Straight Talk. What Most Biz Advisers Don't Tell You!
Okay it is time for some straight talk here. If you are thinking of going into business you need to do a lot of PRACTICAL THINGS to start right . The best business plan or marketing plan won't help if you do NOT HAVE YOUR FINANCIAL OR PERSONAL HOUSE IN ORDER!
More businesses fail because the owner and her family are not emotionally and or financially prepared. Pressures build up and doors close because of poor preparation and lack of support. Before you open the door PLEASE do the following:
1. Make sure your credit is in order. It is hard to get credit cards, bank loans when you first start. If you do get it...you are going to pay for it.
2. Know your credit score. if you have below 750 expect problems with your bank. Expect your banker to lie to you. Sad but true.
3. Correct and repair any past debt problems. It will come back to haunt you.
4. If married or have a significant other...get them on board. Expecting automatic support may mean automatic breakup.
5. Have children? Get them on board. You won't be able to give them as much and they need to know that. And they are going to have to do more around the house. No more coddling...you cannot afford it...and it is not good for them anyways.
6. Keep your hospitalization and any other benefits you have.It is really tough to get them the first several years in business. And yes you will need them
7. Get term life insurance to cover your business risk. Separate the risk. Make sure you have one policy for business and one for personal.
8. Get a good physical and dental checkup Good health is crucial for the long grueling hours that you will be working.
9. If married or have a significant other make sure you can live on one salary.Make sure he or she agrees to this arrangement.
10. Borrowing money from family? Tough Call. Often there is too many strings attached. You will find yourself being asked to hire your brother when no one else will.
11. If you are going into business with a friend, spouse, relative significant other get your partnership in writing. Each person has their own agenda and you need to make sure what is going on.
12, Starting a relationship and a business is not the best idea in the world. Love quickly flies out the window when things go wrong.
For more practical tips listen to the Empress of Biz, Listen, Learn, Prosper on www.talkshoe.com. We are also syndicated on www.pplmag.com
Or give us a call at 412-440-6969...You can make your dream come true...when you are correctly prepared.
JoAnn
R. Forrester is an award winning business owner, teacher, writer, columnist,
small business advocate and host of the Empress
of Biz–Listen, Learn & Prosper. She has 30 plus years guiding small
business owners to success. As co-founder of S I Business Associates, a
business growth management firm, she has secured 40 million dollars in loans
and investments for her clients. She is the co-developer of the PRICE
IT PERFECT™ cost management system for small business. For straight practical advice give her a call. 412-440-6969 is the number to call. m
