ESTABLISHING BUSINESS GOALS: DEFINITIONS, PLANS, BENEFITS, AND DRAWBACKS

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If you are planning on starting a small business in the near future, then you are probably looking for some help when it comes to getting your business successfully launched and writing a business plan that will ultimately give you the best chances for success in the future. After all, small businesses are not an easy thing to run, and this can be especially true if this will be your first time running a small business. Fortunately, by carefully outlining and establishing your small business goals, you can have the best chances of success in Read more…

DEVELOPING THE BUSINESS PLAN: CAUTIONS, BENEFITS, STRUCTURE, AND SUPPORT

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When you are creating a business plan, it’s important to remain aware of four primary components: cautions, benefits, structure and support. First of all, making sure you know any of the potential pitfalls and problems that could occur is crucial. You want to have plans in place in case any of them come into fruition.

You should also be aware of the benefits this plan can provide to you. If you become frustrated with the crafting of the plan, these benefits can help remind you that a major purpose exists for putting all Read more…

DO YOU NEED A BUSINESS PLAN? FOR FINANCING, YES

Author: admin  //  Category: Uncategorized

Business plans are essential for people who are starting their own businesses. If a business owner is seeking financing from a bank, credit union or other financing institution, a business plan will provide the lender information concerning the assets and income of the company. It helps the lender determine whether or not a new company will be able to repay the funds borrowed.

Having a business plan will not only provide lenders with the figures needed to obtain a loan, but it is a document that will help owners Read more…

THE FOUR INCOME STREAMS: SAVINGS, PROFIT, INDIRECT, AND RESIDUAL

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When you think about earning money from your business, you may only be considering one of the four possible income streams, profit. While profit is important, there are three other ways to make money that you shouldn’t ignore. Savings, indirect and residual income contribute a significant portion of a successful business’s total earnings.

You should be investing some of your business’s earnings in interest bearing accounts. Most business owners choose accounts that are liquid enough so they can reach the funds if they need them. However, it is important to Read more…

EVALUATING RESOURCES NECESSARY FOR YOUR BUSINESS

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Setting up a new business or looking to restructure an old one is an excellent idea, and one of the steps is deciding which resources are necessary. First, figure out what you are able to do yourself and with the staff you already have. You might consider redistributing some of the responsibilities as opposed to hiring new people. Remember, one person cannot do five different jobs. If the workload is too much, you may simply have to look outside.

Once you have decided which resources will be coming Read more…

SELECTING THE PRODUCT OR SERVICE TO OFFER

Author: admin  //  Category: Uncategorized

For years, you’ve been dreaming of starting your own business, and now, you have enough money to bring that hope into fruition. How can you decide which product or service to offer? Well, it should be something based on your talents. For example, if you know nothing about art supplies, you’re going to have a hard time selling custom paintbrushes. Once you have narrowed down the topic a bit, you also need to choose something that is profitable. If ten other businesses exist in your area that offer the same product Read more…

LAYING THE FOUNDATION (DOING RESEARCH) FOR YOUR BUSINESS

Author: admin  //  Category: Uncategorized

Before you can truly enter into the business world, you need to have some concept of where you are going once you get there. Upon figuring out what exactly it is that you want to sell, you should start doing research to find out if other local businesses are offer the exact same product or service. If they are, you need to find a way to make yours unique or to choose a different location. Read more…

DETERMINING POTENTIAL CUSTOMERS FOR YOUR BUSINESS

Author: admin  //  Category: Uncategorized

Determining what customers are in your market is the most important part of starting up a business. When you know the demographics of your market you can tailor all of your marketing strategies, location, prices, and products to them.

What is the age group? If you are selling trendy clothes, your market is going to be younger than if you were selling comfort shoes. The younger generation wants to see a well-designed website, social media sites like Facebook and Twitter, and most importantly fair prices. The older generations would rather talk in person, Read more…