Starting a small business is one of the most stressful tasks a person can take on. It involves taking risks most people are afraid of and multitasking as you usually will have to perform many different task that established companies can assign to several different employees. Combining the risk and the stress of performing multiple tasks all at once, it is no surprise that many people would rather continue working for an employer rather than taking a risk and starting a small business.
When I decided to open up a used car dealership, I was bombarded with various bits of business advice from those I had around me. Of all the information I received, the most beneficial business advice was from one of my friends who strongly stressed that a solid business plan, was the most important part of starting a business. Little did I know just how important that little bit of business advice would be for my dealership.
There are many surprises for those that go into any type of business and even more surprises for those who fail to properly outline their business and plan ahead accordingly. Luckily for me, the friend who stressed the importance of a business plan was someone I greatly respected, mainly because of his own success running the same type of business. I heeded his advice and sat down to detail every single step I needed to take. I calculated the amount of capital I would need to start my business, a realistic rate of business growth and the prices of the appropriate business licenses and other forms. By the time I was done, it was obvious I was not yet ready as the numbers indicated it would take a few months before my small business would be able to pay my bills. I decided to work at my job for another nine months, giving me extra time to save enough money to safely start my small business.
When I finally started, I was shocked to find out just how accurate my business plan had been. Many of the bumps I encountered had already been predicted and I was able to commit completely to the business growth of my car dealership. The first few months were rough but with the hindsight my business plan gave me and my willingness to absorb business advice from those around me, I was able to fulfill my dream of eventually working for myself.