Before the business plan is written, even in your mind, there has to be considerable thought and planning put into developing a small business. Potential business owners need to take stock of their motivations, lifestyle, finances, talents and skills, and support systems to determine if they are entrepreneur material. Hughes said most small business owners work 60 to 80 hours a week, especially when starting out.
Franchise owner and U.S. Army veteran Dave Krasner agrees. “Before you start writing the business plan, you have to first make sure it’s the business you want to be in. You are spending 8 to 14 hours a day doing it. It can’t just be a whim,” he said.