Start online biz
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Plan Ahead.
People often ask why bother with a business plan? Look at thelottery as an example. You may get lucky and get
the winning ticket,but the odds are against you when you rely on random chance. Minimize the risk of going into business andmaximize your potential for success. Take the time to write a plan of how you get from point A to
point B. A plan gives you a clear futurefocus and increases your chances of success.
The first rule of a start-up is put some of your own money in the business. As the owner you must be willing to capitalize the business.The second rule is put as little of your own money as possible in the business. Prepare your plan and look for funding for your business from multiple sources, which can include a business loan or business line of credit.
Don't go it alone. Plan ahead now to build your team. Your team may include a CPA and an attorney that you work with as needed. Add a mentor from your industry and get a SCORE mentor to help you plan for success.No one has all the answers. You get more ideas and information by building a success, support team that can help you plan ahead.
Set up Systems.
The most basic system every business should have is a good financial system. Ask yourself how am I going to generate enough income tosupport myself and my family. Begin here. Put together a personal budget, so you know what it costs you to live. Now, you can move on to the business budget and sales planning, so you can see how many sales you need to break even and make a profit. The start-up expense plan,
operating budget and your accounting software are vital to your success.
Seek out Sales.
The daunting question is how do you go about seeking out your first sale. Recognize that since you don't have a big ad budget to be seen by everyone, you need to target a niche and get connected in your market
community, be it local, regional or national. You need other people selling for you-not employees-goodwill referrals. Get out and talk toas many people as you can. Join organizations that would have clients
for your product or service. Become a visible part of your market, and then ask for the sale.You begin the sales process with people that you know. Yes, it's okay to start with friends and family as your first
customers, and then broaden from there.
Aim for Growth.
The basic tenant of creating a company is that you own the company. You are not just creating a job for yourself. It's less risk and less investment to get a job. Building a business is creating a company that is more than the job itself. Think about the future. How large do youwant the company to be in terms of sales, net profit and employees?
Your answer to each of these questions will influence how you grow. There are varying costs and profits associated with growth. It's important to make a choice early about how you want to growyour company.
Leverage Opportunities.
Good luck. Good fortune. Good timing. All play a part in business. As a business owner, be very clear about your core focus for the businessand how it serves clients. Your core business is what pays the bills.
Then, as an entrepreneur you are about opportunity. When you see a potential opportunity or stroke of luck measure it against your corebusiness focus. Good fortune is great, when it matches your vision for
the business. Always consider if a good opportunity is the right fit for your business. If something looks great, but it's not in sync with your long-term plan and budget, think carefully before committing your
company's resources.
Hope this helps, LUCKIEST
in response to: Lighthouse24
