Guidance and Knowledge for Value Investors
Often the researching of information for your small business triggers more questions than answers. These articles get involved in the ‘who’ and ‘what’ of a plan. What type of questions to ask and how to find answers including demographics, product issues, and legal issues. Always research a business plan prior to drafting and following up on the related business issues.
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.
My first concern was making enough money given the labor input against the time invested. In my first entry, I stipulated that in the long run I wanted to make at least $70 an hour for the services I rendered.
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.
Whenever someone wants to start a business, they ask their friends and professionals what they should do. The standard answer is always, ‘You need a business plan’. Really, do you? If I do, what is it and how do I proceed?