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.
New to SmallBizSurvival.com? Take the Guided Tour. Like what you see? Get our updates.
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020
- Video: How to fill empty car dealership buildings for the holidays - November 6, 2020
- How has 2020 changed the challenges rural small towns face? Tell us here - October 20, 2020
- The Idea Friendly Method to surviving a business crisis - October 6, 2020
- Join me for the Rural Renewal Symposium online Oct 13 - September 26, 2020
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020
- Economic self defense for small towns - June 7, 2020
- The best things you can do for local businesses in light of coronavirus - March 27, 2020
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.