Launching and growing a business can be very challenging. However, if you set small goals along the way and hold yourself accountable, it doesn’t have to be intimidating. Just like banks look at 5 C’s of credit to determine your credit worthiness, I have three C’s that one should consider when launching or growing a business.
Commit to what you say you’re going to do. Write your thoughts out by creating a formal business plan.
Connect with local resource providers. There are several in our area specializing in different areas. Utilize them!
This is your business, invest in yourself. You cannot expect someone to invest in you if you have nothing to bring to the table. No one will be more passionate about it than you are.
In this first of three blog posts, the focus will be on some of the things that you can do to commit to your business. First and foremost, you should never enter the market without a plan. There are two tools I would suggest to define your business idea.
- Business Model Canvas-this tool will allow you to simply communicate your business idea. It is a visual chart that encapsulates a business value proposition, infrastructure, customers, and finances. If you are looking to develop a business model canvas for your business, the link below will provide you with a few templates to help get you started.
- Business Plan-a roadmap of your business that outlines goals and provides details on how you plan to achieve those goals. If you are looking to develop a business plan, please click the link below where you will find an easy to follow example.
Always remember, if you fail to plan, you are planning to fail.
If you or someone you know is looking to develop a business plan. Please feel free to reach out to RIT Center for Urban Entrepreneurship by calling 585-475-6199.
In Parts 2 and 3 I will go into further detail regarding the other parts of the three C’s.
Ebony Miller Director Center for Urban Entrepreneurship Rochester Institute of Technology