53.7 F
San Diego
Thursday, Mar 28, 2024
-Advertisement-

A Well-Prepared Plan Smooths Business Start Up

A Well-Prepared Plan Smooths Business Start Up

BY RACHEL MICKELSON and TOM STARKO

For first-timers, starting a business can be a time of excitement and trepidation. Although one can never fully prepare for the challenges and opportunities that lie ahead, there are ways to go into a venture well prepared.

Here are seven factors for the successful creation of a business:

– Understand how your new venture fits into your overall life plan. You will do yourself, your family and friends a big favor if you take time up-front to discover the real reason you want to go into business for yourself.

Think about why you want to start your own business: Are you tired of working for others and not seeing the benefits? Do you think you can do it better? Why are you willing to risk leaving a secure job?

Make no mistake, for the first five years (or more) your business will take up the majority of your time if you want it to succeed. Be sure you are ready to make this sacrifice. Only take the plunge to go into business for yourself if, after careful examination of your life goals and desired contributions, you find a deep, compelling reason that touches the core of your life purpose and values.

– Know your risk tolerance. You probably know your own level of tolerance when it comes to risk, but it is very important to spell this out in detail not only to yourself but to your stakeholders. The odds are better in Las Vegas than succeeding at your own business.

You can, however, control a lot more at your business than you can gambling. Still, there are significant risks associated with all businesses. Are the risks clear to you, to your spouse, your family and financial backers? Are you prepared to put your savings, home or inheritance on the line? There are no right answers, just right questions.

Passion will inspire both employees and customers. They will want to be part of an exciting value chain. They will realize a greater level of service and quality and will become addicted to it.

Mickelson and Starko are partners with DoudHausnerVistar, a family business advisory firm.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-