Milestone has worked with hundreds of entrepreneurs, many of them have built successful business but some have gone out of business.

To help you get your business off to a successful start, here are some lessons we have learned and believe can help you as you prepare to start a new business.

Know Yourself

• List the reasons you want to own a business
• List your strengths and weaknesses
• Do you have experience in the industry you want to start a business?
• Have you followed and learned about the local leaders in this industry?
• Do you know why they are successful? How do you compare to other successful entrepreneurs?
• Are you sure you will enjoy a 24/7 type of job?
• Is your family supportive of your decision?

Know How Much Money You Can Invest In Your Business

• Write all the financial resources you can use in the business: savings, home equity, real estate you own, family backing, friends, other assets, etc.
• Determine how much money you need to support your family on a monthly basis
• If there is a business crisis what will you do? Can you live with just one income?

Hire a Group of Business Experts

• Find an attorney, an accountant, a banker (your local banker where you keep your savings and/or checking account), and a management consultant. All of them will guide you as you explore the business opportunity, serve as a sounding board, and as referral sources.

Network

• Find out what resources are available in your community
• Join the trade association in your business industry
• Meet successful entrepreneurs and learn from their experience
• Join the local Chamber of Commerce
• Learn about the programs and financing provided by the Small Business Administration
• Contact local universities; most of them have small business center to help people like you

Put Together a Well-Thought Out Business Plan

When You Need Financing

• How much money do you need to support your business and how you are going to finance your new business?
• Learn the types of financing available to new businesses (loans, asset lending, and venture capital)
• Select the type of financing that match your ultimate personal goals (If you want a business so you can be in charge, private investors or venture capital financing might not be a good option for you)
• Shop around; have your lawyer, accountant, insurance agent introduce you to banks they know
• Consider Milestone Growth Fund as an option

Prepare a Short "Elevator Speech"

• Prepare a message that you can relate to anyone that you come across
• Be enthusiastic about it, talk about the upside potential and convey that you know the business that you are going into.

Be Patient but Persistent

• Finding financing takes a long time; you need to approach several sources of financing
• Make changes to your business plan and please follow up
• We receive several business plans but seldom do we hear from the entrepreneur again

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