STARTING YOUR BUSINESS:
At least once, everyone should start a business of his own. Running your own private company is an extraordinary experience. It is a chance to challenge yourself, to see how good you are in an attempt to make your dreams a reality. It means, putting your ‘signature’ on a unique project while enhancing your mind.
The best way to start is to choose a project of importance to you. Base your idea on what you have the most knowledge about. Not sure? Think about what you reflect on the most, meaning, what consumes most of your energy? Sometimes, it is an issue that you believe in the most. Maybe it is a business you develop that is based on a family desire and will ultimately become a family business where you provide a service or start selling some products to customers?
CAPITAL INVESTING:
However, the most important element of starting your business and developing your strategy is the financial plan: capital (money) is a necessary component to running a successful business so plan on promptly creating your budget. This will help your plan become a reality.
The easiest way to begin is when you have the money you need using your own funds. But, in case you have to ask for additional funds, you should definitely plan to complete a budget. It gives a clear picture of where you are in comparison to where you want to be. You will need to think critically about what you need to do and the costs associated with your actions. This will help to convince others to enable you to borrow the needed capital. You will have a bit of ‘homework’ to complete as you will want to make a detailed BUSINESS PLAN. This is essential when you decide to talk to a bank for a loan, especially. It is similar, if you have to deal with a ‘business angel’, which is an investor who will make a key investment in you and your business. Typically, you want to provide an honest outlook about your goals and strategy while maintaining a clever approach when negotiating. You want others to view your project positively so creating a successful image is important.
THE MARKETING PLAN:
Your marketing plan is critical. Often left out or considered a not so critical item is the marketing plan. Think of it as your road map. Although many often want to leave this as a side note, the reality is that it’s quite important. It is what provides the business with direction. The marketing plan should clearly define your strategy for obtaining new business, new clients and generating revenue. Some basic questions to consider are how do you intend to position the business? What will be the main product/service? How do you develop your pricing? Where is the best to place to market your business/service? How will be the products/ services be promoted to the potential customers? Who is your competition? How do you differentiate your company from the competition? Why would a customer choose you? What makes your company different? What makes your company special? Who are you? Why is what you offer important? These are just some of the questions to think about you.
An important part of the marketing plan is the market research. You have to think: who would be your target group of potential customers? Depending of your business, you will try to define your target, basing on information about the: buying habits, about the location, approximate age, income…. Those information will help you to define more precise yours further planing, the potential income of your starting business.
One of the basic elements of the Business Plan, is planing the staff, human capital what will work into the company.
you have to know, what education, knowledge, the workers should posses, to fulfill tasks, to bring the company obtaining their plans correctly. The motivation on the people who will work for you, will help you reaching your goals easily.
You can download the Developing a Business Plan Checklist we’ve created to help you get the process started. Really, it’s a cheat sheet for things to consider when conceptualizing your business.
[ddownload id=”75″ text=”Business Planning Checklist”]
