What is important when just before starting my own business ?

Question

I have a good idea and I want to start my business with it. I am preperaing a feasibility report for myself but also investors too. What is important just before starting my own business ? There are many details to care about !?

Answer 1

You should seek to understand yourself first. Here's a good place to start:
http://www.sba.gov/smallbusinessplanner/plan/getready/SERV_SBPLANNER_ISENTFORU.html

I also highly recommend this book:
http://www.amazon.com/Rich-Dads-Before-Quit-Multimillion-Dollar/dp/0446696374/sr=1-1/qid=1170056530/ref=pd_bbs_sr_1/104-5250859-0369531?ie=UTF8&s=books

Once you understand your personal situation, you can dig into the details of your startup. Investors generally look for the following factors in a startup:
1. Visionary leadership
2. Large potential market
3. Competitive advantage
4. Low capital requirements

Make sure your buisiness plan fits these criteria.

Here's a great template for your pitch:
http://blog.guykawasaki.com/best_of/index.html

Cheers!

Answer 2

There are always many details to worry about. Depending on the size and nature of your business start with preparing a detailed business plan after your are done with your feasibility report. Once you start writing it you will see what steps to take. To have a good idea is not enough. You will have to prove to your investors that you can give them a good return on their money withing a reasonable time (a good return rate is considered to be above 20% annually). Be prepared to answer exactly how you will spend their money initially and be ready to justify every expense.

Answer 3

as someone who has just recently opened my own dog bakery store, let me tell you there is a lot to prepare and do. for me I had to budget the rent for my store out for a year, the phone, insurance, supplies, packaging and advertising. After all that I still have to find the money to buy groceries and pay the bills at home. It is very tight. But if you believe in your product/service go for it but plan!

Answer 4

A good reference is the small business bureau website. They are the ones you would use to get licenses & things you need.

Answer 5

the best you can do is get a mentor .. someone that has been there before and knows the ropes

Answer 6

have extra money and treat employees with respect

Answer 7

money..helps dude