•Do you have the characteristics of an entrepreneur?
•Have you looked at alternatives to starting a new business?
•Where will the working capital come from and specifically how much will you need?
•How do you currently manage stress?
•Is there a market (customers/clients) for your new product/service?
•What type of business will you start; profit, nonprofit?
•Have you thought about how important the choice of a name is?
•Have you decided how your business will be branded?
•Have you done your homework on social media marketing?
•How will you structure your new business….corporation, partnership, LLC? It is important that you know specifically why your advisor is suggesting a particular business form for your business.
•What are the risks and what is your personal risk tolerance? A complete understanding of this will help reduce stress and help you make better decisions.
•What specific skills will you need to run your business? Different skill sets are required for different aspects of your business – we suggest your reading “The E-Myth Revisited” – by Michael Gerber.
•Do you have a 5 year plan for your business? What additional resources will you need (besides money)?
•Are you ready to write a business plan? Could you put this plan into the form of a formal document should the need arise?
Now is the time to do the preparation. We will be talking about how to do business plans even one page plans in the coming weeks and months. Learn how you can grow a successful business in our blog posts, newsletter, special reports and
Our next blog we will begin with addressing the Personal Considerations...are you indeed an "Entrepreneur?" Until then, this is Ike...signing off.