Unless you have a deep pockets or has the support of rich relatives, it is critical to prepare a detailed, well-thought out plan. You can’t just wing it and expect to succeed.
Be sure to prepare a financial plan for the business first to help you understand the implications of getting an investor on board.
Lack of funds is the number one reason why many small businesses fail. Many entrepreneurs fail to plan properly, expand too soon or spend unwisely.
When starting a business, it is important to know about taxes. Learn how you will be taxed, what you can deduct based on the business, reporting schedules, and tax guidelines.
Character is one of the important criteria bankers look at. Learn the character traits banks look for to help you secure a business loan.