Becoming a Business Owner

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Becoming a business owner involves researching the market, gaining the financial capacity to start up the business, developing a business plan and coming up with an exit plan. Be prepared for any situation as a new business owner with advice from a certified public accountant in this free video on starting a new business.

Part of the Video Series: New Business Tips
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Video Transcript

Today's topic is how to become a business owner. First of all, whatever field you're interested in, do the appropriate research on how viable it is. Make sure it's not an industry that's about to become obsolete. Make sure that the market that you're serving or intend to serve has a need for your product or service, or projected product or service. Next, make sure you have the financial capacity to implement the plans that you have in mind. You will want to develop a business plan. A S.W.O.T. analysis, that stands for strength, weakness, opportunities, and threats. Identify not only what you're going to do, but what your competitor is already doing and will do in the face of you coming in to that market. Also, you need to know what your limits are in the areas of how much financing you're going to need, what your break even points are, what your projections are, and at what point, speaking of break even, that you will have to say 'This isn't working', and go to plan B. You need to be prepared before that day ever comes. Additionally, you need to have your exit plan just as soon as you have your entrance plan, because some day you will go out of that business, whether it's by force of nature or by retirement. But have that plan so it's not a surprise when that day comes.


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