Jeanne Cole, a regular contributor here, put together some basics for small business, for the Small Business 101 workshop held in Alva. Here are her 4 top tips.
1. Do a business plan for the right reason.
Most people only write a business plan when they want money. But the top reason to write a business plan is for your own benefit. Lots of people say, “I’ve got it all in my head.” Please get it worked out and do a couple of pages of narrative. Figure out how much money you want to make and how long you expect to stay in the business.
2. Develop your entrepreneurial attitude.
Work on willingness to take risk and perserverance.
3. Evaluate your business idea carefully.
How can you tell if an idea will make money? By doing the planning, doing the financial projections. The business plan guide from the Oklahoma Small Business Development Center includes financial projection forms.
4. Get out and gather some business intelligence.
Local sales tax goods reports can give you an idea of the current local market in many areas. Want to know the real experience of others? Call competitors and other entrepreneurs. And don’t forget the personal resources, the service providers who support small businesses in your area.
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Entrepreneurs – if you don’t have a business model, you have a hobby, not a business.
While I know that you need a business plan, I know a lot of businesses who did not start with one. Instead, they begun with one amazing idea and then they expanded from there. A good business is not measured by how well you planned it but by how well it helps other people.