Opening a small business is a daunting enterprise these days. There’s a lot to remember, but most small business tips fall into four broad categories: plan, specialize, advertise and save.
Small business owners may be tempted to start right away, but without a plan, they’re going nowhere. An owner needs to take the time to sit down and write out a business plan. A business plan is simply a road map that lists business goals, how the owner means to achieve them, and in what time frame. Owners who plan to borrow money should always have a business plan. Potential lenders will demand to see this document, because a detailed plan shows them that the business owner is serious about his venture. It also tells them exactly how he proposes to pay back the loan.