What steps should a business person take to avoid the pitfalls common to a small business?
Say this person has no experience at all with the business side only technical. Never went pass high school. His boss is retiring and want him to buy the company. What steps can he take to avoid the pitfalls common to a small business?
Only serious answers please………. This is important and I want to know what I might be getting myself into.
Thank you
July 2nd, 2010 at 11:18 pm
Well then that person would have to learn a lot about business. Business is very complicated and indepth. You would have to learn all the terms and processes. While, I don’t know that much about business, I would recommend talking to the boss and asking him for help.
July 3rd, 2010 at 12:15 am
Universities and Colleges offer classes and degrees in various aspects of Business Administration. But this is expensive. Typically a successful business person alternates working in various areas of business with pursuing higher and higher degrees.
For example there’s the MBA … Master’s of Business Administration … that a person might pursue in night school, while working days in business.
There are also various Business Associations for people with similar interests and background to network in. You might check with the Chamber of Commerce to find out about seminars of interest to your career pursuits.
Often such seminars are organized hosted, or they know about them … ask your business agents … insurance broker, investment broker, bank etc.
July 3rd, 2010 at 1:11 am
Speaking in first person will be your first step.
Next, he will need to teach you everything there is to know. You may want to consider taking some classes at a community college. Managing a business is pretty complicated and many go under due to not being prepared.
July 3rd, 2010 at 1:38 am
First and foremost is to get an accountant to check his book.
Just to be sure there are no hidden loans that you will be loaded with and if the company is really making money.
Second , if you decide to buy make sure it is limited company or you can transfer to be a limited company , that way your personal assets will not be affected should the company collapse in the future.
July 3rd, 2010 at 1:59 am
No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.
SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
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