6 Things You Need As A Small Business
For a budding entrepreneur the launching of a new business venture is one of the most exhilarating and stressful endeavours that can be experienced. To be successful, an entrepreneur must become a master planner, organizer, marketer, leader and communicator. It is not an easy task and it certainly does not happen quickly. In the words of the late, great comedian Eddie Cantor, “It takes 20 years to make an overnight success.”
Although, starting and maintaining a business is around-the-clock hard work, it is totally manageable with proper planning. Here are 6 essentials for entrepreneurs and small business owners that will help transform an idea into an operating and profitable business:
Business Plan: Think of your business as a long road trip. You can not begin driving without identifying your destination and plotting a course to get there. A business plan is a framework that “maps out” exactly how your business will operate and what it will take to make it a success (i.e. arrive at your destination). The level of detail required in the business plan is highly dependent on the type of business you plan to operate. Check out the SCORE web site for free downloadable business plan templates that will help you to evaluate your needs and plan your business. SCORE is a nonprofit association dedicated to educating entrepreneurs and helping small businesses start, grow, and succeed nationwide.
Legal Representation: You heard me correctly, “You need a lawyer”. When you are first starting your business there are many decisions that need to be made and these early decisions will impact your business as it grows. One important decision a lawyer can help you with is “What type of business legal structure should you establish?” Should you go with a Corporation, …