Business Planning For New Business Owners

September 10th, 2011

You-ve decided to start a business, so it-s time to take some steps to make sure that your venture has the best chance for success. Business planning for new business owners often gets left on the sideline in the rush to earn that first dollar. To help keep your feet on the ground, here are some steps to consider.

Find a mentor. New business people can learn from successful business owners of the past. By finding a mentor, you will find a way to bypass some of the common mistakes entrepreneurs normally face. You can find your mentor as part of a local, state or national volunteer effort or a premium service. Spend time with your mentor. The advice you get can save much time and money re-learning the lessons of the past.

Write a business plan. Without taking the time to thoughtfully write down everything about your business, you risk drifting and losing your dreams. Also, most banks and financial institutions require a well-written business plan that defines what you are doing now and what you will be doing several years down the road.

Work with the SBA. The Small Business Administration has many valuable resources for new businesses that can provide support and guidance as you launch your enterprise.You thought this was good? Brace yourself: What to do when an investor asks for your “Business Plan”


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