by Lisa Orme

Created on: July 19, 2008

Starting your own business? This is a daunting task-even for a small independent shop with only one or two employees. The key to success? Time and research spent in preparation BEFORE you start will go a long way to keeping costs down and reducing mistakes that can delay or prevent your long-term success.

VITAL STATISTICS
The first thing you must do is look at a few key areas that will help you frame out a Success Plan. These key areas are and Identifying Expectations, Setting Goals, and Identifying your Assets and Advisors. Finally, you must create a Business Plan.

EXPECTATIONS
It is very important to have realistic expectations about what you want to achieve in starting your own business. Can your start-up business support your expectations of being your own boss, setting your own hours, and maintaining the lifestyle you want? Can you do it yourself, or will you need assistance of others? You need to consider up front the impact of long days, few days off, and rare vacations. How will this impact the rhythm of your family life? How will you accommodate needs of your family and your business when there is only one of you, and your strength, attention, and patience are wearing thin? What are you willing to do without in order to build the successful business you want for the long term?

GOALS
Goals are important to the process of starting a small business. Remember, goals should be specific, measurable, have a time constraint or date stamp on them, and be written down. Doing this will help you determine specific activities that will move you toward your goal. For example, a goal such as "I will get my business started this year" is a bit vague. However, "I will obtain a storefront or office space of 600 square feet within mile of town center. I will have signs, phones, and furniture in place by September 30, 2008" is specific, measurable, and has a date attached to it. This second goal is much more likely to be broken down into achievable steps so that you can move toward its attainment. Success is on the way.

ASSETS AND ADVISORS
The more you get involved in planning your business opening, the more you realize that there are many more details than you perhaps imagined before. Now is a good time to take an account of all your assets. This includes not just money, but your ability to obtain financing if needed. Your education and experience is an asset, but it may not be all you need to succeed. Now is a good time to look at your advisors; they are some of your most important

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