Fountain Pens Business

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Fountain Pens Business

We Have Set Out A List Of The Things All Businesses Should Be Considering

70% of all start-up businesses fail within the first three years, and a third do not survive the first year. To give you a better chance of getting through this period we have compiled a checklist of the ten things you should do to make sure your business is successful.

  • Sole trader or limited company? The structure you select for your organization will impact on the tax you will pay and how much statutory and fiscal accountability that you are exposed to. In the case of a sole trader there is no differentiation between you and your new venture but the assets and liabilities of a limited company belong to the business, which is legally separate.

  • Define your target audience. Attempting to sell everything to everybody will not work. Your company needs to focus on your likely buyers and all that you do, from your businesses website to your marketing campaigns, must be of interest to them. Consulting your potential buyers will make them feel they are valuable to you and your business, will breed loyalty, and will increase the likelihood of them endorsing your business to others.

  • Size up your businesses competition. Who else is providing what you are preparing to do? What are their pluses and minuses compared to you? By reviewing your rivals you can benefit from their errors, as well as determine what their customers appreciate. You should also discover the amount people will pay for your merchandise, as well as the way you will differentiate what you provide from your competitors.

  • Get your business noticed. There is no real point in a marvelous idea if nobody hears about it; so how can you get noticed? Assuming you do not have a hefty marketing budget, begin small and apply yourself to creating relationships. Use social media and network hard to start forming a decent image with not just potential customers, but also local journalists, possible suppliers, relevant companies and local business organizations.

  • Create a website. Around half of all small-scale businesses do not have a web presence. Most want one, but they think they cannot afford one or do not have the prowess to put it together themselves. The latter may have been accurate a few years ago, but current web creation software means even beginners can now get an e-commerce website set up quickly.

  • Decide on your USP. Customers will only stop purchasing from other businesses, rather than yours, if you offer something better or distinctive. Your companies Unique Sales Proposition explains what is significant about your products, outlining what your buyers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In a perfect world you would have enough cash to bankroll the launch of your business, but, for the majority of people, that is not really an option. Instead you might ask your friends and family to see if they may be prepared to help, or you can try getting a business loan or hunt for 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 establish that each section of your company works and is sensible. If it is not, do you really want to go ahead?

  • Decide how your business will sell to its customers. What is the businesses route to the market? Look at all your options, from market stall to eBay store to catalog, to a retail or stand, to picking up orders at networking events or on social media, to emailing campaigns or integrated partnerships or simply via Google Adwords.

  • Decide when you should open your business. You are prepared to start your venture but do not be too quick to leave the day job. The money will be handy in the short-term, as it could be advantageous to start putting together your new venture out-of-hours, and then make the leap when the organization can sustain you and is truly ready for your full-time attention.

When you have to make decisions in regard to your organization you must consider the following questions:

  • Is this right for me as well as for the business?

  • What impact will this decision have within each section of the business?

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

  • If there is not adequate money in the new ventures budget, what will you give up and how will that change your business?

  • Are these decisions reflected in your business plan?

There are a great deal of questions you should ask yourself about the decisions you will have to make. Thinking about your choices when you are under duress might be a disaster but utilizing an imaginative business plan makes your decisions considerably simpler.

A Successful Business

There are three primary tests for judging the progress of any business:

  1. The venture has suitable merchandise that are needed by consumers in the present market.

  2. The organization is concentrating on a niche sector of the market and its promotions, advertisements, and products and services provide the same message.

  3. The company can survive using its own funds and has a structure in place to make certain this continues.

Accomplishing any one of these three will not be enough; even any two will ultimately mean a decline in the venture. The organization needs to be structured so that it methodically turns client demand into cash. Experienced business owners focus on getting in the right position at the right time while unsuccessful owners watch jealously, hoping that they might someday enjoy the same good fortune - but, the truth is, they never will.

To accomplish growth in your new venture you need to have products and services that provide distinct benefits to potential clients and your advertisements must concentrate on promoting these benefits. It is essential that you are completely aware of what prospective customers are hoping to find, that they may not be getting in the current market.

The vast majority of companies are not placed to take advantage of being in the correct place at the correct time because they did not do any market research and most are already bound to be in the wrong position at the wrong time. These failing organizations tend to have, and need, far more financing than successful companies, and they are generally constricted by their cash flow with the bulk of their assets pointed in the wrong way. These businesses have:

  • A lot more inventory than they might ever sell in a huge number of unconnected product ranges.

  • Substantial numbers of modest sales from a massive inventory, meaning the company requires more personnel that it can afford.

  • Too much cash bound up by sections of the business that are deteriorating.

You need to focus your attention on market research to collect the lowdown about your niche markets and likely clients. Your market research is a critical issue in sustaining your competitiveness and your awareness about what your competition is doing:

  • Precisely what is your businesses appropriate niche market comprising all those products and / or services which are thought of as interchangeable or substitutable by the consumer, by reason of the products traits, prices and their expected use?

  • An appropriate geographical market spanning the area within which the organization should be involved in the provision of goods and services and in which the circumstances of competition are similar.

It is vital that you get the financial backing of your company correct before you start:

  • How would your business open without external funding?

  • Is your accounting and record-keeping systematic? If it is not then you will soon find how crucial it is that it must be.

  • Have you painstakingly thought-through every payment that you will be making and how spending the cash will benefit your business?

  • Do not buy anything at all for new when you can purchase a pre-owned item noticeably cheaper.

  • Make sure that you go easy on your cash and keep your expenditure as small as feasible in everything you are doing.

Cling on to your cash. Cash is at the heart of any business.

Great Fountain Pens Businesses are planned that way.

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