F. Include a section on financing.
Starting Your Own Business
76.
Start with an idea. This doesn't have to be a brand new invention or new product. In fact, many successful small businesses have found a way to deliver an existing service more efficiently or economically or have customized an existing product or service. Evaluate your competitors - how many competitors, how strong are they, where are they, how will you compete. State what is required to enter this market, barriers to entry such as high fixed costs (factories, restaurants) and government regulations that must be met.
77.
This doesn't mean build a big factory or a fancy office. It simply means keep accurate customer records, a clean set of updated books and a technology foundation, if necessary. One of the downfalls of many small businesses is that they don't know if they're making or losing money (i.e. the need for a clean set of books). Another downfall is when small business owners try to sell their company years later but lack accurate customer history and customer information.
78.
Once you know you can be profitable take the leap and get started. Besides getting business supplies or advertising, plan ahead by establishing some new business clients ahead of time. If your business is unlike a restaurant, that physically needs to wait for customers to walk into its doors, establish accounts ahead of time. In this way, you will have pre-planned future receivables to look forward to.
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