Thursday, July 10, 2008

Planning Equals Success

Planning Equals Success
Download Free Copy Of Small Business Success Secrets By Tim Knox
It is interesting to note just how careful the average American wedding gets planned yet how little, if any, preparation may be employed when contemplating the opening of a home business. Granted, the dream of the perfect wedding starts - at least for little girls - a lot earlier than the notion of running a business might, but by and large the fact that year after year endless scores of individuals are content with jumping head first into a venture which might, or might not, provide sufficient funds for the family to live on, is at times surprising and quite often downright alarming.

Yet becoming a small business entrepreneur does not have to be a roll of the dice or blind gamble; instead, conscientious planning guarantees home business success! Of course, the first step to any successful business venture is a clear understanding of the nature of the business and the talents and skill you bring to the table. For example, if you love your canine companion and would like to do something involving dogs, you will need to specify exactly what it is that you have in mind. The mistake many small home business entrepreneurs make is spreading out too quickly rather than appealing to a niche and then gradually expanding their goods and services. Therefore, consider if you wish to engage in a business that focuses initially on dog training or dog grooming; you decision should be based on your dominant skill set. Over time, you will be able to add in the other service as well.

Once you have narrowed the focus of the activity that is to become your new business, you will need to explore the legalities involved. Will you need licenses and permits? What are the ordinances with respect to business signage? Is your home zoned for this kind of activity or will you have to rent a store front? Research the answers to these questions well in advance to throwing open your doors to ensure that you have all your ducks, or dogs, in a row. This will protect you from having to shut down your business a week after the grand opening because the city administrator sent you a cease and desist order due to zoning violations. This is also a good time to investigate articles of incorporation to protect your personal and family assets should there be a legal action involving your business.

Last but not least are the financial questions that require answering. How will you finance your business and especially the start up? Do you have funds saved up for this momentous occasion or are you planning on some financial manuvuering that might be questionable? Consult a financial advisor for unbiased advice and also speak with a tax accountant to ensure that you will not put your personal finances and perhaps even your home and credit rating in jeopardy. This is also the time to confer with professional organizations that will be able to put you in touch with other entrepreneurs who may be willing to give you some information on getting started as a professional courtesy.

Bill Drapcho is the owner of and writes on a variety of topics. You may view other articles at

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