Creating a new business can be a tough journey. Doing so while working full-time may seem tougher, but this route actually offers several benefits. You can continue earning money to put towards your startup. But even if you only work an hour a week building your company, you still need a business plan.
A business plan is critical to every small business, even for pre-startups. Why do you need one so early? It serves as your map through what might be a bumpy journey. A business plan gives you the best shot at a smooth ride.
Business plans typically have four sections: the Executive Summary, the Business Details, Financial Forecasts and Supporting Data. Continue reading
If you own a business, chances are you have company expenses that you’d like to track.
Having a business credit card is a smart choice for business expenses, because you can keep a tally on every charge you make while earning rewards on everyday purchases.
Not all business credit cards are built the same, however. Different companies have different needs. It seems foolish to have a credit card that earns travel rewards when your company doesn’t take business trips or you don’t plan on using the miles for a vacation.
Luckily, different cards offer different advantages and that means there’s a business credit card out there that might be beneficial for you.
Read more at the Puget Sound Business Journal.
An infographic from our friends at StratPad…
Want to know more? Start here…
From the Kauffman Founders School…
Once a decision is made to found a company, one of the first and most important decisions concerns whether to “go solo” or to form a founding team. There are good reasons to form a team, but it is essential to address the question: with whom should I found? Read more.
A: Sure, if you do it right.
by Ken Sethney, Kitsap SCORE
Are two heads always better than one? When it comes to taking on a partner to start or grow a small business, there’s no right or wrong answer. Partners can complement each other’s management skills and bring benefits such as special expertise and client relationships.
As with any relationship, there are trade-offs that must be carefully considered before deciding whether adding a partner is a wise move, and then you have to find the right person for the role.
If it sounds a bit like marriage, you’re not far off. Having the right partner can be a terrific advantage for a business. Making the partnership successful takes as much energy, effort, and positive feelings for one another as it does to make a marriage work.
There are several important things to consider before choosing a partner and entering into a business partnership. Continue reading
A: Embrace the process, not just the plan.
by Ken Sethney, Kitsap SCORE
Strategic planning isn’t just an option for small businesses today; it’s essential. Given the uncertain direction of some trends and the rapid pace of change in others, every small business needs some kind of roadmap by which to navigate these shifting environment and the right metrics to accurately gauge progress towards business goals.
But while most small businesses know they have to plan, few know how to do it correctly.
Writing in American Express OPEN Forum, management consultant Les McKeown says that while he’s seen virtually every type of strategic planning process, “many times, those involved in the process place too much importance in the resulting plans, and far too little in the planning process itself.” McKeown, president and CEO of Predictable Success, explains that the point of planning is “to develop an understanding of what’s likely to happen in the future and to be fully prepared for most circumstances.” Continue reading