Constructing Your Business - A Blue Print for Success

M. Ron Eslinger, Captain, United States Navy Nurse Corps Retired I built a number of businesses and corporations during my lifetime and continue as founder and President of the American Association of Moderate Sedation Nurses, Healthy Visions a Training Company and MyCEcredit is an online continuing education company for nurses. My intent is to share with you what I learned starting in 1979 until today 2020 the essentials of constructing a business.The Foundation - Like building a home, a business needs a strong and sturdy foundation. In the business world, the foundation is the business owner. Many entrepreneurs start out thinking that because they love what they do and are proficient in their industry, that they will make a successful business owner. That is partly true. But that is just the beginning. Some professionals think that if they owned their own business, they'd make more money, have more freedom for creativity, more control over situations, and more security with regards to staying employed. There are many factors to consider when deciding to open your own business. The risk of losing money and personal assets, working longer hours than they initially thought necessary, the pressure to keep the business profitable, lack of a steady paycheck, abiding by governmental laws and regulations, and the tremendous amount of stress that comes with a new venture. The Framework - Just as important as constructing a solid foundation on which to build, the framing of your business needs to be solid, able to support growth and weather economic climate changes. Setting goals and drafting a plan is the framework of your business.Goals and goal setting are integral parts of each aspect of your business startup. You were asked questions in Chapter One to help you determine if you are prepared to start a business and know the type of business you are considering. There are six aspects of goal setting listed to help you develop a business plan based on:1.Your buy-in, also holds true when building a business. As an owner, your time, energy, resources and experience are limited. If you find it difficult to sub-out or delegate responsibilities, it's time to rethink that strategy. 2.Your expected reward 3.How you imagine yourself in business 4.How you think others see your business 5.How you overcome obstacles and temptations 6. Success is reaching your goal.The Roofing - The best protection a home has from uncertain weather is the roof. For a business, the roof is finances. How much money will your business need at start-up and to operate for three to six months? As a business owner, can you continue your financial obligations even if no income is available? How much money do you have available for an initial investment? What do you have to invest? The best time to look for funds is prior to opening for business. The first step is to determine how much money you as the business owner must use as an initial investment. As a service business, less start-up capital is required. Here are a few suggestions to keeping start-up costs low and using what is available to you as a business owner.The Walls - As they say in real estate circles, "location, location, location." That too is the best advice for starting a new business. Your location is an extension of your business and service. People do judge a book by its cover so keep that in mind when selecting a location. Your choices may be Home - Based, Subletting, Leasing, or Buying a complementary care office should offer their clients easy accessibility (with pain management and handicapped clients) and a level of quiet and comfort."He who has not first laid his foundations may be able with great ability to lay them afterward, but they will be laid with trouble to the architect and danger to the building."