Tag Archives: investing

3 reasons why you can’t succeed without a business plan.

Many start up entrepreneurs had the words 'business plan'; it means they have to stop the creative process to write down their ideas. Who would want to do that. Here are a few reasons why you want to:

IT'S NOT FOR YOU.

First, contrary to what most people think, your business plan isn't for you; it's for others. You know what you're going to do already. If anything your business plan with just reconfirm that. Other people need to see your vision even if they are not visionaries and a business plan helps that.

HOUSTON, YOU HAVE A PROBLEM.

Secondly, there's just something about writing down your plan, or strategy, that makes you think about your process from head to toe. You will be forced at that moment to work out any problematic areas your idea may have – be it financial or legal. You will want to have solutions to these problems before you walk in the meeting and get roasted. 😂

DO YOU EVEN LIFT, BRO?

We hear it all the time, people that say have a certain skill or trade and they really don't. When you slap your business plan down on the table fewer people will doubt you then. Imagine being a banker that is considering giving you a business loan, but you don't have a plan… it ain't gonna happen. People need to know that you really intent to do the things you speak about. You have to show that you are committed.

CONCLUSION

Get one. 😂

I gotta get back to work… Let me know if you have any questions, and drop a comment below.

What do you want me to write about next? Send me a message on IG or twitter.

– Quentin B. Smith

✌️

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3 Tell-tell signs that you may have the wrong business partner…

Signing on the dotted line
Quentin B. Smith signs on the dotted line for an investment.

1. Make sure they have Good credit.

Over 700. Find out if they have student loans. As a new business owner, you will eventually be applying for loans using your personal credit until your business has established its own credit that is good enough to be run on its own.

Business are usually able to secure larger loans than individuals, making the credit check a little more strengent than normal personal credit applications. You want to make sure you have minimized your debt and your partner has too. 

2. Make sure they haven’t had any run ins with the law.

When looking for investments from outsiders, venture capital firms want to know if they can trust you with their money. How can they trust you if they find that you have two armed robberies on your record. 

If you and your partner are not ethical people, you won’t build an ethical business. Point. blank. period. 

3. Make sure they have kids. lol

I know this sounds counterintuitive, but I prefer to work with partner with a family than a partner without one. People with kids are not playing around. They have mouths to feed…

In conclusion

No matter how much you like a person’s personality, they have to be good on paper too. As you can see, It pays to stay clean and stay out of trouble. Hope this article helps. 

Wishing you success,

– Quentin B. Smith

Follow me on Instagram at: http://instagram.com/quentinbsmith