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Entrepreneurship

Opening a business? Get your game plan together!

By: Adisa Hargett-Robinson   April 11, 2018


Time for a quick huddle? 

1 of 6 Your favorite NFL team wouldn't take the field without a game plan. Well on second thought, if your favorite team is the Cleveland Browns, they might. If it is ... sorry, dude. They suck. But the same way every other NFL team wouldn't start the game without a detailed plan, you shouldn't start your business without a detailed plan. Here are some things you should be thinking about ahead of time, if you don't want your new business to be the Cleveland Browns of startup companies. (Getty Images)
Your favorite NFL team wouldn't take the field without a game plan. Well on second thought, if your favorite team is the Cleveland Browns, they might. If it is ... sorry, dude. They suck. But the same way every other NFL team wouldn't start the game without a detailed plan, you shouldn't start your business without a detailed plan. Here are some things you should be thinking about ahead of time, if you don't want your new business to be the Cleveland Browns of startup companies. (Getty Images)

1. Phone a friend 

2 of 6 In business, as in game shows, your friends can be crucial lifelines. And because you're a veteran, those friends include some big government agencies with lots of resources! The U.S. Small Business Administration Office of Veterans Business Development works with resource partners – Small Business Development Centers, Veterans Business Outreach Centers, Women’s Business Centers and the entrepreneurship group SCORE – to provide vet entrepreneurs special help. This includes training, one-on-one business counseling and networking opportunities that can help you start, grow, and remain competitive in the marketplace. (Richlegg/Getty Images)
In business, as in game shows, your friends can be crucial lifelines. And because you're a veteran, those friends include some big government agencies with lots of resources! The U.S. Small Business Administration Office of Veterans Business Development works with resource partners – Small Business Development Centers, Veterans Business Outreach Centers, Women’s Business Centers and the entrepreneurship group SCORE – to provide vet entrepreneurs special help. This includes training, one-on-one business counseling and networking opportunities that can help you start, grow, and remain competitive in the marketplace. (Richlegg/Getty Images)

2.Research like it's the fantasy football draft 

3 of 6 Be honest: How many hours have you spent preparing for fantasy football drafts? Comparing one running back to another, struggling to decide between the inconsistent big-play wide receiver and the dependable short-yardage tight end? You only had bragging rights and maybe a few bucks (don't worry, we won't tell) on the line for those. With your new business, your finances and entire working life hang in the balance. Don't skip the research. Look up everything you can about the market and industry you are getting into, as well as general business best practices. A couple places to start are 'The Lean Start Up Method', http://theleanstartup.com/ and 'The Business Model Canvas', http://theleanstartup.com/. These resources will help you to learn about your customers and build a business model. (Spxchrome/Getty Images)
Be honest: How many hours have you spent preparing for fantasy football drafts? Comparing one running back to another, struggling to decide between the inconsistent big-play wide receiver and the dependable short-yardage tight end? You only had bragging rights and maybe a few bucks (don't worry, we won't tell) on the line for those. With your new business, your finances and entire working life hang in the balance. Don't skip the research. Look up everything you can about the market and industry you are getting into, as well as general business best practices. A couple places to start are 'The Lean Start Up Method', http://theleanstartup.com/ and 'The Business Model Canvas', http://theleanstartup.com/. These resources will help you to learn about your customers and build a business model. (Spxchrome/Getty Images)

3. Sketch out a plan 

4 of 6 Once you have determined that your idea is feasible as a business, the next step is to make an action plan. The first draft should focus on testing your business. If your business plan will require you to make big, up-front investments right away, that could be a red flag. You should connect with your local Veterans Business Outreach Center, which can assist veterans and active duty service members in developing and maintaining a five-year business plan. (Andresr/Getty Images)
Once you have determined that your idea is feasible as a business, the next step is to make an action plan. The first draft should focus on testing your business. If your business plan will require you to make big, up-front investments right away, that could be a red flag. You should connect with your local Veterans Business Outreach Center, which can assist veterans and active duty service members in developing and maintaining a five-year business plan. (Andresr/Getty Images)

4. Take a test drive! 

5 of 6 You should not buy a new car without taking a test drive first. The same goes for your business plan. Look for ways that you can test whether your business concept works that don't require you to spend a lot of money. Start small: Base your business at home rather than renting office space, partner with established businesses or sell your products online. Doing so will not only let you test your business for viability, it will also help you start building awareness of your brand ... and maybe even start generating some revenue. And before you know it, your new business might be doing so well that you'll be test driving that shiny new convertible! (Karelnoppe/Getty Images)
You should not buy a new car without taking a test drive first. The same goes for your business plan. Look for ways that you can test whether your business concept works that don't require you to spend a lot of money. Start small: Base your business at home rather than renting office space, partner with established businesses or sell your products online. Doing so will not only let you test your business for viability, it will also help you start building awareness of your brand ... and maybe even start generating some revenue. And before you know it, your new business might be doing so well that you'll be test driving that shiny new convertible! (Karelnoppe/Getty Images)

 

 

6 of 6 Information contributed by the Small Business Administration. Find more at www.sba.gov (Jeff White/Invision for H&R Block/AP Images)
Information contributed by the Small Business Administration. Find more at www.sba.gov (Jeff White/Invision for H&R Block/AP Images)
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