Most Businesses Don’t Plan to Fail…They Fail to Plan
- Money
- How much do you need to buy assets to run the company?
- Make a list of the assets that you need:
- Furniture & Fixtures
- Computers & Software
- Equipment
- Vehicles
- Money
- How much to start up?
- Signs
- Business Insurance
- Legal Costs to:
- Protect your Business Entity
- Contracts
- Buy/Sell Agreements
- Marketing and Advertising
- Money
- How much is needed until the business is profitable?
- Prepare projection of revenues and expenses
- Be realistic and conservative
- How much working capital is needed on an on-going basis?
- Projection of revenues and expenses
- Cycles (plan for down months…)
- Purchase inventory months ahead
- Planning Prevents:
- Starting a business that won’t work
- Finding out that a competitor is already doing it successfully
- It costs too much to start
- It will take too long to make money
- It could prevent stress and loss to your family
- Plan in Writing
- More Committed when it is in writing
- Think through it more completely
- Idea looks different on paper
- Others can buy into it
- Ask Questions
- Provide guidance
- Business Plan becomes budget for first year
- Can be modified and monitored
- Plan to Succeed
