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Re: help with a small business Aug 14, 2008 10:48 PM
You should begin writing a business plan. It will force you to think about all the obstacles you may face, and how you will overcome them. It doesn't have to be a novel, it doesn't have to be a masterpiece, so don't let the idea that it needs to be perfect scare you!
Examples: Competition - are there many laundramats in the area? Location - are you in a visable area? Target Market - Who will your customers be and why will they partonize you?
There is a wealth of information on the internet that will give you a blue print for writing a business plan. If you want to outsource it (ie pay someone else to write it), guys like me will do it, but the more of it you do the better you will know if this venture makes sense for you.
I've noticed over the years that entreprenuers often ignore major red flags that are uncovered while writing a business plan. What I mean is that while you are researching your competition, if you learn that there are 5 laundramats in the area and 2 went under last year, this may be a sign that your area is saturated. That's an extreme example, but my point is that if as you write your plan, let the facts guide your decisions, not your desire to own a business. It could save you thousands in the long run.
