I will be having my first meeting with partners in a start-up business this coming week. Our initial conversation was very interesting. The business is a part time venture established about one year ago and during that time they have designed and produced a product. To date, the business has been eating capital while going through the discovery process.
They do not have a written business plan and have been working on the new business as time and funds allowed. A few direct sales of the product were well received but no concentrated or “planned” marketing effort has been designed. The budget is based on available cash that the partners can invest without any long term “need forecast”.
Even though their stated goal was to build the business up so that it could be sold, it is no different than any other start up. Every business that is started should be structured with the thought of a future sale in mind. On the positive side, my terms were simple; participate in the business planning process and then be accountable to each other and me in implementing the action items.
What is going to make this an interesting process is the time constraint that the partners have for growing this new business. Besides the basics of values, mission and vision statements, internal and external issues, competition, target market, etc., all of which have to be completed, there is the importance of streamlining the business building process using systems and designing “time capsules” that can be fluid in their appearance and accomplishments.
Is it possible to start a business on a part time basis? The answer is yes, but it must have a systemized business plan, geared towards the time and financal ability of the founders. In this case, the coaching process will require a two hour a week meeting for the first 4 months, and then every two weeks until the business goals have been met.
The mighty oak was once a little nut that held its ground.
Nick J. Petra email@example.com If you don’t call us to see how we can help, you may never become that “mighty oak”.
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