The Entrepreneur’s To-Do List (Part 2)

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Being an entrepreneur and starting a new business can be very hectic and confusing. One of the best ways to keep yourself and your thoughts organized is the “to do” list. To do lists benefit almost everyone, from housewife to multi-million-dollar business owners, by helping you see a mental list of what you have accomplished, and what is still left to do. And let’s face it, nothing feels better than checking off those entries one by one. So, what is the secret to the Entrepreneur’s To-Do List? Our previous article shared some ideas. Here are a few more.

Make a Business Plan

This is not the daily “to do “list plan. This is the plan for your business and how you will finance it, run it, etc. Even if you do not plan on getting a business loan, you will still need a business plan. You will need to outline the plan in the executive summary and include a short business description. This will describe your business now, and what you hope it will be in the future. You will also need to include market strategies. This helps define your target market. Next, you should include a competitive analysis which compares your business idea with those you will be competing against. Your plans for design and development, as well as operations and management should also be included, as should any financial plans that you have for your business.

Overestimate Costs

This tip comes from CBS News, who suggests that you should add overestimating your start-up costs to your to-do list.  CBS tells of a rock climber in Phoenix who needed to be rescued when he attempted to rappel a rock face that was 400 feet, with a 250-foot rope. Your company’s initial cash for its start-up is like that rope. Don’t leave yourself dangling 150 feet from your where you want your business to be. If you make the mistake of underestimating the cost of starting your new business and overestimating sales and the point where you break even, your business will fail. CBS says, “Instead, try this: Take your best, conservative estimate for your start-up costs, then double it. Then add 20%. Surprisingly, this is usually pretty close to reality.”

Set up a Dedicated Office Space

It is important to have a dedicated office space set up to work in if you wish to be successful. While it is okay to work from home, you should not just spread your work out all over the bed or couch with your laptop or go to the nearest coffee shop to work and feel that this is adequate. Your mind needs to be able to differentiate between work time and off time, and this is much easier when you have a certain place to “get down to business.” Of course, having an office away from home is even better. Even on a tight budget, you can choose an office space to rent in Wellington with shared office spaces such as Offix. These can be rented by the day, the week, the month, or the year, depending on your budget and your needs.

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