If you have dreams of starting a business of your own, compare it for a moment to a home improvement. Imagine if you were to wake up one morning, grab a hammer and a screwdriver and start dismantling your kitchen. By the end of the day you are missing two things: your old kitchen and a plan. You didn’t formulate your plan before diving in and now you’re going to face the uphill battle of putting together a new kitchen as you go hoping for the best.
Don’t go from a dream of a business to opening the doors until you have a detailed success plan in place. Entrepreneur coaches advise including the following items:
How will it begin?
Are you going to quit your day job to start your business or begin as a part time endeavor? If you’re going to quit your job, do you have enough money saved to meet your personal obligations for at least a year and do you have even more money saved to fund the business expenses with little to no cash flow being generated? If this is your first business, consider making it a part time business and later transitioning to a full time venture.
How Many Hours?
How many hours per week do you have to devote to your new business? Be honest with yourself. Don’t make plans that will require 40 hours each week if you’re working a full time job and have family obligations.
Do You Need to Register Your Business?
A brand new business may not require registration with your state but if you are supplying goods or services that could subject you to lawsuits if something goes wrong, you must register your business as an LLC or other designation that separates your family’s assets from your business assets.
The object of most businesses is to make money but having a self sustaining business that is overloaded with customers may not be a realistic goal. Set sales goals that are realistic based on the amount of time you have to put in to it.
According to entrepreneur coaches, setting realistic goals that still require actions outside of your comfort zone is the key to success. Don’t set your goals and “try” to get there. The key is to meet your goals no matter what it takes and carry that mindset in to later stages of your business.