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Below are the items to consider before starting a business.
Answer "Yes" or "No" to the following:
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You have a written description of the products and/or services you will be providing. |
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You have defined the market area you are going to serve. |
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You have established that there is a need for the product/service in the market area. |
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You have written a business plan, defined and overall objective, and short and long range goals to achieve it. |
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You have considered management, background and credentials of yourself and any management personnel. |
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You have prepared financial projections, including a profit/loss statement and cash flow statement for a period of at least three years for three scenarios: expected results, worst case, best case. |
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You have outlined the money requirements for your start-up costs and your three cash flow scenarios. |
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You have secured financial backing to cover the worst case projection for a least two years. |
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You have considered marketing and sales strategies, including an advertising budget. |
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You have decided on the legal type of business ownership you will have: sole proprietorship, partnership or corporation. |
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You have an attorney, an accountant, a banker and an insurance agent. |
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You have sought guidance and counseling from the Small Business Development Center regarding your new business. |
If you did not answer "yes" to all of the above, then you are not yet ready to begin a new business. You must commit your plan to writing. The old saying, " Plan your work, then work your plan" is the best advice possible.
The Small Business Development Center at Paris Junior College can help you write your plan and prepare your financial projections through free, private counseling sessions. Call 903-782-0224 to make an appointment.
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