Quote:
Originally Posted by Dopedangel
2. While you're drafting that business plan, cut your projected profits in half.
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That is a good idea for ANY business.
After we started our business, we told people several things to take into account.
1) Cut projected profits (and income) in half. You are probably planning on a pie in the sky level of work (or sales).
2) Start up costs will be twice what you expect. Once you get going, there are a lot of things you will find you forgot to budget for.
3) Plan on making NO money (profit/pay) for 1 year. During that period you will be behind and plowing any additional money back into the business.
You MAY beat these, but if you plan based on them, you will have less probability of problems.