risks and are ready to plow ahead is the sign of a strong leader.

Starting a small business is the most rewarding thing you will every do ? if it is successful. Take advice from this seasoned sailor? spend the necessary time developing your comprehensive business plan before you float your boat! It will help you weather the storms and sail into the exciting seas of success!

Have fun and good luck!

Renee Rich is a success entrepreneur and freelance writer offering guidance and suggestions for small to mid-sized businesses concerned with business continuity, time management, strategic internet marketing, business & money. Her many articles on these topics can be found at http://www.business-continuity-4u.com

She gives information and tips to help grow your business, save money, manage your time, and develop a successful business continuity plans. For more information go to: http://www.business-continuity-4u.com

monthly home cleaning Buffalo Grove ..

In The News:

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.

Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.

Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.

Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

Researchers exploited WhatsApp's API vulnerability to scrape 3.5 billion phone numbers. Learn how this massive data breach happened and protect yourself.

Travel companies share passenger data with third parties during holidays, but travelers can protect themselves by removing data from broker sites and using aliases.