If you’ve opened a new business and are concerned your numbers aren’t as good as you’d hoped for, you’re not alone. Perhaps traffic has not been steady, or product expenses have outweighed the monetary returns. Perhaps your staff hasn’t performed as well as you’d counted on. Life as a small business owner is a balancing act, full of twists and turns that may cause you to wonder if you can possibly keep all those plates spinning at the same time.
Part of the challenge is determining the difference between a great business set up, and a great idea. A great set up can deliver success; a great idea may need some practical help to convert it into a set up that can work. The following questions are designed to help you evaluate your business plan’s practical value: Do I really understand this business space? Do I know anyone with experience who can guide me? Can I handle the amount of overhead required to run this business? Is the start up cost low enough that I can grow the business? If you have discovered the start up costs are higher than expected, do you have access to an investor? Is there a proven market for this business? Have I tried my latest advertising campaign/strategy for at least 3 months? Have I established a visible and recognizable brand? Is there a lot of competition for my same type of small business experience nearby? Is this a good location for my small business? Am I competitive pricewise? 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? Use these questions to improve upon your business plan.