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4 tips for going into business

By Becky McCray

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.

Jeanne Cole1. 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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About Becky McCray

Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.
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  • How has 2020 changed the challenges rural small towns face? Tell us here - October 20, 2020
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  • Join me for the Rural Renewal Symposium online Oct 13 - September 26, 2020
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  • Refilling the rural business pipeline - July 7, 2020
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November 9, 2009 Filed Under: entrepreneurship Tagged With: Dreaming

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Comments

  1. Cristin Frank says

    November 9, 2009 at 10:17 pm

    Entrepreneurs – if you don’t have a business model, you have a hobby, not a business.

  2. Ivan Widjaya says

    October 28, 2013 at 11:53 pm

    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.

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