The most valuable business information comes from experience. While many lack experience of working for themselves, our poll results can definitely serve as a mentoring tool. Here are a couple more points made in our recent poll:
Three tangible, three intangibles required. Tangibles – sufficient funding for first 24-36 mos of operation, realistic business plan, and best possible marketing strategy.
Intangibles – trustworthy colleagues, perseverance, and flexibility (be open
to adapting, improvising, and overcoming).
Yes, have a minimum of two-years, preferably three to five years of
savings, cash or a line of credit to sustain your business plan. ALWAYS,
not sometimes, but always maximize your retirement plans as part of your
monthly expenses as well as re-invest at least 10% of your gross income back
into your business to stay current with technology, new equipment, marketing, education, staff, training, professionals such as tax consultants and financial planners.
We can’t predict which advice you will and won’t find of value, but hopefully some of you take useful information from this sound advice. Many thanks as well to those that participated in the survey and provided this valuable information for us. We are deeply indebted to you.