Perhaps the most difficult and lengthy section of a start-up business plan is conducting a market analysis. You can describe your products and services all day long. I’m sure you can even forecast the future financial success of your business. Yet, when it comes to completing a statistical overview of your industry norms and the customers you intend to target, you get hung-up. By understanding your industry, though, you will gain a better understanding of who your target market is and how you can make an impact on your industry’s current marketplace.
As an entrepreneur, you’ll have no trouble coming up with your big business idea. However, putting that idea on paper to determine it’s viability in the business world is a different matter. Most go-getters like you don’t want to stop on their way to success. You want to start making money and solving the world’s problems immediately. But just because you have the personality of a business owner doesn’t mean you’re ready to be one. Therefore, I have listed 10 essential questions for you to answer before starting your business.
As an entrepreneur and someone who has worked with hundreds of other entrepreneurs over the past 9 years or so, I’ve observed certain common characteristics of successful business owners. I’ve seen these traits in the people I have worked with and in ones I have studied.
Just because you have a great idea for a business doesn’t mean you will be a good business man or woman. In fact, your personality traits could exclude you from successful business ownership altogether. Before you jump into creating a business around your idea, take a moment to evaluate yourself. Do you have an entrepreneurial personality? Do you have the type of personality to make it in a cut-throat marketplace?
With this blog, I’m pleased to announce the start of a new business education series – Beginning a Business. Yes, I know I recently wrapped-up a series about selling a business. But now, I am going back to the beginning… starting a business. As a financial planner with years of business planning and growth, I work with people like you often. I know where you are… you have a BIG IDEA, and you are excited about it. But removing the emotion, the implementation starts with assessing your business idea. In this series, we will start here as the first step to getting your business running.
When it comes to transitioning yourself out of your company, one method is to sell your business to employees. A method of doing this is by setting up an ESOP, or an Employee Stock Ownership Plan. Although the implementation can get complicated, ESOPs can offer sellers and employees many benefits over other stock buyouts. Let’s discuss the pros and cons of this particular way to sell your company.