What Is a Financial Plan, and How Can

Staying in Business

After you get going you’ll almost certainly need to employ staff either full time, part time or on a temporary basis. This involves legal responsibilities that you should be prepared for. A business needs controlling in much the same way as a car or plane does. You need to understand what the key control documents are, and what they tell you about how your business is performing. You also need to have a sound appreciation of your income, expenses and tax liabilities, and how to minimize those liabilities legitimately.

Making the Business Grow

After you have your business up and running you want to see how fast you can make it go without blowing a gasket or running off the road. Part of this process is a bit like fine-tuning a car engine. But part involves substantially changing everything, including the products and services, the markets you serve and perhaps even the very nature of your business operations. The process may even involve adopting a strategy to franchise your business idea, bolt a franchise onto your venture or form some other form of strategic alliance. This part covers the ins and outs of expanding your business safely and smartly.

The Part of Tens

The Part of Tens presents four chapters. One is a collection of warnings about the problems that most new businesses are likely to encounter and how to counteract them. Another contains details of the people you absolutely have to talk to before, during and after you’ve started up. The third chapter gives vital details on how to cut costs and so keep your business competitive. The final chapter provides pointers on maximizing the value of your business, finding a buyer and then moving on to pastures new.

Where to Go From Here

Take a minute to thumb through the table of contents and get comfortable with the topics the book covers. Pick a chapter that strikes a particular chord with the aspect of starting a business that’s uppermost in your mind. Read that and see where it leads you.

Lastly Comment

Preparing the Business Plan’, as a framework for gathering knowledge and diving back into the other chapters as you go. If all else fails, start at the beginning. That technique has a pretty good track record

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