Small Business: First Time Owner

Be fair, attentive, and customers
will return.

Hard Economic Times

The recession hit everyone,
and many institutions. Specifically,
banks took a beating.

Realistically, there has always
been hard economic times. It
happens according to history.

New Business Owners

It's particularly unsettling for
first time business owners, or
people thinking about opening
a business.

Banks are not extending credit
lines like they once did.

Still, don't throw-away your dream
of starting a business. Or, listen to
those that say, "Get-out while you
can sell at a profit."

There will always be obstacles,
loss, and gain.

Fill A Need

When starting a business,
make sure you have a product,
service, people need to buy.

If you're in business,
let unprofitable products go.
It's a waste of resources.
Focus your energy, resources,
on products that will show a
return.

Business Plan

Draw-up a business plan. A
business plan explains what
your business is, and how it's
different, special, from what's
already out-here.

The business plan unfolds how
well your product, service, is
going to perform.

A good business plan defines goals.
It answers daily operational methods.
Where will the business be in two years?
Five?

Predict, estimate, what your yearly
revenue will be. Allow for the
unexpected.

How are you going to advertise
your product or service? What
group is your target market?
Teens? Kids? Seniors? Take
competition into consideration.

The above are questions
lenders will ask.

View Your Business From A
Customer's Perspective

Sit down. Look at your business
plan from a customer's point-of-
view.

Why would they purchase your
product or service? How would it
improve their lives? Customers
are about "me-me" when spending
money.

If you're not sure how to answer
those questions, stop. In hard economic
times, people think carefully before
buying a product or service. Your
product or service must address
the needs of your customers, and their
abilities to buy.

A product or service people can
do without will not survive in hard
economic times.

Banks

Loan applications are submitted with
a business plan. Also, institutions
providing grants will want to see a
business plan.

Note: A survey by the Federal
Reserve reports that the recession
is over, and mentions growth.

In my opinion, it takes time
for it to be felt by us.

Do you feel economic conditions
are improving?

In Closing

A small business, first time
owner, can profit in hard
economic times. A plan and
products people need will
give you a winning combination.