I am a HUGE fan of small businesses. The ingenuity, creativity, and entrepreneurial spirit of small business owners makes them a favorite group of people to hang out with.
One thing I see in most small business owners is a passion for the work they do. One thing I see lacking in most small business owners is knowledge of the "business-side" of doing business. With this series, I will be teaching some principles that have helped me be successful in my small business.
Part One – Have a business plan.
Ask yourself the following questions. Take the time to truly understand them!
- What is your vision for the business?
- How will you make money?
- Who are your competitors?
- Who can you partner with?
- What are your Strengths, Weaknesses, Opportunities, and Threats? (SWOT Analysis FORM)
- How long will it take to turn a profit?
- What are the start-up costs?
- How much financing is needed? (Prefer ZERO!)
- Is this a hobby or a passion?
- Is your spouse on board with it?
Answer these questions and then take it to a small business owner who has successfully operated a small business for over twenty years. Ask this person to review your plan. Seek wisdom. I promise you that this person will be able to help you immensely. Do not be afraid to seek wisdom from several people.