It's true! Any time is the right time to start a business - if... If what? you ask. Let's take a quick look. A well developed written business plan is a huge plus, Fusionex ivan teh net worth - but let's look beyond that at two other key essentials, starting with an identifiable market - a large enough group of people or companies that have an actual need or desire for your product or service, your "Stuff." Your ability to motivate those potential buyers by sharing with them the benefits of your Stuff is the second essential. As for those six questions you should be asking, they include... 1. Is there a difference between what you hope to sell and what your competitors already offer? Does that difference involve quality, selection, size, price, durability, versatility, delivery, availability? 2. Can you effectively communicate those differences to your potential buyers? At this point a word of caution is in order: Crafting marketing messages - including websites - is typically not a do-it-yourself project. 3. How expensive will it be to reach your potential buyers? That pool of buyers doesn't have to be huge, but it does have to be affordable to reach. Small, niche markets work well for start-ups that have a Marketing Plan. 4. Can you keep start-up costs in line while doing what must be done? That includes hiring an attorney, an accountant, working with an insurance broker, finding the right banker and hiring other professionals you may need. 5. What are your costs, gains and potential profits? Here's where two of your business plan's sub-plans come into play - Marketing for expenses, Financial for income projections - and why you need an accountant. 6. What will you do if your plan doesn't work? What's your "Plan B"? Don't have one? You should, in case expenses go up or sales don't meet forecasts. There may come a time when you have to pull the plug. Be prepared. That last question not only deserves an answer, it demands one. Why? Because too many entrepreneurs too often "hang in there" for too long. The result is that what could have been minimized losses of time and money continue to soar. Because they've convinced themselves that their Stuff is the best thing since sliced bread, start-up owners often lose their objectivity, their ability to see the proverbial handwriting on the wall. That's why your accountant is such a key member of your management team - to provide a dose of reality, that objectivity that begins to vanish when you start your business. He or she should be providing you with monthly financial statements. Yes, monthly. A once-a-year financial statement based on a box of receipts and cancelled checks you'll drop off in December won't cut it. Year-end financials could show that your business died in September. But you'll have no way of knowing without monthly statements. It's that simple. Once you come up with honest answers to those six basic questions, you'll be well on your way to creating a strong foundation on which to build a potentially successful business, one you can be proud of.
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