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Everything You Need To Know About Business - Index

Formula 1 Fansite

Things All Businesses Should Be Thinking About

75% of startup businesses fall flat in the first three years, and a quarter of those cannot even get through the first year. To give you the best chance of surviving we have compiled a checklist of the things you must do to make sure your business is successful.

  • Sole trader or limited company? The structure you choose will impact on the tax you pay and the level of legal and fiscal accountability you are responsible for. If you are a sole trader you and your organization are, in effect, the same, while the assets and liabilities of a limited company belong to the business, as this is a separate legal entity.

  • Define your target audience. Attempting to sell everything to everyone will never work. Your company needs to aimed at your likely buyers and all that you do, from your organizations website to your promotions, must appeal to them. Approaching your prospective customers will also make them feel they are valuable to your business, will generate allegiance, and should boost the likelihood of them endorsing your companies products and services to others.

  • Size up your businesses competition. Which other companies are offering the products and services that you are preparing to do? What are their strengths and weaknesses when compared to you? By considering your rivals you can benefit from their errors, as well as discover what their buyers appreciate. You may also determine the amount purchasers are willing to pay for your offerings, as well as how you will differentiate what you advertise from your rivals.

  • Get your business noticed. There is no point in a stunning business concept if no-one knows about it; so how can you get noticed? If you do not have a considerable marketing budget, start modestly and apply yourself to creating relationships. Use social media and network hard to start developing a good image with not only potential clients, but also local journalists, bloggers, possible suppliers, relevant companies and your local chambers of commerce.

  • Create a website. Did you know that half of all small businesses do not have a web presence? Many want one, but they either believe they cannot afford one or they do not possess the prowess to get it together themselves. The latter may have been true a few years ago, but modern website creation tools mean even beginners can now get an e-commerce website set up quickly.

  • Decide on your USP. Consumers will only stop purchasing from somewhere else, rather than yours, if you offer an improvement or something different. Your businesses Unique Sales Proposition spells out what is different about your products, describing what your customers cannot get somewhere else.

  • Work out and obtain the correct amount of funding. In an ideal world you would have adequate money to fund the opening of your business, but most people do not have that option. Instead you can approach friends or family to find out if they may be able to help, or you can look into getting a bank loan or hunt for an investor. 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 need to show that every part of the company will work properly and is realistic. If it is not, should you really go ahead?

  • Decide how your business will sell to its customers. What is the companies route to the market? Look at all of your choices, from market trading to eBay shop to mail order, to a retail or stand, to picking up sales at networking events or on facebook and twitter, to an email campaign or joint ventures or simply via Google Adwords.

  • Decide when you should open your business. You are ready to start your new venture but do not rush to give up your day job. The money should be valuable in the short-term, as it might be advantageous to start putting together your business in your free time, and then make the jump once the company can sustain you and is truly ready for your undivided attention.

When it comes to taking decisions in respect of your business you must consider the following points:

  • Is this the right decision for me and my business?

  • What effect will this decision have within each part of the business?

  • How much will the decision cost and where will this money come from?

  • If there is not adequate cash in your new ventures budget, what will you do without and how will that affect the business?

  • Are these decisions reflected in your business plan?

There are a lot more questions you might want to ask about the decisions you will have to make. Deciding on your choices while you are under duress may be a disaster but using a well-prepared business plan makes your decisions significantly easier to take.

A Successful Business

There are three tests for determining the success of any business:

  1. The business has the appropriate goods and services that are wanted by customers in the market.

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

  3. The small business can exist using its own funds and has a system in position to ensure this will carry on.

Succeeding at any single one of these will not generate a profit; just as any two will ultimately mean a decline in the organization. The company needs to be set up so that it systematically converts customer demand into money. Veteran company owners focus on getting in the perfect position at the perfect time while ill-fated owners look on begrudgingly, wishing they will one day have similar good fortune - but they never will.

To accomplish growth in your new venture you must have goods and services that present clear-cut benefits to prospective clients and your marketing should concentrate on promoting these benefits. It is vital that you are totally aware of what your possible customers are expecting to find, that they are not picking up in the present marketplace.

The huge majority of small businesses are not placed to benefit from being in the correct place at the correct time as they did not do any market research and most are already bound to be in the incorrect place at the incorrect time. These declining ventures customarily have, and need, far more borrowing than profitable businesses, and they are always hampered by their cash flow with most of their assets already pointed in the wrong way. These organizations have:

  • A backlog of stock that they might never sell in a massive number of unconnected product sectors.

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

  • Too much cash that is bound up in parts of the business that are not moving.

You need to put your mind to market research to bring together the lowdown in regard to your niche markets and customers. Your market research is a crucial part of managing your competitiveness and understanding what your competitors are doing:

  • Exactly what is your businesses actual niche market encompassing all those products and / or services that are judged as compatible or exchangeable by customers, by reason of the products attributes, prices charged and their planned use?

  • An appropriate geographical market consisting of the area in which the venture that will be involved in the provision of products and services and where the conditions of competition are sufficiently comparable.

It is vital that you have the financial backing of your organization perfect before you open:

  • Could your new venture open if you had no external backing?

  • Is your bookkeeping and reporting correct? If it is not then you will soon discover how vital it is that it needs to be.

  • Have you meticulously thought-through every item of expenditure and how spending the cash helps your company?

  • Never buy anything for new when you can get a recycled item for a somewhat lower price.

  • Make certain that you conserve your cash and try and maintain your expenditure as small as viable in everything you are doing.

Hold on to your cash. Cash is the essence of any business.

Great Formula 1 Fansitees are planned that way.

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