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WHAT IS YOUR PLAN? A Few Tips on Starting Your Small Business

By Edited Apr 26, 2016 0 0

There are so many exciting topics one can share about starting and running a small business …it is near daunting! But, yet equally exciting!

Here are a few basics I can share off the top of my head:

WHAT IS YOUR BUSINESS ABOUT?: Likely you are most excited about your product! Excellent! That's vitally important. What do you know about the market for your product? Examining that is essential.

Here are a few questions to ask yourself and research:

  1. Is your market a local one?
  2. Do you know all you can about your competitors?
  3. Can you sell your product online?

  4. If so, is your target your country or the entire world?

BUSINESS PLAN: Do you have a business plan? I mean a formal written business plan at least in outline form? If so you will have addressed the items I will touch upon in this article. Besides passion, likely the business plan is the most basic business tool you'll need to help you chart and stay on course. If you don't know how to draft one, there are terrific consultants available to help you get started. Your business plan will include all the items I touch upon in this article and a few more.

YOUR PRODUCT & PRICING: How do you determine the price for your product? There's a bit to this as well but some fundamentals are:

  1. What price are your competitors selling the product or service for?
  2. What are your fixed costs to be in business?

  3. Are there other expenses that should be built into the cost?

BUSINESS ACCOUNTS: Have you set up a separate business checking account? Doing so will make keeping track of your income and business expenses so much easier. Only transactions related to your business flow through this account.

PROFESSIONAL TEAM: Do you have a professional web presence? By that I mean do you have the support team of an accountant, bookkeeper, lawyer and IT professionals at a minimum? Your bookkeeper will help you with your day-to-day accounting, your accountant will file your taxes for you, your lawyer (usually in conjunction with your accountant) will help you determine what business ownership form (Corporation, Sole Proprietorship, Partnership, etc) is best for you, and your IT professional will work with you to create a one-of-a-kind website!

YOU: Do you have the personality for it? Running a small business usually requires passion, tenacity, patience, some basic analytical skills, excellence in your field, tenacity and integrity to name a few. Are you disciplined enough to work on your own without someone else cracking the whip? These are some essentials.

FUNDING: Do you have the initial funding necessary for start-up? Likely you've been socking a little bit of money aside to cover you during the initial stages. Or you have access to some funding. You likely need to have a bit of money to make money!

START-UP COSTS: What are some typical start-up costs? If you are not working a full-time job in the process, you'll need money to cover your basic living expenses until your business profits can support you. Do you need to buy equipment? Rent office space? Pay someone to assist you?

As you can see, and already likely knew, there are some prerequisites that are best to have in place as you launch your new business. You can do it! Build a team, have a little money put aside, have a business plan and go for it!



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