Now Where?

So you've got your plan, you found your mentor, and now you're ready to open. Not quite yet! The third step is finding a place to set up shop. Unless you plan on running a business selling lemonade with your eight year old daughter, you may not want to use the dartboard and map method to find the right location. If your business is online, or out of your home things are easier but there are still many important items to consider.
  
Every business has its operational expenses, or basic overhead. The cost of the building, or rent is one the first expenses. Then comes the utilities, electric, gas, water, etc. These are the obvious; followed by insurance, taxes, municipal permits, and basic business necessities. Each city, county, or state will have different rules so be sure to do your research.    

  Another determining factor is what kind of resources are needed to run your business? Do you need materials from another part of the country, or will everything be available in the location you work from?         If receiving materials and supplies regularly is the life-blood of your business, how will they get there? Is your shop near a train line, or can trucks and delivery vehicles access the shop easily?

Find a Mentor

The second step after writing a business plan is to get help. Most people wish to start a business for obvious reasons-they hate their current job, they want to take control of their time and schedule, or they have a really good idea and want to capitalize on it. The idea gets the blood flowing and the business plan is set up, but then what? How does a business get launched?

A person can spend countless hours researching the various legalities of running a business, and much should already be in the business plan, but why not find a coach to help you?  The best coaches are those who have already walked the path you are about to embark on. Find a person who is in your industry and pick his/her brain. Most already successful people would love to share their knowledge with people. A secret in business is to find the most successful person and do exactly what they did. That doesn't mean your idea will be the same, hopefully you will have an original idea and not be direct competition, but how did that person get to where they are now?

Read some good books. Study entrepreneurs, use valuable resources like the Small Business Association, or Score. These organizations are non-profit entities that give very valuable information to start-up businesses.
Another option is to hire a consultant, (if you can afford one) and have that person help you in areas where you are unsure what to do or need more experience in. Finally, go to school. You don't need to spend several thousand dollars on the best school in your neighborhood, but a business degree will actually help you in the long run. After all of that, make sure you surround yourself with people that are more successful than you are. You would probably learn a great deal just by osmosis!

Business Plan ...pt 2

   

The planning stage is the most important aspect when preparing to start a business, but your plan must be flexible. Unexpected changes will occur and your original idea may be skewed in the process. As long as you have identified what the problem you are trying to solve is and who you wish to solve it for, you must figure out the best method of delivering the answers.

Unfortunately for entrepreneurs there is a great risk factor. Many businesses fail within the first few years of initial launch. Much of the failure is because of a lack of planning. Capital runs out, new leads run dry,or the passion for the business may be diminished. 

In order to prevent a failure, a system must be developed. A decent look into how businesses are operated will reveal the fact that there is a standard business operating procedure involved to make it successful. The system ensures that everyday activities run smoothly and flow interactively. All franchises operate under some sort of business system. For example, in every McDonalds you walk into you will notice the drive through is on the left, the fries right behind the counter, and the shake machine is on the right side. This type of system has been sucessful so McDonalds uses it in every store. When planning a business try to come up with some kind of daily operational procedure and write it down. You will find this very useful for not only yourself, but also for any employee you hire to work in your business.

Everyone needs a plan!

According to the Small Business Association, there are ten steps that need to be completed  in order to launch a successful start-up. Ten things that an entrepreneur needs to address in order to to alleviate potential problems in the first few months of establishing his/her business. Today we acknowledge the first of these ten steps; probably the most important: developing the business plan!

Of course, an idea will not last long if it is not acted on and the idea may not turn out exactly the way it was conceived unless written down and properly planned. In order for the idea to come to life it must have a name.

Here a brand and image must be designed, followed by a written objective. What will the newly developed company do? What industry is the business in and what sets the company apart from others?
After the objective is defined, the next step is to define what the target market is. There must be a problem that is solved, but whose problem is it? What is the problem? Where does it exist? This will help define the market and a good business plan may be designed around the answer.

Objectives in financing must be planned as well as a timeline for the order things get done in. Here a good idea of the projected revenue may also be included.

A business plan does not need to be any longer than 8-10 pages, and it is a good idea to update the plan as it progresses- maybe every 6 months until the life of the business begins to take shape. Every good business plan is nothing more than an outline, so it is important to be flexible at first. At least be open to changes if they become necessary.

Additional steps in planning will follow.

Thought of the Day.

Michael Gerber once wrote "the only reason to have a business is to sell it." ( The E Myth Revisited) Many entrepreneurs put their blood, sweat, and tears into a new venture only to see it fail in a short time period. When opportunity presents itself, the successful take action even if they need to walk away. In fact, a business is only a business if the creator can walk away and it runs without him/her. The secret to being an entrepreneur is to have no loyalty to only one idea, have multiple and don't worry if someone else has already done it. Do it better!

It All Starts with an Idea!

         Every great business had a beginning. A point where the owner or entrepreneur thought of something and worked to bring it to fruition. A concept was brought to pass but where did that concept come from? Every product, service, or conception was created in the deepest thoughts of an imaginative being. Once an idea is born, those who have the desire to release the powers within can move the universe to form the very essence of that thought.

Here is the beginning of a new idea. The Bu$ine$$ $hop was conceived in a marketing class and this very blog is the first step in a new business opportunity. The idea will take the next step as fellow business owners help share ideas and strategies to evolve into something great. Please come with me as we embark on a great idea evolution!