Evaluating the potential of starting a small business

I will be posting blogs to help start up and small businesses, I will do it as a series of 10 Dos, and 10 Don’ts for every subject

 

Evaluating the potential of starting a small business

TEN DO’S

  1. Live prudently and begin saving up money for operating your business.
  2. Have a great business plan (seek help if you have no experience putting together business plans).  If you don’t plan, you plan to fail.
  3. Make sure you work in a business that you know and mostly that you enjoy.
  4. Make “PROs” and “CONs” list to start the kind of business you are starting.
  5. Consider starting a moonlight business.
  6. Consider operating a family business if available.
  7. Compare Impartially your skills and training against the industry you want to work in, and against your potential competition.
  8. Consider subcontracting other vendors to complete all aspects of the service you are offering (e.g. if you are a Marketing Consultant seek advertising agent, website designers, graphic artists etc…)
  9. Test market your product or service before starting or expanding.
  10. Seek a lot of advice either Free (SBA/ SCORE) or paid for from professionals / consultants.

TEN DON’TS

  1. Quit your job before you have completed start-up plans.
  2. Be in a hurry to select a business.
  3. Be too optimistic about the results
  4. Be way overconfident
  5. Select a business that is too high of a risk
  6. Consider operating a business in a field you do not know anything about or do not enjoy.
  7. Risk all the family assets. Limit your liabilities to a predetermined amount.
  8. Compete with your employer in a moonlight business.
  9. Do not start a business where you have continually to offer the lowest prices to succeed.
  10. Neglect to have a business plan 

Sahar Andrade

Sahar Consulting

www.saharconsulting.com

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One thought on “Evaluating the potential of starting a small business

  1. Pingback: Topics about Business » Archive » Evaluating the potential of starting a small business

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