Congratulations! As a new entrepreneur, changing from an idea to a hobby to a business takes a lot of courage. Even if this is a go-it-alone venture you’ll need to establish a team of people who are investing in you and your start-up. This may include family and friends, but you will also need strategic business partnerships. It’s especially important to improve your bottom line and to maintain financial success.
Your new company's financial picture is a personal, sensitive topic. Choose people you trust and who will give you honest feedback. Ask yourself these questions:
Have your kids been asking you to buy stuff? Maybe they’ve wanted a treehouse or a sock monkey or hair-doozies? When I was young, one of my mom’s favorite lines was “We could make one of those.” Little did I know that it would become one of my favorite lines as a parent. Knowing your skill set and being able sustain an income from it can stay a theoretical concept or you can make it a reality. Create a business plan to help you get started. This should be a “living” document, which means it is fluid and adaptable.
It is important that you write your own business plan as it is good discipline and you will quickly find out if you are going to make money or not. Be sure to do a 4-year forecast and sales projections to see what is going to happen on the Profit and Loss.
This mission, should you choose to accept it, should include the following…