My First Crack at Opening a Business
What follows is a snippet of an article I wrote for Bplans.
It details exactly where I went wrong in my prep work for opening a business. My guess is anyone who’s explored striking out on their own will see themselves in this piece.
It’s a lil’ embarrassing:
When I first mentioned my plans to open an assisted living home a few years ago, the feedback was unanimously positive.
Family and friends knew I had always wanted to own my own business. They, like me, had also absorbed the persistent media message about the “graying of America.” Opening an assisted living home to serve the baby boomers—who were then beginning to turn 65—seemed like a can’t-lose proposition.
Unfortunately, no one in my circle ever asked me about a business plan. Actually, they hadn’t even asked basic questions about financing or labor costs. If they had, it’s likely my head would have exploded. Why? Because I couldn’t fathom my assisted living home failing. It didn’t occur to me that it could.