1. Plan, Plan, Plan!
This may seem obvious, but planning is the most important thing you can invest in before you jump into your business venture. Planning is cheap, action is expensive – and the choices you make as you plan have the potential to save you and your business hundreds or thousands of dollars. Often, the hardest part of planning is keeping your emotions in check – the excitement of getting a jump start on your dream can cause you to act before you plan.
It is also important to know your strategy; it will drive every aspect of your business. Are you going to be different from the competition? How are you going to be different? Are you going to be innovative in product and service? Being innovative or different will allow you to avoid price competition. Are you going to offer a commodity? Being a commodity will force you to compete on price and will require continuous cost reduction.
And in this planning process, don’t forget to evaluate yourself and your business partners: What do you like to do? What is it in business that you don’t like to do? Your tendency will be to work on those things you like and neglect those tasks you don’t like. Stumbles or failures will result from overlooking or putting to the back-burner those things you don’t like. It’s just human nature, but it is important to have a plan for what you will do to counteract those tendencies. Owning a small business is often a 24/7 venture – are you ready?!
Here are some resources that will assist you in your planning process:
These documents are available on www.mosourcelink.com and the Secretary of State website
Evaluate Your Business Idea
Feasibility Checklist
How to Research a Business Opportunity
Business Plan
The Business Plan
Legal structures
Financial Projection Worksheet
And, many more resources
2. Execute Your Plan!
Once you have a strong plan in place, it is time to move to the next level. Take the framework of the plan you created and put it into action steps.
Build a team with which you can be comfortable and that you trust. Get help with the areas that are likely to provide your biggest challenges. You are more likely to succeed with some level of expert assistance. Not all of these people need to be on your payroll – there are a number of free or low-cost small business assistance services in Missouri. Links to some of these are below: These documents or tools are available at www.missouribusiness.net under the Business Resource Library Tab
Loan Checklist
Missouri Business Portal (https://openforbiz.mo.gov/) --Single point of entry for business registration, filings, licenses, and permits for doing business in the State of Missouri
Industry-Specific Business Guides (search for at www.missouribusiness.net)
www.irs.gov –Has a useful “keeping the books” reference
3. Launch!
Once the first two steps are complete and fully developed, you are ready to launch your business! Two points to keep in mind:
1. Always keep an “ace in the hole” – in other words, don’t use all of your resources at first (financial or otherwise), keep some in reserve. There will be unforeseen issues down the road.
2. Stick to your plan – don’t deviate from it unless it is an opportunity to make an improvement or the numbers indicate adjustments are needed.
Here are some resources for the “next level” of business planning and operation:
Your Business Plan—don’t put it in a drawer—you have set a lot of goals—monitoring your plan against those goals and making adjustments as needed will enhance your success.
The Grandview Chamber of Commerce—Join, be active, network, and learn from the other members.
Check www.missouribusiness.net for training in the area to enhance your management, marketing, finance, operational, and entrepreneurial skills.
Here’s a great article with some other information about starting a business in Missouri.
Once you’ve got the ball rolling, head over to the City of Grandview website to fill out the necessary forms to obtain a business license!
City of Grandview 816-316-4800
www.grandview.org