Ready to Launch?
|America's trusted voice on money and business, Dave Ramsey is a personal money management expert and extremely popular national radio personality. His three New York Times best-selling books - Financial Peace, More Than Enough and The Total Money Makeover - have sold more than 6 million copies combined. His latest book is EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches.|
Ready to Launch?
As a guy who literally began his company on a card table in his living room, I have a special fondness and respect for others who want to start a business. Owning and running a small business is 24/7 hard work. It’s a roller coaster ride full of highs and lows, so you’d better love what you’re doing.
Many of today’s most successful business owners began with nothing more than an idea, a little cash, and an extraordinary work ethic and desire to succeed. Today, I’m here to give you a head start on those guys.
Business Plans and Mission Statements
Once you have a marketable idea, some cash, and (hopefully) the wisdom to start slowly with no debt, you need to develop a detailed business plan and mission statement.
When putting together a business plan, conduct plenty of research on your industry and the competition. Make sure you come away with the ability to confidently answer any questions about your business, and how you plan to address downturns and upswings in the economy.
When it comes to a mission statement, ask yourself what you hope to accomplish with your business. Stay straightforward, simple, and powerful. The people who read or hear this statement should come away knowing exactly what you’re all about.
Trends and Tracking
Remember the planning and research I mentioned earlier? It never ends.
A smart business owner is always talking to people within, and those connected to, his or her industry. Keeping track of developments and trends in the marketplace will help provide a good idea of what’s coming next.
Don’t Forget Uncle Sam
You know the old saying about death and taxes? Hopefully, your new business won’t be the death of you, but taxes are a certain and important part of the small business equation.
There’s no need to worry about incorporating, or even setting up an LLC, when you’re still in the planning stages. There’s always time for that when you start making some money. Until then, just focus on solid, basic accounting techniques. Later, if you take home any business profits, plan to set aside 25 percent in a small account designated specifically for taxes.
Pastor Charles Swindoll once said, “The difference between something good and something great is attention to detail.” By paying attention to the details of your business from the very beginning, you automatically increase your probability of success!
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Dave Ramsey is America's trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership and Smart Money Smart Kids. His newest best-seller, Smart Money Smart Kids, was written with his daughter Rachel Cruze, and recently debuted at #1. The Dave Ramsey Show is heard by more than 8 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.