For many Americans owning their own business is the key to self-fulfillment. Not only do we envision ourselves doing what we love to do, but working alongside people we respect and love. We also imagine money in the bank, a robust family life and a community that values our work and contributions. Whatever the motivation, owning and operating your own business is sure to be scary, thrilling, stressful and rewarding at any given moment.
Quality Accounting Solutions wants to help you develop essential tools to run your business efficiently and effectively. A great idea and hard work are typically not enough to experience long range business success. You should surround yourself with knowledgeable people you trust, have access to dependable resources, and make sure you have solid finances.
The best way to take inventory of where you are and where you want to be is to draft a business plan.
Many small business owners never create a business plan, or they write them haphazardly and never look at them again. But long-term, successful business owners who learn how to create, implement & refer back to a working business plan know that this tool becomes essential to keeping the business focused, holding the organization’s members accountable, and measuring continued growth.
Here are a few things to consider as you brainstorm your plans:
- What is the purpose of this business?
- Who else is doing this in my area? (what makes mine different/better?)
- Who will I serve? Who are my customers? (Hint – EVERYONE is the wrong answer)
- What can I do well myself? (Sales, marketing, bookkeeping?)
- What should I have someone else do for me? (Insurance, accounting, legal?)
- What is my budget? (Start-up costs, need a loan, inventory, investors?)
- What form of a business entity will you use? (Think taxes and liabilities)
To get started it would be wise to search the internet, call your local chambers, visit with local business owners and make an appointment to discuss your ideas with a SCORE mentor and/or a SBA member.
We coach you on how to create, follow, and measure theses plans. Every plan must be measured or the impact will never be know.
Ask for help. Be critical of all advice (Yup – even ours) and trust yourself. This is an adventure worth taking! If you would like Quality Accounting Solutions to help you with your business planning, contact us today!