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Starting a Business! Part 1

Updated: Jan 22, 2020

If you’re planning to start a business, you must have all or as much information necessary on how to start it and how to keep it running profitably. It will be your enterprise that you will own and manage. You could own and manage more than one business. But don’t even think about it until you’ve mastered the business you’re seeking to start now. Similarly a business could have more than one person involved in it. This is important to consider because it deals with the structure of your business, whether to incorporate as a limited partnership, limited liability company, S corp, C corp, non-profit or a sole proprietor. We’ll talk more about this later. Of course, you’ve got to know why you’re starting a business. Here’s a few questions you should consider before you set out on your mission to start a business. Are you willing to deal with all the headaches of trying to meet customer needs and desires? Why are you putting yourself in a position to be scrutinized at every turn? Why do you want to struggle to pay the rent, the lease, meet payroll, etc? Why are you willing to risk having your family upset at you for working long exhaustive hours with little or no recognition? Sure these are pretty serious and some would say negative questions, but if you’re a true entrepreneur at heart and have a desire to succeed and make the business owner grade, you’ll answer those questions willfully and honestly. You see, beyond wanting to run or start a business you’ve got to have a workable idea that will change the marketplace for the better and in the same breath provide you with a good standard of living. The truth in starting a successful business is in the niche you choose to service, the solution you bring to the market place and the level of service you are willing to give to see those goals through to the end. If you’re able to impact your area of service in such a way that people couldn’t imagine NOT having your service or product then you’ve managed to succeed where thousands have failed. Congratulations you’re now part of a select group of people that help to make the world a better place! So there must be some inner soul searching and “counting the cost” before you set your mind to pursue going into business. If after you’ve weighed all the cost and parameters of going into business and the desire and will remains; then go forth, but not without a plan of action. As they say “plan your work and then work your plan.” Let me explain a little further. Running a business is a serious affair and you should only dabble in it if you know the terms of business and have a solid business plan. Planning is essential for any venture and even when your business is running successfully you should always maintain a current business plan or as I like to call it a plan of action. No soldier steps on the battle field without a plan of action, a point of attack an alternative plan in case the “best case scenario” doesn’t work as planned and an exit strategy. There’s an outstanding book you’ve got to read and implement into your business style and perhaps even your life style. It’s by Jim “Murph” Murphy President and founder of Afterburner, Inc. and it’s entitled “Flawless Execution.” You’ll see your business, your responsibility as a business owner and your business life in a whole new way. More tomorrow…

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