From the category archives:

Business Plans

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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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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