The most important single thing you can do to initiate a small business opportunity is to have a business plan. A business plan is a road map for how to get to where you want to go successfully. It will help you with the many decisions you make along the way.
Each decision is an important one, but if well thought out and planned it will help improve your probability of success. You should already have a well-developed business plan if you are planning to request financial assistance from others. It will explain your philosophy and your direction.
In the beginning, you are not your own boss because every customer or client becomes your boss. You have to put everything into your new business to make your clients happy and accommodate their desires. So at the beginning you will have more bosses than you dreamed.
Next it is necessary that you register your business which requires the usual paperwork and regulations and to establish that your chosen name has not already been taken. You should check with your Secretary of State Small Business Office and they will direct you from there.
If you have not already thought about where the funding for your new business is going to be coming from, now you must. Often entrepreneurs believe small business start-ups can be funded by grants or venture capitalists. You must obtain the investment money on your own through personal savings, banks, angel investors, SBA grants, or other means.
So far the news all sounds negative but it is anything but negative, you just have to have available resources to provide you with a successful business start-up. It’s important to determine where your passions lie and to understand your entrepreneurial personality. You can chart your way to your dreams.
It is imperative to keep a close eye on your running costs and keep them in-line with all that your have projected. Create an accounting system that you can rely on so you have no surprises and inform you of your daily financial requirements. Account and bookkeeping of your business can’t be avoided.
Get your accounts in order from the beginning, this will save you time and money later. A good example is a merchant account under which an acquiring bank extends a line of credit to a merchant who desires to accept payment card transactions. Without such a contract, you cannot accept payments from any of the major credit cards.
Author: Myles KruegerThis author has published 25 articles so far.