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Starting a business the right way requires a tremendous commitment of money, time, passion and energy. Besides having knowledge about your product or service, you need to have enough business know-how to turn your dreams into reality. Here are eight of the most important:1. Know the numbers. Anyone can dream about starting a business, but at some point you need to wake up and smell the reality. The best way to see if your idea will actually make money is to prepare a comprehensive business plan. It will involve a lot of time-consuming research, but it’s absolutely necessary. You’ll need to present a business plan to your bank to apply for financing, but even if you plan to finance the business with existing funds, putting everything down on paper will give you a clear picture of whether your proposed business is practical. A good business plan contains a wealth of details, including your plan to finance the company, start-up costs, monthly operating expenses, expected revenues, how you intend to market your product or service, how many employees you’ll need (and what payroll costs will be), etc. It may take you a while to start generating sales, so be conservative with your income projections. What’s the worst-case scenario? If it happens, can you still stay in business? The SBA has an online tool to help you draft a business plan.
Once you have the information you need, you’re be well on your way to opening the doors of your new business.