Doing your Prep Work
By Matt - Monday, October 15th, 2007
A couple of the things that I’ve been working on lately has been investigating a couple possible investment/business opportunities and I have to say that making sure you do your prep work is in my mind becoming more and more important. I’ve always understood that a business plan was necessary but all the research into understanding what the business is supposed to be doing versus what’s happening in the industry.
I have never started a business, had a few good ideas that popped into my head but otherwise I’ve seen others do it. So rather than just start the business or in the case of one of them just try buying it the business plan is coming first. The main reason for this is to make sure that everything is planned out and we know exactly what’s going on, what’s planned and what’s expected. The second reason for doing this exercise is to see if it actually makes sense to do; is there any reality to the expectations or are they simply a matter of delusion and getting swept up in the enthusiasm of the idea.
This is new for me but I think its time to start moving in this direction I’ve identified no less than 5 potential businesses that I think are viable with a couple off shoot ideas that could turn into them. That tells me its time to start investigating some of these and start writing the business plans. The ones that aren’t worthwhile should be left alone but the ones that are really worth it need to be ventured.
In the planning stages the prep work and research are key in knowing what you’re attempting to do. Getting the lay of the land so to speak before you make any ventures into it. While the prep work is critical in my opinion there is a fine line between that and paralysis through analysis.
This entry is filed under Budgeting and Planning, Extra Income.
One Response to “Doing your Prep Work”
1 Paul says:
October 17th, 2007
at 1:44 am
First off I want to say that I really like your blog! It motivates me with my personal finance issues, and I can definitely relate with a lot of your posts (especially having good / bad months regarding spending and saving).
I have a strange pet peeve though–you can take it or leave it…
I am an ESL teacher, and I spent a lot of time on proper writing and grammar. Now, I realize a lot of writing is becoming more and more informal, and people are essentially writing the way they speak nowadays.
That being said–you have a big problem with something called run on sentences (also known as “comma-splices”).
A run-on sentence is when the writer takes two sentences, and incorrectly combines them together with a comma.
e.g.-
I have never started a business, I’ve had a a few good ideas though.
The correct way to join two sentences is not with a comma. You can:
1.) Use a comma, and then a conjunction (for, and, nor, but, or, yet, so)
e.g.-
I’ve never started a business, but I’ve had a few good ideas.
2.) Use a semi-colon.
e.g.-
I’ve never started a business; I’ve had a few good ideas though.
3.) Use two separate sentences.
I’ve never started a business. I’ve had a few good ideas though.
I like this blog; howevever, I don’t think you’re readership will increase (at least not to certain levels) unless you fix all those darn run-on sentences!
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