Want to Start a Business? Here’s What You Need to Know.

August 10, 2018 | It runs in the family Mike Teachout, President, Focus OneSource, mteachout@ focusonesource.com

In the depths of the financial recession of 2008, human resources administration and insurance industry veterans John Hovey and I decided to leave the corporate world behind and start a business of our own. With more than 50 years of combined service, we founded Focus OneSource based on the principles of trust, choice and transparency.

Starting a business tends to be a learn-as-you-go process consisting of constant trial and error. This doesn’t mean you can’t get a head start. The more you know in the beginning, the higher the chances the company has for success. Here are our top tips for anyone with an entrepreneurial idea:

Have a business plan. A business plan is the backbone of a business. Having a solid business plan can serve as an invaluable reference for the business. Not only does it define what the business is and what the business hopes to become, it also illustrates the purpose and direction the business wants to go. Business plans help to set goals by outlining a vision of the future.

Secure funding. A business without funding will drown in its own debt. Profits will be low when a business is first starting. Securing proper funding is required to allow for the cash flow to meet expenses until profits pick up. Gain access to necessary resources. In addition to financial resources, a successful business should also gain access to:

  • Human resources – Hire the right people to join the team. Look for people with talent and strength that will be an asset to the business.
  • Educational resources – Gain as much education as possible. Know about the competition as well as the ins and outs of the industry.
  • Physical resources – Secure appropriate physical resources such as a workspace, supplies, marketing materials, etc.

Be willing to get your hands dirty. Being your own boss can be fun, but if a business is going to thrive, the owners must be willing to get their hands dirty and dive into the core of their business.