Some people wants to set or plan a business such as a small business that might be his/her starting point in a business world. They just started the business without any contingency plan to make their business successfully runs throughout the year or even more years in the business world, and it collapse because of no contingency plan was draft before the business is started.
According to Miss Linda Doell of phonebooth.com "Starting a business can be an exciting time as you work toward making a dream of owning your own business a reality. However that dream can turn into a nightmare if you don’t take into consideration certain issues that must be addressed before your business is open for business".
In addition, according to Miss Linda Doell, " No matter what type of business you are looking to start or have started, trying to make a go of it without a business plan is like a house-builder working without a blueprint — sooner or later something vital will be forgotten.
A business plan can be tailored for your business’ needs and can be as detailed as you want to make it.
Here are some ingredients to make your business working properly and avoid such mistakes in becoming out of the scene in business world:
The Small Business Administration said a basic business plan should include:
1. A summary of your company’s profile and goals.
2. A company description that includes what the business does and what markets it serves.
3. A market analysis
4. A marketing plan
5. A description of your business’ service or product line.
6. Financial projections.
7. Funding request, if needed.
8. An organizational structure.
HERE ARE SOME ADVICE TO BE REMEMBERED BEFORE THE START-UP OF THE BUSINESS:
1. Make sure you have enough money to start
Not enough money is a big hurdle toward starting your own business, you need to figure out how much money as your capital to make sure the business is up and running. A good rule of thumb is make sure you have enough money to run your business for a year — those are funds above and beyond the start-up costs. The cost of under-funding your company can be dire, as Steve Hockett found out. He opened a franchise business, but didn't have enough money and soon had to close after just two years. “The real thing I missed was anticipating my cash needs and being able to weather the first year,” he told CNN. “One of the hardest things I've ever done was to make the decision to pull the plug on a dream.”
When estimating how much money you’ll need, take into consideration two stages — the initial one-time costs and the monthly ongoing costs. Incorporation and licensing fees, office furniture, equipment, signs, down-payment on office space, initial inventory, business cards and stationary are all costs that should be accounted in the initial costs, according to the said the SBA. Ongoing costs include rent, payroll, taxes, insurance, supplies, advertising, website hosting and loan payments.
According to Miss Linda Doell of phonebooth.com "Starting a business can be an exciting time as you work toward making a dream of owning your own business a reality. However that dream can turn into a nightmare if you don’t take into consideration certain issues that must be addressed before your business is open for business".
In addition, according to Miss Linda Doell, " No matter what type of business you are looking to start or have started, trying to make a go of it without a business plan is like a house-builder working without a blueprint — sooner or later something vital will be forgotten.
A business plan can be tailored for your business’ needs and can be as detailed as you want to make it.
Here are some ingredients to make your business working properly and avoid such mistakes in becoming out of the scene in business world:
The Small Business Administration said a basic business plan should include:
1. A summary of your company’s profile and goals.
2. A company description that includes what the business does and what markets it serves.
3. A market analysis
4. A marketing plan
5. A description of your business’ service or product line.
6. Financial projections.
7. Funding request, if needed.
8. An organizational structure.
HERE ARE SOME ADVICE TO BE REMEMBERED BEFORE THE START-UP OF THE BUSINESS:
1. Make sure you have enough money to start
Not enough money is a big hurdle toward starting your own business, you need to figure out how much money as your capital to make sure the business is up and running. A good rule of thumb is make sure you have enough money to run your business for a year — those are funds above and beyond the start-up costs. The cost of under-funding your company can be dire, as Steve Hockett found out. He opened a franchise business, but didn't have enough money and soon had to close after just two years. “The real thing I missed was anticipating my cash needs and being able to weather the first year,” he told CNN. “One of the hardest things I've ever done was to make the decision to pull the plug on a dream.”
When estimating how much money you’ll need, take into consideration two stages — the initial one-time costs and the monthly ongoing costs. Incorporation and licensing fees, office furniture, equipment, signs, down-payment on office space, initial inventory, business cards and stationary are all costs that should be accounted in the initial costs, according to the said the SBA. Ongoing costs include rent, payroll, taxes, insurance, supplies, advertising, website hosting and loan payments.
2. Make sure you set the business in a proper procedure.
Not setting up the business properly in a proper procedure may seem like a no-brainier, your business must have has all the correct paperwork and legal documentation before opening your doors. If you need to register with your state and get licenses, do so immediately to keep your business records clear.
3. Embrace new technology as needed.
Not embracing new technology in initial equipment plans would bring your business left behind by your peers, your small business has a unique opportunity to use cutting edge technology like VoIP phone services and cloud phone systems instead of a larger company that might be locked into the legacy land-line systems. The new technology is cost-effective and allows businesses to do more with less — always a good thing for a fledgling business. Smartphones, tablets and other tools can also help you and any employees stay connected to customers like never before.
Not embracing new technology in initial equipment plans would bring your business left behind by your peers, your small business has a unique opportunity to use cutting edge technology like VoIP phone services and cloud phone systems instead of a larger company that might be locked into the legacy land-line systems. The new technology is cost-effective and allows businesses to do more with less — always a good thing for a fledgling business. Smartphones, tablets and other tools can also help you and any employees stay connected to customers like never before.
4. Do not underestimate the time needed.
Underestimating the time needed, starting a new business is hard work and you have to be willing to put in the hours necessary to get your business off to a solid start. Running a new business is not a 40-hour week job. To reach your business goal takes tenacity and commitment. Keep these mistakes in mind when starting out on your new business and avoid the pitfalls that come with them.
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