The main reason that some people take opportunities when they arise, and others do not, is that some people are ready.
They have their business plan ready and all they need to do is take advantage of the opportunities.
Where can you find the right business plan?
If your business is based in the United States - click here
If your business is based in the U.K. - click here
Ideas To Action.
Part 10 - Business.
Here Is A List Of The Things All Businesses Should Be Thinking About.
Six out of ten all start-up businesses go down within a few years, and 25% do not survive 6 months. To give you the best chance of getting through this period we have compiled a checklist of the ten things you need to do to make sure your business is successful.
- Sole trader or limited company? The choice you make for your organization will impact on the tax you will have to pay and how much statutory and financial liability you are exposed to. As a sole trader you and your organization are really the same thing but the assets and liabilities of a limited company belong to the company, which is legally separate.
- Define your target audience. Attempting to sell everything to everybody cannot conceivably work. Your business needs to be centered on your prospective customers and all that you do, from your website to your marketing campaigns, must be of interest to them. Talking to your soon-to-be buyers will make them feel like they have a say, will develop allegiance, and should increase the likelihood of them recommending your organizations goods and services to third parties.
- Size up your businesses competition. Which other companies are offering the goods and services that you are preparing to sell? What are their pluses and minuses when set side-by-side with you? By studying your rivals you can profit from their errors, as well as determine what their buyers appreciate. You should also determine the price purchasers will pay for your goods, as well as how you can characterize what you advertise from others that are available.
- Get your business noticed. There is little real point in having an incredible idea if nobody finds out about it; so how will you get seen? If you do not have a substantial marketing budget, begin modestly and focus on building connections. Use social media and network hard to start initiating a decent reputation with not only prospective customers, but also local journalists, industry bloggers, potential suppliers, related companies and your local chambers of commerce.
- Create a website. Did you know that 50% of small-scale businesses do not have a web presence? Many want one, but they assume they cannot afford it or do not have the ability to put it together themselves. This may have been accurate two or three years ago, but current website creation tools mean absolute novices can now get an e-commerce website set up in no time.
- Decide on your USP. Customers will only stop buying from elsewhere, rather than yours, if you provide an improvement or something different. Your businesses Unique Sales Proposition describes what is special about your products, describing what your customers cannot get anywhere else.
- Work out and obtain the correct amount of funding. In an ideal world you would have enough money to fund the launch of your new venture, but the majority of people do not have that option. Instead you could approach friends or family to see if they may be willing to help, or you can look at securing a business loan or seek out an investor. You should also find out which grants are available for your company.
- Write your business plan. Great businesses were planned that way. This is where you need to verify that every section of your company will work correctly and is sensible. If it is not, should you really go ahead?
- Decide how your business will sell to its customers. What is the ventures route to market? Look at all of your opportunities, from market trading to eBay store to mail order, to retail unit or mobile concession stand, to picking up sales at networking events or on facebook and twitter, to an email campaign or integrated partnerships or simply via Google Adwords.
- Decide when you should open your business. You are prepared to start your new company but do not be too quick to leave your day job. The cash could be handy in the short-term, as it might be better to put together your business out-of-hours, and then make the leap once the business can sustain you and is truly ready for your complete attention.
When you need to make decisions in regard to your business you should stop and consider the following questions:
- Is this good for me as well as for the business?
- What significance will this decision have on each part of your business?
- How much might it cost and where will this money come from?
- If there is not sufficient money in the organizations budget, what will you do without and how will that change the business?
- Are these decisions reflected in your business plan?
There are a lot more questions you might ask yourself about the decisions you will be taking. Making choices when you are under duress might be a disaster but utilizing a well-written business Plan means your decisions are considerably simpler.
Ideas To Action - next
A Great Business did not just happen - It was planned that way.