Know where you are going

Starting and managing a business takes motivation and talent. It also takes research and planning. Although initial mistakes are not always fatal, it takes extra skill, discipline, and hard work to regain the advantage. Take time beforehand to explore and evaluate your business and personal goals, then use this information to build a comprehensive and thoughtful business plan that will help you reach these goals.

Developing a business plan will force you to think through some important issues that you may not otherwise consider. Your plan will become a valuable tool as you set out to raise money for your business, and it will provide milestones to gauge your success.

Being clear about your goals and the targets along the way is the first key to success. Simply put, you must know where the goalposts are before you shoot. So begin by mapping your company's direction and growth in a business plan. As well as being required by any financial institution if you are seeking a business loan, the plan is essential for you as a serious business person.

Your plan does not have to be long or complicated. It simply has to define where you are and where you are going to be by the same time next year and further into the future.

Writing a Business Plan.

Your business plan is both a road map and a measure of success.

Your business plan should answer basic questions:

* What are the company's business objectives?
This includes such indicators as gross revenue, profit, numbers of clients, value per client and repeat client base.

* What are my basic principles in operating a business?
Considerations include service quality, client relationships and being on the cutting edge of new products.

* Who is my competition, and how will I differentiate myself?
Careful research is a key component.

* What services will the company offer?
Be realistic. If this is a one-person operation, limit the services you offer initially to ensure excellence. This is how you will build your company's reputation.

* How much financing will I need?
Research, realism and a careful assessment of your personality as well as your financial situation are particularly important in answering this question.

* What is my price schedule?
This is best answered from the customer's viewpoint. You are offering a value-added service by being mobile, but you must remain affordable and in line with the competition.

* What are important milestones in my business' progress?
When do you expect to pass the break-even mark? Is that when you should buy a new vehicle or more equipment?

Review the business plan regularly to check that you are on track. Be prepared to adjust and update it as your business evolves.