Perhaps you’ve started your own business, but your profits have not been as high as you’d hoped they’d be. Business hasn’t been booming, or perhaps you’re discovering expenses are not being offset by returns. Maybe your staff has been unreliable or not quite as talented as you’d been led to believe. The role of a small business owner is a tricky one, and you’re probably wearing mutliple hats as you try to figure out what to do next.

Part of the challenge is determining the difference between a great business set up, and a great idea. A great business plan will bring success, but a good idea will only carry you so far. The following questions are designed to help you evaluate your business plan’s practical value: Do I have enough experience in this area of business that i can realistically figure out how to run a successful shop? Can I find someone to teach me this area of business and help me identify what I’m missing?

Does this business have a high or low overhead cost? Do I have the knowledge required to make this business grow? If the start up costs have been exorbitant, is there a ventural captialist that might want to invest?

Is this business based on a tried and proven idea? Am I sure these advertising and marketing techniques will work in this business vertical?

Have I made it clear to my potential customers exactly what services and products I can provide?

Is there a lot of competition for my same type of small business experience nearby? Have I chosen my location wisely?

Am I charging similar rates to the other local businesses? Have I thoroughly checked out the competition?

Do I have enough money put aside to fund this business (without a large profit margin) for at least a year?

Hopefully these questions will help you craft a practical business plan that will lead you to success.









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