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Flavoured Water Business

We Have Cataloged The 10 Things All Businesses Must Be Doing

75% of new businesses fail within the first three years, and 25% of those cannot get through the first 6 months. So that you have a better chance of getting through we have assembled a checklist of the ten things you need to do to make sure your business is successful.

  • Sole trader or limited company? The structure you select for your organization will affect the tax you will have to pay and the level of statutory and financial liability you are responsible for. If you choose to be a sole trader there is no distinction between you and your organization but the assets and liabilities of a limited company belong to the business, as this is a separate legal entity.

  • Define your target audience. Endeavoring to sell everything to everyone will never work. Everything must be aimed at your prospective customers and all that you do, from your organizations website to your advertising campaigns, must engage them. Approaching your soon-to-be customers will also make them feel like they are valuable to you, will create loyalty, and will boost the prospects of them endorsing your businesses products and services to others.

  • Size up your businesses competition. Which other businesses are providing the products and services that you are planning to provide? What are their pluses and minuses when compared to you? By thinking about your rivals you can profit from their mistakes and also find out what their customers appreciate. You may also learn how much consumers are probably going to pay for what you offer, as well as how you might characterize what you offer from the competition.

  • Get your business noticed. There is no point in having an amazing business idea if no-one hears about it; so how can you get seen? Assuming you do not possess a hefty marketing budget, begin small and apply yourself to developing relationships. Utilize social media and networking to start forming a decent image with not just likely buyers, but also local journalists, industry bloggers, possible suppliers, relevant businesses and your local chambers of commerce.

  • Create a website. Did you know that around half of small-scale businesses do not have a website? Many would like one, but they believe they cannot afford it or do not have the expertise to do it themselves. This may have been accurate years ago, but modern web building tools mean total novices can now get a website and online store up and running.

  • Decide on your USP. Consumers will only stop buying from elsewhere, in favor of yours, if you offer an improvement or something distinct. Your companies Unique Sales Proposition spells out what is special about your goods, describing what your customers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In an ideal world you would have ample cash to self-fund the launch of your business, but, in the main, it is not really an option. Alternatively you can approach your friends or family to see if they may be prepared to help, or you might try obtaining a bank loan or track down a financier. You should also find out which grants are available for your business.

  • Write your business plan. Great businesses were planned that way. This is where you must prove to yourself that every section of the business will work properly and makes sense. If it does not, should you really go ahead?

  • Decide how your business will sell to its customers. What is your route to market? Consider all of your options, from market stall to eBay shop to mail order, to a retail or stand, to picking up orders at networking events or on social media, to emailing campaigns or integrated joint ventures or simply advertising via Adwords.

  • Decide when you should open your business. You are ready to launch your new business but do not rush to quit your job. The salary could be valuable, as it could be better to put together your business in your free time, and then make the jump once your organization can support you and is actually ready for your full-time attention.

When you have to take decisions in regard to your venture you must stop and think over these questions:

  • Is this the correct decision for me as well as for the business?

  • What significance will this decision have within each department of your business?

  • How much will it cost and where will the cash come from?

  • If there is not enough money in the companies budget, what will you do without and how will that change the business?

  • Are these decisions reflected in your business plan?

There are a good deal of questions you might want to ask in regard to the decisions you will have to make. Making these choices whilst you are under pressure may lead to a disaster but using a resourceful business plan means your decisions are significantly simpler to take.

A Successful Business

There are three critical criteria for judging the progress of any business:

  1. The company has the appropriate products and services that are needed by buyers in the current market.

  2. The venture is focusing on a niche section of the overall market and its promotions, advertisements, and goods and services provide a consistent message.

  3. The company can exist using its own funds and has controls in position to make certain this will carry on.

Doing any one of these three will not produce a profit; even any two will sooner or later mean a decline in the company. The company must be set up to systematically transform buyer demand into cash. Capable business owners concentrate on getting in the perfect place at the perfect time while failing owners watch jealously, hoping that they will eventually enjoy the same good fortune - but they never will.

In order that your organization is in a position to succeed you need to have products and services that offer distinct benefits to likely customers and your advertisements should concentrate on promoting these. It is vital that you know exactly what prospective buyers are looking for, that they may not be obtaining in the present market.

A lot of organizations are not placed to take advantage of being in the perfect position at the perfect time because they did not complete any market research and most are already bound to be in a bad position at the wrong time. These declining businesses normally have, and need, far more borrowing than successful organizations, and they are always restricted by their cash flow with most of their reserves pointed in the wrong direction. They have:

  • A lot more inventory than they could conceivably ever sell in a wide range of unrelated product ranges.

  • Substantial numbers of smaller sales from an enormous inventory, causing the company to need more employees that it can afford.

  • Too much cash that is pledged into parts of the company that are not moving.

You must focus your attention on market research to bring together facts in regard to your niche markets and customers. Your market research is a key factor in protecting your competitiveness and your awareness about what your competitors are doing:

  • Exactly what is your appropriate product market spanning all those products and / or services that are considered as interchangeable or exchangeable by shoppers, relative to the products features, prices and their planned use?

  • An appropriate geographical market incorporating the region in which the organization that is involved in the supply of goods and where the conditions of competition are sufficiently comparable.

It is vital that you get the financing of your organization perfect prior to opening:

  • Could your new venture open without any external funding?

  • Is your bookkeeping and record-keeping meticulous? If not, then you might soon discover how crucial it is that it must be.

  • Have you carefully thought-through each payment that you will be making and how paying out the money benefits your company?

  • Never buy anything at all for new when you can buy a recycled item substantially cheaper.

  • Make sure that you conserve your cash and keep your costs as small as viable in everything you do.

Hand on to your money. Money is the lifeblood of any business.

Great Flavoured Water Businesses are planned that way.

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