Learn more about planning a business launch.
Having a business plan is essential to business success. A new, online tool from the Small Business Administration walks you through the process of creating a customized plan, including market analysis and financial projections.
'Starting a New Business on a Small Budget' shares insights and lessons learned from a pair of successful entrepreneurs who started their own business on very limited funds.
To discover the entrepreneurial opportunity perfectly suited for you, you must identify current trends and match them to your personal/business experience.
'How to Get Out of a Non-Compete Agreement' describes some of the ways a person can break or void a non-compete agreement with a former employer when starting a new business, if you're planning on entering the same line of work.
'Is Franchising Right for You?' is a personal account of franchise ownership from one of the nation's most successful franchisees, including a discussion of what to expect and what it takes to be a franchisee.
'Buying a Franchise' relates the advantages and disadvantages of becoming a franchise owner, including such considerations as finding the right franchise, investigating a franchisor, and understanding the risks and limitations of a franchise agreement.
'Buying a Business' recounts the advantages and disadvantages of buying an existing business, and how to find the right opportunity and exercise the proper caution when doing so.
'Creating a Business Plan that Works' gives practical tips and delves into the benefits of researching and writing a business plan that ultimately plots out your objectives; marketing strategy; operational procedures; and the right combination of expertise, equipment, location and sheer capital that will be required to convert your ideas into reality.
Learn how to research and write one of the more important elements in a business plan: the market analysis.
'Preparing To Succeed When Launching Your First Small Business' concentrates on those activities an owner must do--before opening for business--in order to be successful.
'How to Choose a Franchise' covers the types of research that should be done and the kinds of questions that should be answered when investigating a franchising opportunity.
To be successful in entrepreneurship, you'll need to set economic, personal and retirement goals that are concrete and actionable, in order to guide you in getting your new business off the ground.
Small business ownership isn't just another job -- the responsibilities have advantages and disadvantages, requiring you to perform many different roles using many different skills. Are you ready?
When small business owners plan their cash flows, they usually assume that sales will occur on a regular basis. For example, if they estimate that they will have $120,000 in sales revenue, they typically presume that they will do roughly $10,000 per month in sales and plan accordingly.
To get an accurate read on how much money you'll need to keep your business running in the first 90 days, you'll need to figure out how much revenue your business will produce in those 90 days. The greater the revenue, the less you'll have to come up with from your personal resources.
Our case study of a ficticious sandwich shop outlines many of the expenses you are likely to incur during your first three months of operation.
Many activities must be undertaken and expenses incurred before you are fully ready to open your doors for business. Here are some things to consider.
It's opening day and you are ready to serve customers for your new business. But do you have the staying power to make it through those critical first 90 days?
Surrounding yourself with a team of competent professionals will improve the odds of success in your new business. Even the most determined individualist should solicit advice from legal, accounting and business professionals.
This case study shows how you can use various sources of industry reasearch to make assumptions and projections for your startup business.
To create an effective plan, you have to gather together and organize a lot of specific information relating to your business, your competitors, and the market you hope to reach. There are many potential sources for that information.
New small businesses that need a loan to get started are in a classic catch-22: lenders will want to see a proven track record before they lend you any money, but you can't establish the track record until you get the loan. As a result, a lot of new owners have to turn to alternate sources of financing, such as selling personal assets, borrowing from friends and relatives, or taking on partners or investors.
When you draft a business plan, you have to make many different types of assumptions. These include the general business environment, business-specific factors, and issues outside your control.
There are many steps that you need to take to turn your fully formed startup idea into a thriving enterprise. Deciding on your organizational form, getting financing and setting up your recordkeeping systems are among the first tasks you will need to tackle.
Choosing the right small business to start -- one that will succeed -- requires market research that matches unmet customer needs to your unique skill set and product/service offering. But you must avoid some common mistakes.
Not everyone is equipped to own a small business or handle the impact on one's personal life. You'll need to understand the essential qualities for owners, and assess how your strengths and weaknesses match up.
Although the end product is worthwhile, preparing to write a business plan is a difficult process. You have to determine who your audience is, set the scope of the document, and organize the information so that your plan stands out.
Starting a new business is an obvious triggering event for creating a business plan. But changes in the business, or business environment, may also make it advisable to create a plan or to revise an existing plan.
Creating a solid business plan takes time and energy. You may be asking: "Why do I need a business plan?" or "Why go to the trouble of documenting a business idea that I know will work?" The answer is that you significantly increase your chance of success if you chart your course with a written business plan.
A business plan provides benefits beyond getting financing, dealing with vendors and suppliers, and familiarizing prospective employees with your business. It also serves as a roadmap for the operation of your business. This helps you chronologically organize business-critical events so you don't get ahead of yourself in business activities that have conditions precedent that must be satisfied.
Jumping into a new business with both feet may be too risky for some people. In fact, most people believe it is best to stick one toe in to test the waters first, and most new businesses start on a part-time basis, while the owner is still working elsewhere.
Starting a business out of your home can simplify operations for the boss, but it brings with it a whole new set of obstacles to overcome.
Ways to recognize and resolve problems with a startup business.
Success means many things to many people, but when measuring your small business's success, it depends upon your business's life cycle.
The marketing portion of a business plan addresses four main topics: product, price, promotion and place.
Sample business plans illustrate how a manufacturing business, a service provider, and a retail establishment will tailor their business plans to the unique characteristics and markets of their differing business types.
You should treat your business plan as a dynamic document that should be kept current as your business evolves. This involves a periodic review of the plan to factor in actual business results, changing business environment, new competitors, and other factors. The timing and frequency of the updates should be considered.
When you develop a business plan, financial projections and cash flow analysis are among the most critical elements. New and existing businesses that need financing will have to demonstrate the profit potential of the enterprise in order to convince a lender to provide needed funding.
Create a comprehensive pitch and business plan with 1-year of LivePlan access. Includes templates and financial forecasting.
Start your business with confidence. We offer various incorporation packages to get your business up and running. Starting from $99 and includes 6 months FREE Registered Agent services.