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Thinking of starting a business? Planning is the Key to Success.
(Reprinted from: the Best Western Business Resource Guide: 1996)
Starting and building a business takes time, and you have to be patient as well as aggressive to make your business successful. Just as you have to wait for a seed you planted and nurtured to bloom into a beautiful flower or tree, the same is true for your business.
First and foremost, research to see if your business has a market. If there's no one to buy your product or service, you'd better go back to the seed box or the drawing board.
Financing for a business is like watering for a plant or tree. You must
be sure that your financing sources will not dry up before your business develops roots and starts to produce its own cash flow.
Most financiers want to see a realistic business plan before laying out any cash.
A thorough business plan will include a well-thought out and achievable growth pattern
and slow both borrower and lender to anticipate additional financing needs and work on a proactive rather than reactive basis.
Instead of borrowing in anticipation of a need, many business owners wait until the need arises and they are in, or near, financial stress before seeking necessary refunds. This isn't good for the company, and it makes borrowing more and more difficult.
Astute managers closely plan and monitor all stages of growth to avoid surprises and disappointments and to be prepared for the next cycle. Your financial stresses can become easier when you level off and reach maturity, if your business plan was viable., and if you were able to follow it with some degree of wisdom, consistency, and flexibility. Workable business plans allow you room to maneuver around and through the unforeseen or the unpredictable stumbling blocks.
 | Define and target your market |
| Develop a realistic plan |
| Seek professional advice from a lawyer and accountant |
| Determine methods for short and long-term financing |
| Form a key management team |
| Develop a marketing strategy and management style |
| Keep an eye on your competition and be prepared to out distance them |
| Be sensitive to changes in industry and economic trends |
| Expand when you're ready, but not before |
| Don't get complacent |
| Reevaluate and update your business plan and financial sources. |
