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Business Plans & SWOT Analysis: How to Start

A business plan precisely defines your business, identifies your goals and serves as your firm's resume. Its basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis.

Entrepreneurship

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages, such as: being your own boss; setting your own schedule; and making a living doing something you enjoy. However, becoming a successful entrepreneur requires thorough planning, creativity and hard work.

Consider whether you have the following characteristics and skills commonly associated with successful entrepreneurs:

Comfortable with taking risks……

Independent ………….

Persuasive……………..

Able to negotiate………

Creative…………….....

Questions to Ask Before Writing a Business Plan

Ask yourself these 20 questions. Make sure you’re thinking about key business decisions:

  1. Why am I starting a business?
  2. What kind of business do I want?
  3. Who is my ideal customer?
  4. What products or services will my business provide?
  5. Am I prepared to spend the time and money needed to get my business started?
  6. What differentiates my business idea and the products or services I will provide from others in the market?
  7. Where will my business be located?
  8. How many employees will I need?
  9. What types of suppliers do I need?
  10. How much money do I need to get started?
  11. Will I need to get a loan?
  12. How soon will it be until my products or services are available?
  13. How long do I have until I start making a profit?
  14. Who is my competition?
  15. How will I price my product compared to my competition?
  16. How will I set up the legal structure of my business?
  17. What taxes do I need to pay?
  18. What kind of insurance do I need?
  19. How will I manage my business?
  20. How will I advertise my business? 
 

10 Steps to Starting a Business

Step 1: Write a Business Plan

Step 2: Get Business Training

Step 3: Choose a Business Location

Step 4: Finance Your Business

Step 5: Determine the Business' Legal Structure

Step 6: Register a Business Name

            ("Doing Business As" or DBA)

Step 7: Get a Tax Identification Number (TIN/EIN)

Step 8: Register for State and Local Taxes

Step 9: Obtain Business Licenses & Permits

Step 10: Understand Employer Responsibilities