So you want to go into business for yourself?
Ronald Manning, state director of the Iowa Small Business
Development Centers, offers this advice to people starting
their own businesses:
Dont rush. "Plan it to deathtil
youre sick of it," he says. Get as much advice
as possible. (You dont have to follow it.) Dont
hesitate to seek help and ask questions. "Too many people
think they know more than they know," he says.
Your business plan should tell "a good story,"
Manning says. Describe yourself, your background, and every
other aspect of the business, including employees, product
and/or service, an overview of the marketplace, competition
and where your business fits in, marketing strategy, how the
product will be manufactured, and why its better than
anyone elses. Include financial projections.
Finding money to start the business may be your biggest
challenge. Realize that you may have to go to a lot of banks
looking for loans. Credit cards arent recommended.
Constantly challenge and change your business plan.
Set goals and meet them. Realize that one person rarely is
strong in all the skills needed to run a successful business.
"You need to starve for education," Manning says.
"Where are you weakest?"