Flying Blog

Everything You Need To Know About Business - Index

Flying Blog

We Have Cataloged The Ten Things All Businesses Have To Think About

65% of new businesses go down within the first three years, and a quarter cannot survive the first 6 months. To give you the best chance of surviving we have put together a checklist of the ten things you need to do to ensure your business is successful.

  • Sole trader or limited company? The structure you select for your business will impact on the tax you will pay and the level of legal and financial accountability you are exposed to. In the case of a sole trader there is no distinction between you and your organization, whilst the assets and debts of a limited company belong to the organization, which is a separate legal entity.

  • Define your target audience. Trying to sell everything to everyone will never work. You need to focus on your probable buyers and all that you do, from your companies online store to your advertising campaigns, must engage them. Talking to your potential buyers will also make them feel they are important to you and your business, will breed loyalty, and should increase the likelihood of them endorsing your business to others.

  • Size up your businesses competition. Which other companies are providing the products and services that you are planning to sell? What are their strengths and weaknesses when compared to you? By researching the competition you can profit from their errors and also discover what their customers value. You may also identify the price buyers are probably going to pay for your goods, as well as how you can differentiate what you offer from others that are available.

  • Get your business noticed. There is no real point in an incredible business concept if nobody knows about it; so how will you get noticed? If you do not possess a substantial marketing budget, start small and focus on developing connections. Use social media and network hard to start creating a decent reputation with not only prospective clients, but also local journalists, industry bloggers, suppliers, relevant companies and your local chambers of commerce.

  • Create a website. Half of small businesses do not have a website. Most would like one, but consider they cannot afford it or do not possess the expertise to get it together themselves. This may have been the case years ago, but modern web building software means absolute beginners can now get a website and online store set up quickly.

  • Decide on your USP. Consumers will only stop purchasing from other companies, instead of yours, if you offer something better or distinct. Your companies Unique Sales Proposition explains what is distinctive about your goods, outlining what your customers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In an ideal world you would have enough cash to self-fund the launch of your business, but, for the majority of people, it is not an option. Instead you could approach friends or family to see if they may be able to help, or you could look into getting a bank loan or seek out an investor. You must also find out if grants are available for your business.

  • Write your business plan. Great businesses were planned that way. This is where you need to prove to yourself 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 organizations route to market? Think about all your choices, from market trading to eBay shop to mail order, to a retail or concession stand, to doing business at networking events or on social media, to an email campaign or partnerships or simply advertising via Adwords.

  • Decide when you should open your business. You are ready to start your new company but do not be too quick to quit the day job. The salary should be helpful in the short-term, as it could be better to put together your business out-of-hours, and then make the big jump once your business can support you and is actually ready for your undivided attention.

When you have to take decisions in respect of your venture you should stop and think over these topics:

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

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

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

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

  • Are these decisions reflected in your business plan?

There are a great deal of questions you might ask in regard to the decisions you will have to make. Deciding on your choices while you are under duress can be a disaster but utilizing a resourceful business plan makes your decisions somewhat easier to take.

A Successful Business

There are three yardsticks for determining the progress of any business:

  1. The business has the correct products and services that are wanted by buyers in the market.

  2. The venture is focusing on a niche sector of the overall market and its marketing, advertising, and goods and services provide the same message.

  3. The venture can survive using its own funds and has a system in position to make certain this will carry on.

Achieving any single one of these will never generate a profit; just as any two will sooner or later mean failure. The venture needs to be set up to methodically turn customer demand into money. Veteran business owners focus on getting in the perfect position at the perfect time while ill-fated owners watch begrudgingly, hoping that they might eventually have similar luck - but, the truth is, they never will.

To accomplish prosperity in your organization you need to have products and services that offer precise benefits to possible clients and your advertisements must focus on promoting these benefits. It is vitally important that you are totally aware of what possible clients are demanding, that they are not obtaining in the present market.

Many new ventures are not placed to take advantage of being in the proper position at the proper time as they did not carry out any market research and far too many are already committed to being in the wrong place at the wrong time. These failing organizations generally have, and require, far more financing than profitable companies, and they are generally limited by their cash flow with the bulk of their assets facing the wrong way. These ventures have:

  • A backlog of inventory that they conceivably might never sell in an enormous range of unrelated product sectors.

  • Too many small purchases from an enormous inventory, causing the business to require more staff that it can afford.

  • Considerable amounts of money that is pledged into sectors of the company that are deteriorating.

You should focus your attention on market research to collect material in regard to your target markets and likely clients. Market research is a critical factor in protecting your competitive edge and perception about what your competition is up to:

  • What is your businesses actual product market spanning all those products and / or services which are looked upon as interchangeable or exchangeable by shoppers, relative to the products traits, prices and their planned use?

  • A relevant geographical market spanning the region within which the company should be involved in the supply of products and services and where the circumstances of competition are similar.

It is crucial that you get the funding for your organization perfect before you open:

  • Could your company operate without outside borrowings?

  • Is your bookkeeping and documentation meticulous? If it is not then you will soon discover how important it is that it needs to be.

  • Have you meticulously thought-through each item of expenditure and how investing the money helps your business?

  • Never buy anything at all for new if you can purchase a used item significantly cheaper.

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

Cling on to your money. Money is the heart and soul of any business.

Great Flying Bloges are planned that way.

Flying Blog Blogs

Home / About Us

Flying Blog Business Plan

If you require current U.S. information for your American Flying Blog - click here

If you require current U.K. information for your British Flying Blog - click here

Flying Blog Opportunity

Startup Flying Blog

Flying Blog

The Benefits Of Your Flying Blog Business Plan

Using Your Flying Blog Business Plan

Flying Blog - Finding Your Niche

Flying Blog Marketing

Advertising Your Flying Blog

Flying Blog - Monetizing Your Website

Flying Blog Management

Pro Accounting Enterprise Package Own License

Shoplet - Low Prices on Office Supplies - Office Furniture - Paper - Ink and Toner - Janitorial Supplies

Flying Blog Finance

Flying Blog Grants

Flying Blog - Work From Home