For entrepreneurial spirits, there’s no better time than the present to apply that innovation. Wall Street is experiencing the second-longest bull market since 2009. Congress just passed the $1.5 trillion tax bill, which will allow most small businesses to deduct up to 20 percent of their income. By all accounts, the outlook for 2018 is positive.
So what’s stopping you?
According to the latest Global Entrepreneurship Monitor report, the fear of failure prevents up to 61.6 percent of people from pursuing their entrepreneurial goals. But with the proper roadmap, you can turn your dream into reality.
Is my idea viable?
Once you figure out the type of business you are interested in starting, you need to determine if there is an existing or potential market for your product and/or service. This requires research. Performing a market analysis which assesses strengths, weaknesses, opportunities and threats (otherwise known as a SWOT analysis) is a must.
Do I need a business plan?
Yes! According to Harvard Business Review blog, a recent study using comprehensive data found that those who wrote a formal business plan are 16 percent more likely to achieve viability than those who did not. Another recent study performed by Palo Alto Software founder Tim Berry found that those who completed business plans were almost twice as likely to successfully grow their business or obtain capital.
A business plan will help guide you through each stage of your business planning and launch. The SBA has two business plan formats to assist you in what to include in your plan.
What’s my market entry strategy?
How you will enter the marketplace is another question you will need to address early on. Can you buy an existing business? Or are you creating a new product for a market that does not currently exist? How you enter the market Read More Here