Perhaps you’ve started your own business, but your profits have not been as high as you’d hoped they’d be. Perhaps your expenses-to-returns ratio isn’t looking as positive as you’d expected. Perhaps your staff hasn’t performed as well as you’d counted on. Your position as small business owner is a stressful one, and you may find yourself up nights worrying about if your business will sink or swim.

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. Use these questions to determine where the holes in your business plan lie: Do I really understand this business space? Do I know anyone with experience who can guide me?

Does this business have a high or low overhead cost? Is the start up cost low enough that I can grow the business? If the overhead cost is too high, how can I either find an investor to help me, or lower the initial start up costs?

Is there a proven market for this business? Am I sure these advertising and marketing techniques will work in this business vertical?

Have I presented a clear picture or brand of what ambiance, level of service, and type of menu my small business serves, or do potential customers have to guess?

Is there a lot of competition for my same type of small business experience nearby? Is this a good location for my small business?

Are my prices competitive with other small businesses around me of the same caliber? Do I know for certain that I am providing a product or service that is comparable or superior to the competition?

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

Utilize these questions to build a business plan that will get you that those first couple years.









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