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The most important part about starting a business is knowing what you want to do. In making this determination, you should have experience or at least familiarity with the type of business you wish to start.

Once you have selected a business you should do some research regarding the business. This would include determining your competition, is the industry growing or contracting, your customer base, etc.

The next important step is creating a business plan. The main purpose of a business plan is to help you determine if you can afford this idea and if you can make a profit.

We would suggest obtaining business plan software. The advantages of software are:

  • It will ask you challenging questions that you will need to know.

  • The format business plan software presents, is usually the format preferred by banks when seeking a loan

  • This software also provides a 12 month cash flow analysis.  Using this format allows you to do “what if” scenarios. Examples of this would include increasing income or decreasing expenses.

Business plan software will range in cost cost from $49.95 to about $100.00.  One package that we have used and have been very pleased with:

Palo Alto Software
Business Plan Pro 2003
$99.00


For details click here.

 
       
   

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