Small Business Planning Ideas
Small Business Planning Ideas
Small Business Planning Ideas
Unfortunately, lots of small businesses fail simply because they were started for all the wrong reasons. You should take a few moments of reflection, or a lot of moments, and determine if a small business is actually what you want and if you have the kind of mindset required to manage a small business. Before you enthusiastically say "YES," ask yourself the following questions.
So just why is it that you want to own your own business. There are lots of possible reasons. Among the most common explanations why people want to open their particular business are:
1. They desire more control over their lives.
2. Want to create something special.
3. Gain recognition.
4. They are dissatisfied with their financial position and wish to improve it.
5. They would like to build a better future for themselves and their families.
6. They desire the kind of freedom that can't be attained by working for someone else.
7. Want to be your own boss.
The list can go on and on, but the point here is pretty evident. Why do you desire to start your own business? The answer is probably pretty personal, and unique to you as well as your situation. So contemplate it and try to come up with the answer or answers. Realize that it really doesn't matter what your reason(s) is, you need to simply be very clear about why you are doing this. If you can come up with a top, #1 answer why you want to start your own small business, it is advisable to write it down and refer to it on a regular basis. This will help you get through the rough spots and provide you with motivation to keep going.
Here's a few more questions that you should consider:
1. Exactly why do you want to enter into business for yourself?
2. Did something happen that made you decide this? Maybe it was a certain incident or situation?
3. What has prevented you from starting this company earlier?
4. What is it that's changed that you are now believing that this is the proper time for you to start your own business?
When you have established your reasons why you are getting into business for yourself, you should take a look at a few of the pros and cons of owning and running a small business.
Pros:
1. You're in the drivers' seat, and you may steer the company in the direction you would like. That is, you get to make every one of the decisions.
2. You get more control over your time and how you manage it. You might be able to have more personal time.
3. The sky is the limit, in that your fortunes will increase as your business is more successful. You will not be paid what another individual thinks you are worth.
4. You will get to the point that you can outsource the duties you don't enjoy doing or aren't as good at.
5. You can make a lot more money. Running a small business is the most common method to achieving significant wealth.
6. The experience of owning and operating a company will teach you lessons that you're going to carry with you no matter what you choose to do in the future.
7. You can gain a certain amount of notoriety in the community as a small business owner.
Cons:
1. Ultimately, you're responsible for everything - it is your job to fix everything that goes wrong.
2. It will take a lot of patience - there is a lot of time spent preparing to start a small business, and you have to keep thinking to keep it going.
3. Extended hours, at least to get your business started and up and running.
4. You should be able to adapt to change... quickly.
5. Forget about receiving payment for overtime! You will have to work until anything that has to get done, does. This means that you won't get "time and a half" for the work.
6. Risk and uncertainty can be high.
7. Increased liabilities.
These aren't exhaustive lists, they are only intended to provide "food for thought." Now you need to take a moment and write out your benefits and drawbacks and decide whether or not the pros outweigh the cons.
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