Planning is the key to business success!

A question that I am frequently asked is, "How do I get started with my business idea?" Of course, there are lots of hurdles and potential stumbling blocks people face as they work to start their business, and there is no way to eliminate all the risks associated with starting a small business.

On the other hand, you can improve your chances of success with good planning and preparation. A few things to ponder:

Are you a self-starter? It will be up to you, to develop projects, organize your time and follow through on details. You will need to be able to take the initiative and be a great manager of your time. Remember, you still have to find balance between work and life.

How well do you get along with different personalities? Business owners need to develop working relationships with a multitude of people including customers, vendors, employees, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or cranky staff person in the best interest of your business? You will be put to the test many times and must be able to handle different situations.

How good are you at making decisions? Think back to decisions that you've made in the past. What was the outcome? Small business owners are required to make decisions constantly, often quickly, under pressure and independently. Can you handle that? This can mean the difference between running a successful business or one that is one step away from ‘going out of business.’

How well do you plan and organize? According to various researches that I’ve read, experts say many business failures could have been avoided through better planning. Having a handle on your financials (both personal and business), inventory, schedules, production – can help avoid many pitfalls.

How will the business affect your family? The first few years of business start-up can be hard on family life. The strain of a non-supportive spouse may be hard to balance against the demands of starting a business. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk.

Please let me know if you have any comments or questions.

To your business success,

Sylvia