Effective Business Planning for Starting Your Business
There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses. The first thing you need to do is ask yourself is — Is Entrepreneurship for You? It helps to carefully consider each of the following questions:
Are you a self-starter? It will be up to you – not someone else telling you – to develop projects, organize your team, and follow through on details.
How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, banks and professionals such as lawyers, accountants and consultants. Can you deal with a demanding client, an unreliable vendor, or cranky staff person in the best interest of your business?
How good are you at making decisions? Small business owners are required to make decisions constantly, often quickly under pressure and independently.
Do you have the physical and emotional stamina to run a business? Business ownership can be challenging, fun, and exciting. But it is also a lot of work. Can you face 12-hour workdays, six or seven days a week?
How well do you plan and organize? Research indicates that many business failures could have been avoided through BETTER PLANNING. Good organization of financials, inventory, schedules, and production can help avoid many pitfalls.
There are three types of people who want to start their own business:
(1) Those who have an idea and never put their ideas into action;
(2) Those who have ideas and say “Let me do this and see what happens; and
(3) Those who have ideas, plan how they are going to transform their ideas into a vision, and implement their vision.
Of the three kinds of people mentioned above, more than likely, the only type of person who will be successful is number three (3) because he/she has engaged in PLANNING – the key ingredient of success. As a matter of fact, the Small Business Association (SBA) estimates that 80% of start-up businesses fail in the first three (3) years of operation due to the lack of planning. Therefore, it is crucial to convert your ideas into a Business Plan (action plan) in order for them to produce fruit.
START PLANNING TODAY and DON’T DELAY
Then you will be on your way to operating an efficient business that is well planned and destined for success.
For more information on Planning and Writing Your Business Plan, purchase my book, “Biblical Entrepreneurship” – https://kbooker.wordpress.com/2010/02/25/biblical-entrepreneurship/