Menefee helps entrepreneurs tackle these questions when planning for and starting up their new business:
It is important for you to set up your business in the first 3 months. Menefee’s approach with business owners is to create their back office based on a 30-60-90 day plan.
Many businesses start off organically where the business owner launched their business with a shell of a business plan. When owners don’t take time to sit down and put pen to paper on a thoughtful, well-structured plan, they run the high risk of going out of business and becoming another statistic.
Many people have a passion or trade but don’t know how to transform it into a business. They think like a W-2 and not like the CEO; there’s more to running your business than just what your trade provides.
People who have a passion but don’t know how to form a business around it need someone to act as a sounding board. Entrepreneurs have an entrepreneurial bug and will run with every idea they create, but they also need someone to remind them that not every idea is a good idea for a business, even if it is your passion.
One of the top 3 reasons businesses fail is due to a lack of capital. The business plan allows business owners to give confidence to banks that they are seeking capital from that the bank will get a return on investment from their business. A business plan allows a bank to see that the business owner demonstrates experience, has a sound operational model, and plans to make future revenues.