Doing A Business Plan For Small Business

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In this process, it may be wise to differentiate between [whether] the business serves a personal why or a marketplace why.

"It is good to know why you are launching your business.

Additionally, don't overspend when starting a business.

Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won't help you reach your business goals.

"A lot of startups tend to spend money on unnecessary things," said Jean Paldan, founder and CEO of Rare Form New Media.

"We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people.Luxuries can come when you're established." If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure.If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender."When you board an airplane, what is the first thing they show you? When you go to a movie, what do they point out before the feature begins to play? Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building.Too many times I have witnessed business leaders that don't have three or four pre-determined exit routes. "In the words of Simon Sinek, 'always start with why,'" said Glenn Gutek, CEO of Awake Consulting and Coaching. If you think your business can deliver something other companies don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business plan.They also leased a professional high-end printer that was more suited for a team of 100 (it had keycards to track who was printing what and when).Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success.This has led to lower company value and even destroyed family relationships." A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it.A full guide to writing your plan can be found here, and when you're ready to put pen to paper, these free templates can help.

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