Fish Salting Business


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Fish Salting Business

We Have Laid Out The Ten Things All Businesses Have To Think About

70% of all start-up businesses go under within three years, and 33% of those do not survive six months. To give you the best chance of getting through we have assembled a checklist of the things you need to do to make sure your business is successful.

  • Sole trader or limited company? The choice you make for your organization will impact on the tax you will have to pay and the level of legal and fiscal liability that you are responsible for. With a sole trader there is no differentiation between you and your organization, while the assets and debts of a limited company belong to the organization, which is legally separate.

  • Define your target audience. Trying to sell everything to everyone cannot possibly work. You must be centered on your target audience and all that you do, from your businesses online store to your marketing, must appeal to them. Talking to your potential clients will also make them feel like they are valuable to you, should establish loyalty, and will increase the probability of them endorsing your businesses products and services to third parties.

  • Size up your businesses competition. Which other businesses are providing what you are planning to sell? What are their strengths and weaknesses compared to your merchandise? By checking out your competition you can profit from their mistakes, as well as ascertain what their customers like. You may also learn how much purchasers are likely to pay for what you offer, and also the way you will differentiate what you advertise from others on the market.

  • Get your business noticed. There is little point in having a marvelous idea if no-one finds out about it; so how will you get seen? Assuming you do not possess a large marketing budget, start simply and focus on building relationships. Use social media and online networking to start building a decent image with not only potential buyers, but also local journalists, industry bloggers, suppliers, relevant businesses and your local chambers of commerce.

  • Create a website. Did you know that 50% of all small businesses do not have a website? Many want one, but either think they cannot afford it or they do not have the ability to put it together themselves. The latter might have been the case a few years ago, but current website building tools mean even novices can get an e-commerce website set up in no time.

  • Decide on your USP. Consumers will only stop buying from other companies, in favor of yours, if you provide something superior or distinctive. Your companies Unique Sales Proposition spells out what is special about your goods, setting out what your buyers cannot get anywhere else.

  • Work out and obtain the correct amount of funding. In a perfect world you would have enough money to self-fund the opening of your new venture, but, in the main, that is not an option. Instead you can approach your friends and family to see if they may be prepared to help, or you could look at getting a small business loan or track down an investor. You must 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 every part of your organization 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 your companies route to market? Think about all of your options, from market trading to eBay store to catalog, to a retail or mobile concession stand, to picking up sales at networking events or on social media, to cold calling or integrated joint ventures or simply via Adwords.

  • Decide when you should open your business. You are prepared to launch your new business but do not be too quick to give up your present job. The salary should be convenient in the short-term, as it might be advantageous to start putting together your new venture in your down time, and then make the big jump once the business can sustain you and is truly ready for your full-time attention.

When you have to take decisions in regard to your company you must think about the following questions:

  • Is this an appropriate decision for me as well as for the business?

  • What significance will this decision have on each part of your business?

  • How much might it cost and where will this money come from?

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

  • Are these decisions reflected in your business plan?

There are lots of questions you might ask about the decisions you will have to make. Making choices when you are under duress might lead to a disaster but using a resourceful business plan makes your decisions much simpler.







A Successful Business

There are three fundamental criteria for determining the success of any business:

  1. The organization has the right products that are requested by purchasers in the market.

  2. The organization is concentrating on a niche within the overall market and its marketing, advertising, and goods and services serve up the same message.

  3. The business can exist utilizing its own cash-flow and has a structure in position to make sure this will carry on.

Achieving any single one of these will not generate a profit; even any two will ultimately mean a decline in the company. The business must be structured so that it methodically converts client demand into money. Seasoned business owners work hard to get in the perfect position at the perfect time whilst ill-fated owners watch resentfully, wishing that they might eventually enjoy the same good fortune - but they never will.

To accomplish success in your company you should have goods and services that offer clear-cut benefits to likely clients and your advertisements should concentrate on promoting these. It is essential that you know precisely what your possible customers are looking for, that they may not be picking up in the present marketplace.

The majority of companies are not in a position to take advantage of being in the perfect place at the perfect time because they did not bother with market research and far too many are already bound to be in the wrong place at the wrong time. These declining companies normally have, and need, far more borrowing than profitable businesses, and they are generally hampered by their cash flow with most of their resources pointed in the wrong way. These businesses have:

  • A backlog of inventory that they possibly might never sell in a whole range of unrelated product sectors.

  • A considerable amount of smaller orders from an overblown inventory, causing the company to need more employees that it can afford.

  • A lot of money that is bound up by sections of the venture that are deteriorating.

You should focus your attention on market research to assemble the lowdown about your niche markets and likely customers. Market research is a critical part of managing your competitive edge and your awareness about what your competitors are doing:

  • What is your pertinent niche market involving all those products and / or services that are looked upon as transposable or exchangeable by customers, in respect to the products attributes, prices and their expected use?

  • A relevant geographic market made up of the localities in which the organization should be involved in the supply of goods and services and in which the conditions of competition are sufficiently comparable.

It is vital that you have the funding for your new venture perfect before you start:

  • Could your new venture operate without external borrowings?

  • Is your accounting and documentation meticulous? If it is not then you might soon find how essential it is that it should be.

  • Have you meticulously though-out every payment that you will be making and how paying out the money will benefit your business?

  • At not time buy anything at all for new when you can get a recycled item significantly cheaper.

  • Make sure that you preserve your cash and keep your spending as low as possible in everything you are doing.

Cling on to your money. Money is the essence of any business.




Great Fish Salting Businesses are planned that way.





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