Starting a Business: The Business Plan (Pt. 2)

Now, once you feel like you established a good product/service along with a name for it, then it's time to move to the next step of the business plan.

This is the part of the plan where you figure out how many people are going to be in your business. Do you want to start off big? Will your funds for starting the business allow this? These are some questions you need to consider.

The fact of the matter is, most small businesses obviously start off small. Usually, the beginning of businesses don't have enough money to hire a ton of employees. I know I don't.

So what do you then? You need to find out the exact roles that you need in your company to get it started off. Personally, I advise as always, to get a lawyer, financial planner, and a marketing professional to begin with.

You're obviously going to need to hire new employees regardless of what your employee roles or count is. You need to let people know what you're about. Doing this through local advertisements is a great way unless you're trying to stay strictly on the web. After people start applying you'll NEED to do face-to-face interviews with them. This is so you can get a personal vibe through them and also review the resumes with the potential employees. Then, you'll have to do a background check and most likely a drug test depending on how you see fit. In my opinion however, it's your business, and I wouldn't let someone I can't trust to work for me.

The biggest thing you can learn from business is that it's all just a huge compiled process of elimination. If something doesn't work, just don't give up; try something else out. This goes the same for hiring employees.

Once you have your employee roles set, then it's start to begin the financing part of the business plan.

Fun, Fun!

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Larry B said...

Solid advice, thanks!