In this episode, I sit down with my personal coach, Tim Fulton, to discuss the 5 keys to a successful small business launch.He shares with us his thoughts on having a business plan. Quoting a study that pointed out that there is a larger than expected number of small businesses that have any type of plan, he puts the absence of a plan down to a fear factor - the fear of being held accountable, the fear of this becoming real when it's in writing.He also emphasizes the fact that growth sucks up cash - Unfortunately, many business owners don't realize that until they're in the midst of it and all of a sudden, cash is getting scarce.Another pearl of wisdom - Find some advisers, and be humble enough to ask for help.He also talks about the significance of being clear about your “why”.Tim feels having a growth mindset is important. Individuals having a growth mindset almost look forward to making mistakes because mistakes are learning opportunities.Stay tuned to know and learn more.Key Points of Discussion:Having a business plan (7:59)A study found less than 20% of small businesses have a plan (8:19)Why do so many businesses not have a plan? It’s a fear factor, feels Tim (8:40)Be adequately capitalized. Growth sucks up cash (11:33)Find some advisers, and be humble enough to ask for help (15:42)Have a strong “why”; figure out your purpose, your mission (18:03)Tim feels having a growth mindset is really important (24:54)Those with a growth mindset almost look forward to making mistakes… (26:21)---------Additional Resources:Small Business Matters website"Small Business Matters" by Tim Fulton on Amazon"Small Business Matters & All That Jazz" by Tim Fulton on Amazon"Start With Why" by Simon Sinek on Amazon"Start With Why" - Simon Sinek's Ted Talk on YouTube"Delivering Happiness" by Tony Hsieh on Amazon"Mindset" by Carol S. Dweck on Amazon"Good To Great" by Jim Collins on AmazonLearn About The Alloy Franchise Opportunity---------You can find the podcast on Apple, Google, Spotify, Stitcher, or wherever you listen to podcasts.If you haven’t already, please rate and review the podcast on Apple Podcasts!