Are you an adventurer with a vision? Do you imagine a new product or niche service? Businesses do thrive in tougher economic times. It’s a combination of the right idea & sound execution.
If you are thinking of staring a business, here are some resources to help you start the planning:
You can talk to a mentor even as you are thinking about a business. Is it right for you? What does it take to get started? How do you fund the first year? You may plan to own a business, but you don’t have to be alone in business. Ask a SCORE mentor for advice online.
Do you have some tips & links for new entrepreneurs? Add a comment.
“Cash management should be a significant part of good business management in both ‘good’ times and ‘tough’ times,” says Bob Paul, my fellow counselor from SCORE Chicago. “Improve cash flow both by reducing expenses AND increasing sales. Don’t focus just on the expense side.”
Paul knows what he is talking about. He was Vice President of Credit and Collections at John Deere for a multi-billion portfolio of loans to businesses and individuals. Here’s his RX for today’s entrepreneur:
Increase sales efforts