1.06 – Preparing for the Real World
As you prepare to dive into the business-planning process, it’s essential to understand the purpose and benefits of your plan, know your target audience, and have a preliminary idea of your planning timeline. This lesson will guide you to valuable resources and expert advice to support your business planning.
Locating Informative Resources
You’ll have plenty of questions as you begin your business planning. Here’s a list of places to check for valuable information:
The Internet
Find information on markets, customers, and competition. Ensure the material is current and from reliable sources like reputable industry, government, or university reports. Study customer comments on review sites to understand market needs and opportunities.
Libraries
The periodical section has business journals, and reference shelves contain books on demographics and industry trends.
Business Schools
Colleges, universities, and organizations (like the Small Business Association) offer courses to develop planning, financial, and management skills. Business school professors can also provide insights on specific planning issues.
Industry Trade Journals
These can be pricey but worth the investment and are often available at libraries.
Trade Shows and Industry Symposiums
These events provide news about products, services, customers, and competitors.
Newspapers
Publications like The New York Times, The Wall Street Journal, and local papers keep you informed about issues and trends.
U.S. Small Business Administration (SBA)
A comprehensive resource for starting and running a small business.
Other Companies
Resources like LEXIS/NEXIS searches or market-research studies can provide essential data.
Professional Groups
Every profession has guilds or groups, like the American Medical Writers Association or the Society of Wetland Scientists. Explore their websites and membership requirements.
Business Networking Groups
Members share experiences, insights, and business referrals.
Local Business Organizations
Your local Chamber of Commerce and economic development organizations are good for networking, staying updated on local issues, and obtaining business information.
Seeking Expert Advice
When you can’t find answers to specific questions, seek advice from experienced professionals. For instance, if you’re starting a business, ask someone running a similar business for insights. If transitioning from a corporate job to self-employment, meet with someone who has made that move to learn what it takes. Here are tips for conducting these interviews:
Prepare Questions in Advance
This ensures you cover all important topics without wasting time.
Be Honest About Your Intentions
Transparency encourages open and helpful responses.
Listen Actively
Even if you hear something unfavorable, it’s valuable feedback.
Keep Conversations Open-Ended
Ask if there are other issues or topics you should consider.
Build Your Network
Request introductions to others who may be helpful or for suggestions of useful information sources.
By leveraging these resources and seeking expert advice, you’ll be well-equipped to create a robust business plan and navigate the challenges of the real world.
