Proper Planning, and a true understanding of the ins and outs will be your life vest!

by Samantha R
(Apex, NC)

As a Business Consultant, Strategist and Analyst I work on a daily basis with clients - both small and large - that are starting or struggling to keep their start-up small businesses open.

Starting a business is something that should only be done with a series of steps that are crucial to business survival.

The first step in insuring that your business doesn't fail is projection.

It is imperative that small businesses that are in the start up phase understand the importance of making accurate income projections.

First you must project into the future and assume that within one year your business could fail, or not get off the ground exactly as intended.

1. So sit down, calculate your bills, and figure out how much money you would need to live for one year with NO INCOME.
   
   
   • You should have that much money in the bank before entering into any business venture.
   
   
   
2. Then begin to sketch out a business plan that will help make sure that your small start-up business succeeds in year one.
   
   
   
   

Start up small businesses must also write a business plan that details their purpose, operation, and how they expect to make your money.

If you don't already have funding, then it's imperative that you are prepared to take a business plan to the bank when you request your small business funding.

• This is why it's crucial that you carve out time to write a business plan for your small startup.

If you already have funding, then great...your business plan will serve as a guide to help keep you on track with what you are doing.

Regardless of how you choose to fund your business, make sure you know where all of your money is coming from and that you have a savings cushion to fall back on just in case.

You also have to make sure that your business has proper funding.

Thus, I encourage all start up small businesses to sit down and calculate what they think it will cost to get their business up and running.

You will need to include materials needed, payroll allowance, rental or purchase of property, insurance, etc.

All of the details will need to be include in your business plan to make sure your small startup will actually run as you envision it.

Also, I encourage start-up small businesses to be extremely cautious about how they hire and who they hire.

Make sure you make smart and safe hiring decisions.

1. Don't over hire- don't hire too many employees too fast.
   
   
2. Try starting with yourself and one other person on a part time basis.
   
   
3. When hiring make sure you perform background, drug and credit checks on your employees.
   
   
4. You need to be sure that the individuals you are working with are going to be a positive to your business venture and not a negative.
   
   
   
   

Also, if you happen to be one of the start-up small businesses that's struggling right now, the best advice I can give you is:

Don't panic.

Take a step back...and then strategically plan how you will begin to steer your business toward success.

Analyze what it is that is causing you to fail.

Make a game plan as to how to cut corners, how to save money, and how to stay afloat.

For example, if you own a tow truck company and you're failing...or have lost a huge contract that was necessary to keep your business going...

Then try as many ways as you can to salvage your business.

• Try selling off a tow truck, or
  
  
• Try and get your hands into anything your company can handle...haul mobile homes, get contracts with the local law enforcement agencies, get contracted by apartment complexes.
  
  
• The point: do whatever you can to pull your business through a tough time.
  

You have to be smart and utilize your business venture to every extent possible to try and pull yourself out of the slump.

Businesses don't have to fail, you can save it by using creativity and economic strategy.

Good luck!

Businesses don't have to fail, you can save it by using creativity and economic strategy.

With determination and sound decision-making you have what is required to build your company successfully.

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