5 Tips for Effective Business Planning
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Clearly define your business idea and be able to succinctly articulate it. Know your mission.
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Examine your motives. Make sure that you have a passion for owning a business and for this particular business.
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Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.
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Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that affect your business.
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Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert, ask questions, and visit your local SCORE office.
1 comment:
Interesting post. I'll keep it in mind, because I want to run my own business some day. I've thought about it, and I think I'd like to buy a business instead of starting one from scratch. My only problem is that I'm unsure about the approach. Should I buy a franchise? A non-franchise? Home-based? I'm unsure. Any suggestions or advice? Thanks.
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