Starting a business and being your own boss can be exciting and for many it is the professional goal of a lifetime. Thousands of new businesses are started everyday, yet history shows that a majority of them fail because of a flawed business concept, inadequate financing or poor management. Starting a new business can be risky and here are some issues to consider before taking that big step.
The need for a marketing plan grows as a business develops new products, enters new markets and refines how it attempts to position and sell its products. The structure of a marketing plan is similar to a business plan, but focuses more on how specific products and the operations surrounding those products instead of the entire business as an entity.
Your total compensation plan must serve to attract, retain and motivate your employees. While wages will be the largest component, other parts of the plan are important. Together with the work environment, your benefit program may be the difference between having an effective, steady work force or a group of dissatisfied employees that you are constantly replacing.
Every business has the risk that a natural or man-made disaster could disrupt normal operations and ultimately threaten the viability of the business. Fires, floods, earthquakes, thefts and terrorism are all threats that should be considered.
A formal business plan can be invaluable. It will be needed for obtaining financing, it can serve as a guide for the policies, strategies and tactics needed for running your business, it can be shared with potential key employees, it can serve as a key document when you sell your business and the process of preparing it will force you to focus on the issues that are essential for the success of your business.
Whether it is for the start-up or growth phase, most businesses ultimately need to borrow money. Here are some issues to consider as you approach the borrowing process. Addressing them as you start the borrowing process can increase the chances of getting the loan and make the process much easier.
Small businesses, and their owners, have many retirement plan options. Choosing the right plan, or combination of plans, can be helpful as part of running the business and helpful to the owner for his or her retirement planning. The rules can get complex and you should consult with a retirement plan professional as part of the decision making process. This guideline provides some basic information and can help make the discussions with the professional more effective.