The Checklist Content 1

This post was written by Tony-Online on April 29, 2010
Posted Under: Uncategorized

Let me emphasize here that I am blogging on a variety of subjects; which taken together, provide you with some guidance and will help you to build a business that is suitable for you and one that stands some chance of lasting. Your success all comes down to how much effort you put into this activity. You can do everything right and still not make it or, you can make a lot of mistakes and still produce a successful business because you learn from your mistakes and make great corrections along the way.

If you are expecting to become rich overnight, you are in the wrong place, if you expect to make lots of money in return for doing nothing; you are in the wrong place. If either of these expectations describe you, please do both of us a favor and Go Away.

That said, let’s take a look at some of the items you might want to include on a checklist for the purpose of deciding which business you want to pursue. Understand that these are only going to be some of my own suggestions and ultimately, you will need to define criteria specific to you and your situation. Even then, you may overlook some critical element that should have been on your list so it is critical that you treat the content of your checklist as very important and key your success or failure.

Resources
1.    What $ do I have available to invest?
You need to be very honest about your answer to this very important item on your checklist. You have to critically assess what money you have to invest before getting yourself into the position where you have spent money on a business startup, only reached the halfway point, and find you require thousands of dollars more and have nobody & nowhere to turn to for the money. This will likely result in you losing everything you’ve spent and that is not a good thing.
a.    If you have money to spend, plan your expenses wisely. Plan to spend only what you need to and not more. Have contingencies, reserves, so that you don’t put yourself in a tight spot. A rule often quoted in project planning is that it will cost four times what you initially estimate. I’m not saying that it will have any application here but, plan for costs to be higher than you think; build in reserves so that your progress won’t be stopped along the way to success.
b.    If you have a very limited amount of money, make a very detailed and careful budget before you spend anything because you can easily spend all your money and have nothing to show for it if you aren’t careful to plan with the resources you are limited to.
c.    If you have little to no money, you must choose a business that requires no investment of money up front, a business you can start up with the computer resources you have today, don’t take on any financial obligation that will require you to pay out money in the near term. Do not fall into the trap of thinking that you’ll be raking money in real soon and are in a position to take on debt you can’t afford today by thinking you’ll have the money to pay it on time when payments are coming due.
d.    Keep in mind that you are always going to incur some costs so don’t get caught up in any “no cost” schemes. It might only be some small items like registering a domain on the web so, be honest about this; if you can’t trust yourself . . .
e.    You really must make up a plan where you will not need the business to pay you anything for, say six months, I would advise even longer but, at least six months. Many people starting a business find themselves as an unpaid employee for a year or more because expenses are going to be larger than income until your business is established.

To be continued.

An original blog written by Tony Neilson and published at www.strategicbusinesscreationonline.com April 29/10

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