This week I feel that I have learned a great deal about making plans when starting a business. Of great importance is to plan through budgeting. Having financial plans and identifying expectations is one of the key parts of having a successful business, as ultimately one of the purposes of a business is to bring in revenue. It is important to realize that a budget is not a guarantee, but it should help you identify key activities and factors in your business that as a business owner it is important for you to understand and be engaged in.
Also in the E-Myth reading this week I feel that one of the important parts of starting a business is doing so with a plan for how the business will run as a large company. If you start with the business model in mind then your growth can align with these plans. Without such thought, it is easy for the growth of a company to overwhelm an entrepreneur.
$100 Challenge - This week I have selected how to raise the capital for my business (through my own investment) and begun detailed plans for how to accomplish starting my business. I have also received approval to move forward with my business plan, and am excited to get started on purchasing necessary items, producing, and selling during the next few weeks.
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