I'm fortunate to be able to work day in and day out with entrepreneurial minded people.  One characteristic in common with all of these people is VISION.

Vision is probably the first step in starting a small business.  Without vision, there is no dream, no plan, and probably no success.

When making the determination whether a particular business opportunity is right for you, consider the following:

1) does the business tap into your skills, experience, and interests?  You should be passionate about your vision. Without this passion for loving what you do, you run the risk of failing the project. 

2) can this vision make money?  Determine your breakeven point.

3) do you have a plan? Write a business plan.  This may include a business description, a sales revenue forecast, profit and loss forecast, capital spending plan, cash flow forecast, marketing plan, personnel plan, and specific business goals.

4) do you have ample capital for the project?  There are numerous sources of capital for your startup including your own salary and savings, home equity, credit cards, investment from friends, family, and business associates, banks, commercial lenders, venture capitalists, and the sellers of existing businesses.

5) do you have a marketing plan?  How will you get your product or service in front of potential buyers?

Make your VISION a REALITY with a little advance planning.  Next time we'll discuss the types of legal structures available for your business.