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
- Live prudently and begin saving up money for operating your business.
- 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.
- Make sure you work in a business that you know and mostly that you enjoy.
- Make “PROs” and “CONs” list to start the kind of business you are starting.
- Consider starting a moonlight business.
- Consider operating a family business if available.
- Compare Impartially your skills and training against the industry you want to work in, and against your potential competition.
- 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…)
- Test market your product or service before starting or expanding.
- Seek a lot of advice either Free (SBA/ SCORE) or paid for from professionals / consultants.
- Quit your job before you have completed start-up plans.
- Be in a hurry to select a business.
- Be too optimistic about the results
- Be way overconfident
- Select a business that is too high of a risk
- Consider operating a business in a field you do not know anything about or do not enjoy.
- Risk all the family assets. Limit your liabilities to a predetermined amount.
- Compete with your employer in a moonlight business.
- Do not start a business where you have continually to offer the lowest prices to succeed.
- Neglect to have a business plan