Comments on: Self Employment Success Hinges on These Three Factors

By: Anonymous

Anonymous — Sat, 08 Aug 2015 13:37:42 +0000

The business plan is very important to the business as it provides the road map to follow. It also may lead to strategic planning and emergency funding set asides. Like in personal life there will be disasters etc so one needs to have or have access to funds that will bridge the hard times such as slow pay receivables, loss of equipment due to wearing out or a fire, natural disasters. Small business is like having a three legged stool, one leg is for making a widget, leg two is marketing and getting the word out and the third leg is the business finance/administration. In my past experiences many small business owners have a great product but selling it and handling the business of the company is not their expertise and interest. This lack of interest ultimately does them in. Yes, others could help but can the small business afford it or can the small business afford to not afford it? Reasons the small business start-up failure rate is very high due to not having the three steps ChrisB just wrote about.

By: Anonymous

Anonymous — Sat, 08 Aug 2015 06:34:17 +0000

I have always looked at a business plan as a disaster plan. Yet, unless you’re extremely talented or lucky – you will see disasters, some small others not. Most serious people get to learn and build on mistakes on operating a business, and a plan is great to have in these times of stress and sometimes panic!

By: Anonymous

Anonymous — Thu, 06 Aug 2015 14:24:52 +0000

Totally agree, Frank. It is important to dive into the finer details, as these will help guide you during the growth stage. Thanks for the tips!

By: Anonymous

Anonymous — Thu, 06 Aug 2015 13:08:41 +0000

In regard to a business plan, I would add that is needs to be as detailed as possible. While a detailed business plan can seem daunting at first, a very thorough and comprehensive business plan will really help you prepare and plan for your business. You have tons of great ideas and visions in your mind, you just need to write it down so your business has the best chance to succeed.