How to Not Start a Business

Suppose you have a cracker-jack idea for starting a business. You’d love nothing better than to dive in and make it happen. Wait a minute, cautions Juan Sandoval, director of the Center’s REAP Hispanic Business Center.

Juan says, “A business owner who is too focused on selling loses track of the goal. That business often ends in failure.” Juan has 3 suggestions to help you plan ahead for success.

1. Think about Your Business Requirements– As a business owner, it’s really important for you to know and understand your business. Your first priorities are Financing and a Business Plan – before you open the business. Look at traditional and non-traditional lenders. Ask about interest rates, loan terms, fees, and penalties you might have to pay.

2. Create Your Own Business Plan– Entrepreneurs often make the mistake of hiring consultants, friends, or family members to write their plan. The purpose of writing a business plan is for you to get to know the business, product, market, industry, competitors and your clients.

If someone else prepares your road map, how are you going to identify which way to go? How you are going to plan for the future? You need to be the driver in creating your business plan.

3. Find the Right Help– If you’re located in Nebraska, our REAP program can help. We offer one-on-one counseling. Individual assistance is available to complete your application, business plan, and projections. We have 2 bilingual REAP staff.

If you’re from another state, check to see if your state has a small business development program. Visit the AEO website and look under the “For Entrepreneurs” tab. The Small Business Administration also has vast online resources to help you get started.

Juan can help too! Contact Juan Sandoval, REAP Hispanic Business Center Director, at juans@cfra.org or 402.371.7786. You'll find more about the Center's REAP services here.