Ole Miss Business Director Aid's Students Towards a Successful Business Plan

Ole Miss Business Director Aid's Students Towards a Successful Business Plan

     University, Miss. - James Carden, director of the Mississippi Small Business Development Center, held a seminar on Wednesday offering tips for those who are interested in developing a business plan. Carden is recognized as a spectacular business coach in assisting others in forming a successful business.

     Several steps of his business plan included: acknowledging what you want out of your business before beginning, surround yourself with a business coach and accountant, determining your sources of funding and government regulations, and selecting an appropriate name and location for your business. 

     Carden stressed that when forming a business those are important and helpful components. "If you have a good business plan, someone will find it," Carden said.

     Potential business owners especially need to keep in mind that they cannot begin a business without two other very important components: market research and a written business plan. 

     Carden emphasized how important research is so that you can see if the product or service will work in the business world. "It is market research that will determine if such a market exists for you."

     As for writing a business plan, potential owners are not only doing the plan for themselves, but also for customers and investors. "By creating a written business plan the business is more likely to be achieved, where as if you don't the odd's are slim." Also, the investors and customers are simply looking for volume and margin in a written business plan, Carden added.

     Pricing and organizational plans also thoroughly discussed throughout the seminar. "Pricing is one of the toughest decisions you will make when forming a business."

     To help make it easier, Carden recommended using methods of cost plus, comparative pricing and guessing when pricing a product for a business. When it comes to dealing with contents such as record keeping and accounting, organization is not something you take lightly.

     "There is no excuse for not having organization," he said. You will not be considered a competitive business, and competition is key.

     At the end of the seminar, Carden assured everyone that he is open for one-on-one discussions, at anytime, to help those who still would like to take a further look into the business process. James Carden can be contacted through the office at (662) 915-1291 or by email at umsbdc@olemiss.edu.