How to Assess the Value of a Possible Small Business Venture
In my previous posts this week, I’ve been spelling out how to determine what kind of small business venture you may want to launch. When explaining this concept to my clients I emphasize that the next important action they will need to take is determining if their venture will have enough value to make it worth their time and money. I highly recommend you do the same by taking a good hard look at your Spending Plan because it will reveal to you your current needs and wants and help you answer the 5 very important questions I have posed here:
1. How much money do I need or want to make for myself and/or family per month (or annually) in this new venture?
2. How much money can I afford to lose in this new venture and still stick to my Spending Plan?
3. What are the resources reflected in my Spending Plan that can help me launch my business (can I take money from a 401(k), HELOC, cash reserves, etc.)?
4. Can I live with the risk associated with this business? Why or why not?
5. How is your business going to help me make a profit?
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