From the category archives:

Business Plans

Choose a New Business

by Norma

Which kind of small busi­ness is right for you?

thinking of starting a new business graphicBefore you launch a busi­ness because it may make you the most money, remem­ber this is a major life deci­sion. From the age of 21 to retire­ment at 65, you could spend upward of 90,000 hours work­ing for your new busi­ness. Select­ing the wrong busi­ness at the start could cause a finan­cial belly flop. So think hard before your dive in. Make a wise choice now, and you may find hap­pi­ness, a more ful­fill­ing lifestyle, and earn enough of money for success.

  1. List your inter­ests. This will help you focus on busi­nesses that will pro­vide the great­est prob­a­bil­ity for suc­cess and elim­i­nate pos­si­ble failures.
  2. List your skills. No one can be all things. If any aspect of busi­ness does not fit within your skill range these are the areas where you will need to get help or con­sider tak­ing in a part­ner. [Read More]

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Benefits of Having a Written Business Plan

by Larry

written business plan graphicEvery­one who opens a new busi­ness has a plan, how­ever infor­mal. If you’re just start­ing out in busi­ness, a writ­ten busi­ness plan can help you orga­nize all the pieces that will have to come together to make your busi­ness a suc­cess. A busi­ness hop­ing to expand its oper­a­tions in some way can achieve the same ben­e­fits. A well-​established busi­ness try­ing to grow out of a business-​as-​usual rut can use a plan as a mod­el­ing tool to exam­ine var­i­ous options before com­mit­ting to one.

Many small busi­ness own­ers feel that they can keep track of every­thing with­out the need to write it down. A writ­ten plan, after all, is really just the embod­i­ment of the inter­nal plan­ning that every busi­ness owner does any­way. How­ever, the struc­ture a writ­ten plan pro­vides makes it more likely that you will con­sider all rel­e­vant fac­tors and that noth­ing impor­tant slips through the cracks. [Read More]

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