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| Step 6 - Implement Your Plan |
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work. This is not by choice, but need usually necessitates it. So you’re To
those of you who have free time to take on a project, consider yourself
fortunate. Time is the most important asset/resource we have. Use it well.
Money as an asset, is probably the second most important resource
available. Those of you, who already have lots of it, relatively speaking, are
lucky. You can use some of that to fund your venture. To many people
though, money (or the lack thereof) is the problem. It’s the very thing we
are busy chasing throughout our working years. Therefore many people
would have to make some sort of loan to get their business going. This is
one of the reasons why a business plan is so important. Who is going to
lend you money if you cannot even show on paper what you intend to do
with it? Banks and other lending institutions want to see potentially how big
the risk is versus the potential reward. So look into it and figure out how
you’re going to fund your business.
Emergency Fund
Always have a Plan B. You never know what tomorrow might hold,
therefore always have emergency funds. You should have this regardless
of whether you start a business or not. Nobody starts a business in order
to intentionally let it fail, but yet businesses do fail. Therefore make sure, as
discussed in step 2, to never fail so bad that you can’t recover. Always opt
for the “soft” landing, so that at worst, you’ve learned a few valuable
lessons.
Complete the Worksheet 6 with regards to your plan.
those of you who have free time to take on a project, consider yourself
fortunate. Time is the most important asset/resource we have. Use it well.
Money as an asset, is probably the second most important resource
available. Those of you, who already have lots of it, relatively speaking, are
lucky. You can use some of that to fund your venture. To many people
though, money (or the lack thereof) is the problem. It’s the very thing we
are busy chasing throughout our working years. Therefore many people
would have to make some sort of loan to get their business going. This is
one of the reasons why a business plan is so important. Who is going to
lend you money if you cannot even show on paper what you intend to do
with it? Banks and other lending institutions want to see potentially how big
the risk is versus the potential reward. So look into it and figure out how
you’re going to fund your business.
Emergency Fund
Always have a Plan B. You never know what tomorrow might hold,
therefore always have emergency funds. You should have this regardless
of whether you start a business or not. Nobody starts a business in order
to intentionally let it fail, but yet businesses do fail. Therefore make sure, as
discussed in step 2, to never fail so bad that you can’t recover. Always opt
for the “soft” landing, so that at worst, you’ve learned a few valuable
lessons.
Complete the Worksheet 6 with regards to your plan.
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