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    1 Reply Latest reply on Feb 20, 2009 3:30 PM by LUCKIEST

    Need more infos, how to start new business in convenit store

    shorty12 Newbie
      Hello everyone,

      I have put alot of thoughts into opening a convient store. That is always been my passion. But really don't know what are the steps? So, could someone out there can give me some tips?... Thanks
        • Re: Need more infos, how to start new business in convenit store
          LUCKIEST Guide

          6 Steps to Small Business
          Success

          1. Start Smart
          2. Plan Ahead
          3. Set up Systems
          4. Seek out
          Sales
          5. Aim for Growth
          6. Leverage Opportunities

           

          1. Start Smart.
          Identify a niche. Don't compete to be the
          lowest cost provider. Look
          for what makes your product or service unique and
          adds a special value
          for the client and charge for that value. Every business
          has many
          facets. Start with what you know and like; start a business that
          has
          meaning to you. Keep in mind that we don't know what the future
          holds,
          many of the jobs and businesses of tomorrow don't exist today. You
          can
          create your own success.

           

          Now is the time to dream. To start smart, you should like the idea
          of
          the business. The way to earn a good income and build wealth is
          by
          serving clients well, making their life better in some way-it's
          more
          than filling a need in the marketplace. To succeed you want to test
          the
          idea to make sure your potential clients like the idea too. Test
          your
          ideas.

          2. Plan Ahead.
          People often ask me why bother
          with a business plan? Look at the
          lottery as an example. You may get lucky
          and get the winning ticket,
          but the odds are against you when you rely on
          random chance. I'm a risk
          taker...but not that much, minimize the risk of
          going into business and
          maximize 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
          future
          focus 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.

          3. 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 to
          support 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.

           

          4. 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
          to
          as 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.

           

          5. 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 you
          want 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 deliberate choice early about how you want to
          grow
          your company.

           

          6. 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 business
          and 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 core
          business 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.