Small business planning
Some people aspiring to start or get into a small business, especially those with available equity, often take proper business planning for granted. A proper business plan is typically required when applying for a business loan, but some people who do not need to apply for such loans may also tend to forget about the business plan, often to their detriment.Take the case of Elsa whose eldest daughter Terrie was graduating from college. Like any good parent, Elsa was planning to give her daughter a good career start, and she thought getting her to manage her own business was the way to go. Problem was Elsa never had a background in business herself, so she did not really know where or how to start.
Elsa’s sister Brenda, on the other hand, married a local businessman and it just so happened that they had a small internet and arcade gaming business that they no longer had time to manage; or so they said. So they approached Elsa and suggested that it may be a good idea for her to purchase the business from them, with the eventual goal of getting Terrie to manage it after she graduates.
