ALL IN YOUR BUSINESS
In the previous issues, we’ve included 5 business start-up ideas that will cost less than $10,000 to
accomplish. We’ve included everything from opening a consignment shop to doing consulting. If you
haven’t already read our start-up idea articles, they are still archived for you to check out. This month
however, we’d like to do something a little bit different and talk about a couple business resources that
you’ll need once you choose an idea.
Malayzia Mag, August 2013, 4th Issue
Before you even think about starting a business, find
your passion. There are things that you will encounter
during your journey to entrepreneurial success that will
make the journey seem “not worth it” if you’re just in it
for the money. Most business owners don’t make a
profit in the first five years although there are
exceptions to every rule. This is why passion is
important. Choose from your heart rather than from
that part in your brain that lusts over riches.
The first thing any business owner (or aspiring business
owner) should do is write a business plan. I know, many of those outlines can be a bit overwhelming but
a business plan is a living document which is why I recommend you
start here. Your first draft of your business plan should be answering
questions for yourself, writing down your ideas and brainstorming
from them. You would then build on this once you get to know your
business a little better. The most ineffective business plans are written
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all at once in lieu of the need for submission. If you build this as you
learn more about your business, it will be the most powerful, most accurate document in existence.
There are a number of reasons a business plan should
be progressive and constantly developing.
1. A good business plan contains statistics. If you
wrote a business plan in 2007, nothing about
that plan is likely to be the same here in 2013.
2. Your business is like a child; it’s constantly
growing. You wouldn’t hang your child’s 1st
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grade photo as his or her only photo when he/she is now in the 6th grade. Growth is something
investors look for. If your business stays the same over time,
something is wrong.
3. You might find that your first ideas aren’t necessarily
the best ideas. Through your research and your hands on
experience with your business, you will find that there are
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