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A Frank Assessment of Your Goals Before Starting A Small Business

Last Updated: 03-Sep-2013

To start and operate a business, in addition to flair, enthusiasm and desire, a considerable amount of study and preparation is required. A person needs the skills of a chess player to succeed in the game of a small businesses. As in the game of chess, the right opening strategies, gives a business the edge over its competitors.
A frank assessment of personal and business goals is needed, which can be used to develop a thorough business plan.
Getting Started – Reasons to start the new venture
The next step is to find out the type of business that suits you. For that you must ask yourself the following questions:
  • You are your own boss.
  • You crave for creative independence.
  • You are financially self-sufficient.
  • You wish to make the maximum use of your potential.
Finding out which business suits you the best
The next step is to find out the type of business that suits you. For that you must ask yourself the following questions:
  • What are my technical skills?
  • How do I enjoy spending my spare time?
  • What are my talents?
  • Can I make money using my hobbies?
  • How long can I spend in running my business?
  • What kind of business do I want to begin?
  • Which of my talents will benefit my business?
Finding the right slot for your business
After finding out the business that suits you best, it is necessary to find the right slot for your business by answering the following questions:
  • Who are my competitors?
  • Is my product marketable, in other words, will it sell?
  • How is my business better than the competitors’?
The concluding steps
The concluding step is to prepare a checklist, which should include:
  • Where will my business be situated?
  • What name will my small business have?
  • How will the legal framework of my business be?
  • What type of insurance coverage does my business require?
  • What type of financial aid do I require?
  • What machinery/inventory do I require?
  • What assets do I have?
The answers to these questions will help you come up with a systematic business plan that can be used in the future for devising strategies to operate the business.
A small business can either be started as a sole proprietorship, a partnership or a corporation.
Organizing a new small business – Major constraints
Selecting the correct business structure for the business is an extremely vital decision while organizing a new small business. Here are a few major factors that affect your decision:
  • Legal boundaries
  • Resource requirements
  • Kind of businesses
  • Liabilities present
  • Distribution of earnings
  • Size of the business
  • Duration of business cycle
  • Tax pros and cons
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