Entrepreneurs – What Do You Need To Ensure Before You Start Your New Business?
Entrepreneurs – What Do You Need To Ensure Before You Start Your New Business?
Entrepreneurs What Do You Need To Ensure Before You Start Your New Business - To learn more about this author, visit Lee Lister's Website.
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You are ready to start your business, but you are not sure it will be a success. What do you need to ensure that you do before you start your new business? Here are the important items:
· Legally Sound: You need to ensure that your business is properly set up, your personal assets protected and you have informed the tax authorities. You should also ensure that you have all the licences and certificates that you require to work in your business environment.
· Clearly Planned Out: You should have a well thought out business plan. Not any old template where you have changed a few words, but one that you have worked on – preferably with an expert’s assistance – so that you understand and buy it to its contents. A good business plan provides a firm foundation to your new business.
· Clearly Defined Goods and/or Services: You must have a very good idea of what you want to sell and have a group of them available at various price points. With services this is much more complex. It is no good saying “secretarial services” – you need to define what these services are in hours and deliverables. Similarly if you are supplying consulting services you need to define what the aim of these services are with a time frame and deliverables. They would thus read something like – “deliver a business plan of between 25- 30 pages within one month” as opposed to “write business plan”. With goods it is important that you provide a group of goods with an upgrade path so that you can offer your existing customers a variety of items.· Something Someone Wants: It may seem obvious but many companies fail because they forget to check that someone (and preferably lots of people) actually wants to buy their super new widget! Undertake a lot of market research and check forums and search engines to find what people want and are buying now. Asking friends and family will only get positive responses.
· A Price That Will Sell: Once you know what you are seeking to sell and to whom, you need to ensure that you offer them at prices that people will buy. Even in recessionary times, people still seek quality but they won’t pay more than the perceived value of the item. Once again it is research and trial and error that will find your pricing levels.
· Capability To Provide Goods and/or Services: Now you need to ensure that you can provide the goods and services that you wish to sell. With goods, have you got manufacturers and wholesalers contracted and can they provide the amount of goods that you are likely to require. When you start up – getting goods delivered or supplied in small measures is particularly difficult. Don’t go chasing the likes of Walmart or sign onto a shopping channel until you can get large amounts of your goods into your warehouse – and more importantly can pay for them before they are sold! Similarly with services, do you have enough skilled staff to meet the potential demand? On an administrative side, do you have the ability to handle customer fulfilment, enquiries and invoice chasing?· Ability To Be Found: Lastly, and again it can be a problem with small start up companies, can you be found by your customers. Do you have a memorable phone number and quality web site that are all displayed on your advertising and marketing material? Is you domain easy to remember and reasonably short? Does your office look like an office – or if you work from your spare room – can you look business like from the outside?
If you have sorted out all the above problems, you are well on the way to starting a successful business. Good luck.
Entrepreneurs What Do You Need To Ensure Before You Start Your New Business - To learn more about this author, visit Lee Lister's Website.
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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