Starting a Small Business?

So, you’re starting a small business…congratulations!  You are embarking on one of the best rides of your life.  I say that because starting a small business is enthralling, but definitely has its highs and lows.  Furthermore, starting a small business takes consistent work.  Yes, the grass can be greener, but it can be bleak.  I’m sure you have read all the statistics about how small businesses fail at an alarming rate.  Want to not be one of those statistics?  Well, then you need to get all of your ducks in a row before you actually throw open your doors.

What ducks? You are probably asking.  Well if it quacks…nevermind.  That is not where we are going here.  Before starting a small businesses there are several considerations to make when putting your plan in place.  Yes, you should have a plan, and I recommend you write it down.  First, start by outlining and drafting your business plan.  You will need to spend some time here, but it will be time well spent when you have a road map to help you get where you are going.

I also recommend writing down your goals.  We all have goals, but some of us never put them in writing.  Once you put them in writing, it’s funny how they become much more real.  This will also help you find your way.

Then, create a budget.  Once you create a budget you will know how much revenue you will need to have in order to cover your expenses, and better yet to actually make a profit.  Of course, you will note from my other posts, that I am big into documentation, and your budget is not an exception.  When you are starting a small business, you should create your budget in writing, just like your business plan, it can be changed, but it will provide you with a starting point.

Of course, the above suggestions are just that, suggestions for you when you are starting a small business.  What suggestions do you have for those who are starting a small business?

Integrated General Counsel
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