Business Planning Tips Archives - Connor Business Resources

Questions to Ask Before Starting a Business

With today’s television filled with entrepreneurial type shows such as The Shark Tank, The Benefactor, The Job and even The Profit, individuals assume its quite easy to leave a regular paycheck behind, and begin working for oneself by building a start-up. And while for some, those few individuals who posses the creativity, the drive, often the connections, and of course business acumen, this is a golden road to career and personal success, others need to ask themselves quite a few questions before starting a business.

What is the Number One Danger to Your Company?

by Ann Connor

The Lack of or a Poor Business Plan
The Business Plan –
Not Just For Start-Up’s After All
The single most critical component that determines your company’s success or failure is your business plan. Doing one right forces you to think and plan strategically. It outlines your goals and identifies how you are going to achieve those goals and what is required to do so.

6 Steps for keeping a business!

We often hear how starting a new business is stressful, demanding, time consuming and may take years off your life if you are not going about it the right way. We hear of studies that have stated 90% of businesses fail within the first five years of life, but fortunately, the Small Business Administration tells a different and more encouraging story. According to the SBA, “about two-thirds, or 66% last past the first two years, leaving only a third of businesses that fail within these two years. Extended to four years, the number of surviving businesses decreases to only 44%, meaning that about 56% of businesses fail at the five-year mark”, a far cry from the 90% previously claimed.

The Importance of Creating a Business Plan

Entrepreneurial success can often be attributed to the creation of thorough and well-constructed business plans. This is often true in most successful startup ventures, whether the business stems from a partnership or sole proprietorship. Wikipedia defines business plans as “formal statements of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.” Having a visual guide to reference and abide by is most useful when using this business plan platform.