Entrepreneurs – Business Plan Fitness
Are you fit for entrepreneurial endeavors?
2 Small Biz Guys explore the path to profitable returns. Ray and Zen explore considerations and questions regarding small business start ups. Littered with a bit of banter, the conversation covers a rather dry subject with some insight and practical experience. Ray’s intimate knowledge of start ups comes from both experience and a 20+ year peer group business in Chicago.
Desiring to be and being an entrepreneur requires not only attitude, aptitude is also important. Many tools for personal inventories are available. Here’s a brief quiz to see where you stand on the scale. It might be good to know before launching into something you may regret. On the other hand, you may be a perfect match for taking the leap.
If you are determined regardless, this conversation is even more valuable. You might find yourself engaged in reflecting on your own process. We often get a little myopic in the process, too. The Guys will help loosen you up and even validate your understanding. We all benefit from inspiring action with your best strategy in mind.
If you are a self-starter, can create good relationships and lead others, you are on the right track. There are some recommended steps, though. We often leap without looking, especially when we accept and engage risk prematurely. When we plan strategically, looking for and filling the holes in the plan effectively, we have a much greater chance for success. Here’s the basic steps:
- Write a Business Plan
- Get Business Assistance and Training
- Choose a Business Location
- Finance Your Business
- Determine the Legal Structure of Your Business
- Register a Business Name
- Get a Tax Identification Number
- Register for State and Local Taxes
- Obtain a Business License and Permits
- Understand Employer Responsibilities
Competitors, rather than wish you ill, may wish you more employees. Human resources are often the most important aspect of a business that is growing, maintaining good employee relations being imperative. Happy people get more done with less supervision. Empowered and prepared, they exceed expectation.
There are also some excellent resources for short-term on-demand small business education at Practical Business University.
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