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The purpose of your business - developing a business plan
It may sound obvious but you need to define, at the very least
in your own mind, what your business is going to do. Some people
start from the premise "I'd like to run a business", then move
onto "... now what should I do?", but most start with an idea or
opportunity, the develop it to the point of "I could make this a business".
Neither approach is wrong, but often the second results in a
more gradual progression where each obstacle is overcome and
without any nasty surprises. In general people who start with
"I'd like to run a business" assume it will be easier than perhaps
it actually is!
So.. If you are approaching from that angle, if you cease upon a
business idea that you'd like to progress, try and turn it around and
approach it from the other direction; "Now I've had this idea, I think
I could run a business out of it... now what problems might I face".
TELL OTHERS
Telling others your business idea is seldom likely to result in someone
stealing it and copying it. Tell your family, tell your friends, tell
anyone who will listen. Very often this is good for two reasons :
- Optimists will give you confidence in your idea, and possibly give
you further ideas upon which you can build
- Pessimists will spot problems and pitfalls, which you can then
make sure to work around and avoid
In any event, whether attempting to borrow money or not, you need to
have some type of business plan in place before you begin. That plan
need not remain static - indeed some of the most successful businesses
today are involved in completely different activities to those they
were involved in when they began.
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