Business Tips that got me Going!

In my most recent post I provided some tips for getting your business off the ground and on to paper. Well, I've had the opportunity to apply some of those resources to my own business plan. Currently I'm working to develop my business, which is an entertainment/sports PR, & management firm.

My business will operate mostly online but will be housed out of a home office based in San Diego, CA. The Small Business Association (SBA) was a resource I recommended in my last post. Since then I have taken advantage of some resources provided by the SBA San Diego office.

I attended a few business plan writing workshops as well as some one on one mentoring sessions with reps that helped to answer some urging questions I had. The amount of information I have received has been overwhelming but the best part is that it’s all been free. Well other than my time but, my passion and progress is well worth it.

In meeting with the SBA rep and attending some of the workshops, for my company I realized what my focal points should be and have really shifted my attention to those areas. In one of my meetings I was informed that my plan was well overall. The only area that lacked was my financial plan. Initially I felt it wasn’t a big issue. The representative then explained to me just how valuable it is for start up. In my last post I know I said it proves well to investors but I found out it also proves well for you as a business owner.

A lot of small business owners are taking a risk to start a business so essentially their personal finances are at risk as well. In my meeting my rep explained how understanding the cost of your business start up can sometimes help you be more prepared with handling your personal finances. He discussed the importance of knowing all the financial obligations that your business has monthly/annually. And doing the same for your personal expenses. He gave the advice to consider your personal finances when starting a business to know if you can support yourself in order to support a business 100%.

This has really mad me look back at my business and the steps I want to take to start up. I understand the importance of financial start up cost for my business and myself. I see the value in not only planning for the future of my business but also the future of my family because it has just as much importance.