“If you don’t know where you are going, any road will get you there.” Lewis Carroll
Starting a business can be an exciting, but scary, prospect. Many people are looking for validation of guaranteed success; however, there are many factors that will contribute to whether a business will ultimately succeed or fail.
Based on my years of experience helping entrepreneurs with business planning and strategy, I’ve noticed the tendency for people to register their business before they’ve determined the feasibility of their business concept.
You should start by writing a business plan, researching your market, and ensuring you have enough capital to start and operate.
Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable roadmap for launching and growing your business.
There are stories of “self-made” entrepreneurs who have never written a business plan. And, yes, you can be a self-made success, but it’s mostly done by trial and error, which can be very time-consuming and costly.
It’s much better to work out the details on paper with a business plan and/or to consult an advisor before you commit yourself legally or financially to a business that may or may not succeed.
The business advisors at Small Business BC can assist you by objectively reviewing your business plan, and provide feedback and resources to prepare your business plan for implementation and/or presentation to potential lenders or investors.
Research indicates that the likelihood of obtaining financing is increased significantly if the business plan is reviewed by an independent third party.
You also need to believe in your business and yourself, to be able to sell yourself, and to develop a thick skin to keep going when times get tough.
In this blog, I will provide insight, tips, tools, and resources to help you every step of the way.