Sunday, 22 July 2018

Information and commentary for the small business banking industry

What small business owners need to know before launch

22 Aug

Running a business can mean long hours, unpredictable schedules and thinking on your feet with little respite until the business starts to make a reasonable profit. And reaching that milestone can sometimes take years.

Entrepreneurs need to be passionate about what they’re doing, because if they’re not, they can quickly run out of steam and all the hours and planning that went into the business launch will be for nothing.

And that’s the key word – planning. One of the very first steps anyone thinking of launching their own business should take is to write a business plan. It’s a blueprint for the business – it lays out goals and objectives, and will keep a business on track. It’s also an important document to show potential lenders.

It’s also important for potential business owners to have identified and honed their competitive advantage – that is, what they do better than anyone else. What differentiates them from the competition and what their unique selling point is.

The good news is that there’s lots of resources out there (as this article outlines) that can help someone who’s thinking of starting their own business, so they make sure they’ve got all their ducks in a row.

Read the full article at:

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