Broker Check
Things to Think About When Running/Starting a Business

Things to Think About When Running/Starting a Business

October 29, 2020

Starting a Business


Whether you've been in business for years or are thinking of starting a business, it never hurts to go "back to the basics". As a business owner myself, I can attest that many times I get so busy working in the business that I forget to work "on" my business. In addition to the retirement planning services, I also help new and existing business with small business planning. I hope this list can either be a good start or a good refresher to help improve your business. 

What is your product or service? How will it improve the lives of our community?


Are there any similar businesses in our community? If so, how will that impact your idea?


What is your motivation for opening the business?

Developing a Business Plan

  • What does the end of your business look like?
  • How will you fund business?
  • How long will it take to open?
  • What is your budget?
  • Who needs your business? Ideal Client
  • Why do they need it?
  • How will you market to these people?
  • Who will run day to day business?
  • What is your projected income or revenue?

Implementation of Business Plan

  • Company Description (Who will value your services, How your product will meet current needs, your competitive advantage over others)
  • Market Analysis (Who is your target market, Pricing of product or services, competition analysis, Regulations that will impact business 
  • Organization & Management (organizational structure, ownership structure, 
  • Product or Service Line (Description, Life Span until starting, Intellectual Property
  • Marketing & Sales
  • Funding for startup
  • Financial Projections (Quickbooks)
  • Business Summary (Mission Statement, Growth, Company Info, Financial Info, Product or service list, and future plans)