3.4 Business Break-Even Analisys

 Will Your Business Make Money?Some people have a bigger problem than others when opening a new business. These are folks who are positively enamored with their business concept and are desperately eager to begin. They are so smitten and eager to start, they have no patience with the economic realities involved in their business. If you recognize this tendency in yourself, it’s extra important...

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3.3 How Will the Future Affect Your Business?

Taste, Trends, and Technology EffectLet’s assume you have a good description of your proposed business, and the business is an extension of something you like and know how to do well. Perhaps you have been a chef for ten years and have always dreamed of opening your own restaurant. So far, so good—but you aren’t home free yet. There is another fundamental question that needs answering: Does the world...

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3.2 Identify Your Business Type

Describe Your BusinessWhat is your good idea? What business do you want to be in? It’s time to look at the specifics. Let’s say you want to open a restaurant. What will you serve? What will your sample menu look like? What equipment will you need? Note that including french fries means you’ll have to install french-fryers, grease traps in the sewer line, hoods and fire extinguishing systems. On the...

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3.1 How To Choose The Right Business

This chapter helps you determine whether you have chosen the “right” business for you—one that you know, like, and will work hard for and that makes economic sense. Most experienced business people complete several steps as a rough and ready template to decide whether to complete a plan. If your business passes all these steps with flying colors, it means it’s a good idea to write a full business...

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2.3 How to Do Self Assessment for Business

How to Use the Self-Evaluation ListsAfter you’ve completed the four self evaluation lists, spend some time reading them over. Take a moment to compare the skills needed in your business to the list of skills you have. Do you have what it takes?Show them to your family and, if you’re brave, to your friends or anyone who knows you well and can be objective. Of course, before showing the lists to anyone,...

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