Monday, May 25, 2015

How To Create a Small Business Plan

The key to a definite financial success is a carefully planned business. We all know that starting a small business gives us the feeling of excitement and it is very rewarding. But you have to keep in mind that as an owner, you have to properly set up a small business plan before launch your new project.
If you're a business owner who is on the verge of launching your own small business, you should take into consideration a lot of factors. First question that you need to ask yourself is how is the business going to be financed. Aside from that, you need to make sure that your business has a strong business plan and if the product or service that you are offering is marketable to a lot of people.

Based on studies done by the U.S. Department of Labor, almost 50% of small businesses stop working within the first 5 years of operation. That is why you have to properly plan your business so that you will not encounter the same fate and your business will boom for many years. Here's how:
  1. The primary thing that you should do as a business owner is to carry out a short study for business compatibility. You have to check and ask yourself if you have what it takes to set up and handle a business. As an entrepreneur, you should sit down and consider if you have the following traits:
  2. An entrepreneur should be a motivated self-starter and should have a high risk tolerance. Being a follower and a leader at the same time is also a big factor and keep in mind that one should be very adept when it comes to planning and organizing. A successful business owner should be able to quickly and efficiently make decisions and must have the positive can-do attitude at all times. A strong drive for success is also another trait that you should watch out for and the fact that he or she should be energetic and well-balanced emotionally so that running a business is possible.
  3. Successful entrepreneurs are mostly creative when it comes to problem solving. Being intelligent, inquisitive, and confident are also attributes that they should possess. They should be able to enjoy tackling a lot of challenges every day. With this, their small business will be able to sell products or services that are in demand and definitely marketable. Remember, you can still build a successful business even if you don't have the skills and characteristics mentioned above. But understanding your strengths and weaknesses right in the beginning will help you avoid many mistakes and save you many disappointments.
  4. Another challenge that a business owner should overcome is having a funding source so that you can get the business going. One of the financing options that you might want to consider for your new business is through a financial assistance from either your friends, family or maybe even business partners. You can also try checking the web since it provides a lot of resources for getting a small business loan like from or The Small Business Administration of the United States also provides different types of loans.
If you need help creating your small business plan, contact our office and we'll be glad to help you.
Silvia Pencak is The Magnetic Branding Expert and Mentor. For over 7 years Silvia kept building successful venues in Europe and Canada. She became known as the expert in building a powerful brand and is often asked for advice in management, marketing and organizational areas of building a powerful small business brand. She understands that the power of branding, authenticity, relationship building and marketing efforts can make or break a successful business. Silvia shares her expertise online at to help other women entrepreneurs build successful brand and to support those who don't settle for a mediocre business and average lifestyle.
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