The e-mails keep coming. A few days ago I asked my friends and family to be on the lookout for ATM’s. I describe the difference between a bank owned ATM and an independent ATM. I was strictly interested in the independents. I wanted to know exactly where the ATM is located, the name of the business, and what kind of business. With this information I am tracking the locations using a spreadsheet and a map with push pins.
Business Plan Research
Business plan research is a process of identifying those elements related to your business operation. Once identified, research the elements and take appropriate notes for use in developing a business plan.
While I wait on family and friends to send me information on the location of ATM’s, I decided it is time to do some preliminary number crunching. My initial introduction to this illustrated a very good return. I’m really interested in determining if I can make some real money or will this be nothing more than an exercise in frustration.
The article explains that I really need to break my thoughts down into the ‘who’, ‘what’, ‘where’, ‘when’ and ‘how’ of doing this. Based on my thinking so far, I’ve completed the ‘who’ and ‘what’ parts. I’m actually on the right track here working on the ‘Where’ aspect. I decided to follow the article’s suggestion of jotting down my thoughts to date on a legal pad.
This entry is part of a series of entries exemplifying the steps an entrepreneur takes from starting a business to selling the operation. It is a step by step process addressing the multitude of business concepts every small business owner must face. This is a 6 year example from Day 1 to the day the owner receives a check for selling his business. Read this series as if it you were experiencing all of the trials, tribulations and joy of owning and operating a business.
So that’s it, I’m going to go into business for myself. I want to own and operate a business of some sort and make some extra money. Who knows, I could be the next Warren Buffett. At age 27, I’m still young enough to have the energy to do the physical part and mature enough now to know that I need the guidance of others to help me. But what do I do? I need an idea.
Timing is everything, you have heard this before. Well, it is applicable here. I once had a potential client come to me in the middle of June seeking my endorsement to his business plan. He needed to borrow money for his idea. He wanted to sell fireworks. July 4th was less three weeks away. I looked at him as if he were crazy.
There is a process to determine the where of your plan. Sometimes it is obvious, if retail, then a retail location is ideal. If service and the customer travels to you such as a professional, then an appropriate office location is important. Focus on the type of office environment, medical should try to locate in or around other medical facilities.
If you read my section on ‘Do I Need a Business Plan’ and followed those steps, you are now ready for the next step in this process. Hopefully two important barriers have been breached in your quest to be the next new business. First, you have answered the most important questions of who am I and is this what I truly want to do.