Small Business Start-Up
Finding the right career requires an examination of interests, abilities and values. It is obvious Business/Management has a number of professions that almost anyone can accomplish. Self-employment is about being in control of our lives and when we are working for someone else, we are restricted financially and in our personal future. Today, we can work from just about anywhere. To take advantage of this opportunity, we must do our homework by creating business plans to receive funds for implementing our ideas of a new business. At the same time, we must be carefully prepared to face the legal issues in the realm of small business. As boring as small business establishment, development, and management may be to research at certain points due to such detailed requests for the phases we go through to establish new business, there is still nothing more exciting than the idea of starting your own business for the two reasons of inspiration and desperation.
To begin fulfilling our desires to set a concrete name for ourselves in society and our needs for money, the development of a business plan is a necessity. It serves as a key element to define what type of business that will
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During my study at the Small Business Administration, the Quicken Small Business, and Entreworld.org websites, I realized all of these sites had one major aspect in common. They couldn’t stress any more the importance of planning and understanding your business in order to succeed. Within the pages of Financing Basics at SBA.gov, inadequate or ill-timed financing is listed as a close second for business failure. In the same study by the National Business Administration and Arthur Anderson, only six percent of small businesses were financed with an SBA Loan and two percent received Venture Capital Funding. Clearly, even well planned beginnings don’t always win the cash flow you may be seeking. Beyond government funding lies the banks who are exorbitant to interest rates, just as credit cards, and have numerous penalties for those who fail. On the same note, bank loans and credit cards are easier to get when you plan ahead and establish individual credit prior to your loan requests by saving twenty-five to fifty dollars for a good six months to show healthy habits. We should take advantage of this but mid the major downfall it may have on an individuals credit and personal assets if directions are not followed.
One aspect in business planning that I am proud to touch base on is the support for women in small business. Many banks are noticing the powerful force women have in today’s business world and in a study conducted by the Center of Women’s Business Research, the promising statistics are launching Women’s Business Groups to serve female entrepreneurs locally, starting in Nevada. In the United States, women entrepreneurs garner more than nine billion dollars in sales reported the center. This is just one example to show the options of funding that is out there, but they definitely require a great amount of research. An important element in the startup business plan is the legal issues that small business face. There is liability for injuries and actions of your employees, defective products or services, violating anti-discrimination laws and risk Management. Most of which can be honored easily by holding strong business ethics and social responsibility. If the idea of transplanting goals for a stronger ethic and social responsibility plan is outlined from the very beginning in a business startup plan, the better chance the business has to fulfill legal expectations.
The expectations for a successful business may vary from person to partnership. We are all brought up differently and many of us have opposite views toward all kinds of morals and values. One example could be the partnership with a spouse that creates extra challenges and expectations. The loyalty and stability you face within a family business is very beneficial. It can also be a messy encounter if there is a divorce involved or an incapable and underly qualified sister put on the payroll. However, if treated with respect and expectations as if the partner were Jim Carey, the challenge would grow slimmer. “We know each others weaknesses and strengths and where to push each other to grow,” says Ms. Durand in an article on Partnering W/ A Spouse at the Wall Street Startup Journal. “I think the choice to work with your spouse is a daily choice.” The point Ms. Durand made clear is the need to be mindful about whether its working or not, and make adjustments. Relationships are hard enough without the business issues involved and when we lay our heads down at each day’s end, the business aspect of the relationship should be left professionally harmonious.
Of course, you still need to be able to argue an opinion without it becoming personal. Keeping it professional is the challenge set forth in this example. The individual project teaches small business entrepreneurs that the inspiration and desperation of a person leads to the need to control our lives. What better way to fulfill these requests we ask ourselves by creating a small business?! These chances for progressing depends on how well we plan ahead. To advance in the realm of small business we must invest the time to research and create startup plans that outline the business, identify goals for the business and organizes a resume that can be submitted as financial requests for funding the business. In this process of research, we learn the legal issues as well as better environments for the obsolete. Doing the homework makes a better chance for business success!