Good stuff McCoyred! My uncle (who does business planning as one of the services that he provides to clients) is really playing up the importance of having a good business plan. He was saying that it can take 100 to 200 hours of work. Not a huge investment of time if one is thinking of sinking $ into some venture.
I will get my business plan at a price that includes the family discount but others should definitely see if that kind of counsel and work can be aided by the SBA (potentially at a reduced price, if any), etc.
Also, a soror-friend of mine whom will be opening a restaurant was telling me that there are a number of companies that give loans to small businesses for start-up.
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Originally Posted by mccoyred
I have been thinking about opening my own business for some time now. I know what I am good at and what I want to do but I want to go into it with my eyes wide open. To that end, I started an MBA program this semester; in addition, I am working my grad assistantship at the state small business development center where I perform market research, financial modeling and support the business analysts who offer free (federally- and state-funded) assistance to small businesses throughout the state.
You would be surprised at how many people dig themselves into a hole when starting a business! They are under capitalized, over levereged, have done no market or industry research or have no idea HOW to run a business (bookkeeping, inventory management, financial planning).
I URGE anyone who is even THINKING about starting their own business to contact the Small Business Administration ( http://www.sbaonline.sba.gov/), Service Corps of Retired Executives (SCORE) ( http://www.score.org/) or your state Small Business Development Center (usually sponsored by a local university) ( http://www.asbdc-us.org/). These organizations will assist you in starting up your business or expanding to the next level. |