“What if I don’t make it”? This question portrays an underlying fear in the minds of many people thinking of starting a business. Unfortunately, many new businesses are started with the fear of failure lingering in the subconscious of the owner. Likewise, many potentially great businesses are not started due to an anticipated failure.
There is a way to perhaps overcome this fear. It involves an intensive pre-business readiness planning session, where the main purpose is the evaluation of the owner and the building of confidence in the prospective business owner. The outcome of this session is not always a positive “ready to start” the real business planning process. Sometimes it is better not to start the new business at this time, but to postpone the start and suggest a guided study process to see if, in the future, a business is the right thing.
As it is evident by my blogs, I am a strong small business advocate and have devoted the past 25 years to helping small businesses succeed. Most often I am called in to work in a business that is already started and our first analysis is to determine the viability of the business and to assess future potential.
Small business starts are building the foundation for our economic recovery; this is where future jobs are going to be created. A “pre-business readiness planning session is, in my opinion, a great way to improve the odds for long term success. It gives the prospective business owner an opportunity for a guided self-evaluation which will help in the overall business planning.
Instant gratification is still a driving force for those that are contemplating a new business. They want to open their doors tomorrow and start the positive cash flow the same day. I recommend a 60 to 90 day pre-business readiness program followed by the development of an action based, strategic focus plan.
The combination of both programs may take up to six months before a new business is actually launched, and in some cases, depending upon licenses, leases, equipment, etc, it may take up to a year or longer.
It is always better to plan today than to be sorry tomorrow.
Nick J. Petra CFP Be in business for yourself, but not by yourself, let us become your partner.