From Bridge Magazine By Mike Wilkinson
So you’ve got this great business idea, one that will liberate you from your current job or offer a lifeline after losing one.
With Michigan hurt by a marked decline in the number of new businesses created in the last decade, you think your idea is a sure-fire winner. Your husband thinks it’s a great idea, too, as does your Aunt Irene. Can’t fail, right?
Hold on a minute.
Business leaders contacted by Bridge Magazine for our recent article on the dearth of entrepreneurs in Michigan say they see new business owners make the same, critical mistakes that, with some work, can be avoided.
Here are their tips on what steps to take ‒ and avoid ‒ to help your business succeed.
Stage 1: Planning your business
MAKE A BUSINESS PLAN
Before you quit your job and buy that commercial sewing machine, experts are unified on the need for a sound, well-thought-out business plan.
Banks require them, as does any lender. A business plan outlines how your product or service will sell, the costs involved, the marketing required. It is a blueprint for success, and a great way to identify gaps or weaknesses in …