Learning Journal (Blog) - Nov 24

What did you learn from our guest speaker? Pick something and discuss it. If you missed the class, use business plans instead.

I didn't catch this guest speakers name, but I wrote like crazy, as she seems to be a source of a lot of information. The one thing I never knew before, or had never thought of was, "Having a back up plan." I never recall during my journey as an Entrepreneur, ever being asked if I had back up plan, or to even incorporate this into my Business plan.

When I started my own business and I worked with ABC & Adel-Kent-Leda, we never discussed a back up plan. My Business was about providing a service as a computer consulting company, so maybe services vs purchase of a building require more sophisticated planning. I am sure, it has to do with the fact that the bank has to do a big investment in this business and they required a a back up plan. (It only makes sense) My Business was really low start-up costs , I need approx $10,000. (this was just to outfit my office with all the electronic equipment to function as a computer consultant) computer, copier, Scanner, various office supplies, desk, etc. The Start-up costs were not high and part of these costs were covered under a grant. In the end I ended up pay back a $5000 loan.

But I thought, what could have been my back up plan. Maybe training (as I do have a teaching degree and I truly enjoy teaching / mentoring) I think I would have fallen back on this.