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Flags Banners and Bunting Business

We Have Documented The Ten Things All Businesses Need To Do

65% of new businesses go under in the first three years, and a third of those do not get through 6 months. To give you the best chance of getting through this period we have set out a checklist of the ten things you must do to make sure your business is successful.

  • Sole trader or limited company? The choice you make for your new venture will impact on the tax you pay and the level of statutory and financial accountability that you are exposed to. If you decide to be a sole trader you and your business are, in effect, the same but the assets and liabilities of a limited company belong to the organization, which is legally separate.

  • Define your target audience. Striving to sell everything to everybody will not work. You need to focus on your likely buyers and all that you do, from your online store to your promotional campaigns, must be relevant to them. Approaching your potential customers will also make them feel they are important to you and your business, will generate allegiance, and will increase the likelihood of them endorsing your products and services to third parties.

  • Size up your businesses competition. Which other sellers are providing the goods and services that you are preparing to do? What are their pluses and minuses compared to your merchandise? By thinking about the competition you can learn from their mistakes and also determine what their clients like. You may also determine the amount purchasers are willing to pay for your goods, as well as the way you can characterize what you offer from others on the market.

  • Get your business noticed. There is no point in a marvelous business concept if nobody finds out about it; so how can you get noticed? Assuming you do not possess a big marketing budget, start simply and plug away at building relationships. Utilize social media and networking to start building a decent reputation with not just possible buyers, but also journalists, industry bloggers, suppliers, relevant companies and your local chambers of commerce.

  • Create a website. Around half of all small-scale businesses do not have a website. Most want one, but either consider they cannot afford it or they do not have the skills to put it together themselves. This might have been true two or three years ago, but modern web creation tools mean even beginners can now get an e-commerce website up and running in no time.

  • Decide on your USP. Customers will only stop purchasing from somewhere else, instead of yours, if you offer an improvement or something distinctive. Your Unique Sales Proposition explains what is distinctive about your products and services, outlining what your customers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In a perfect world you would have ample cash to self-fund the opening of your new business, but most people do not have that option. Alternatively you can ask friends and family to see if they may be able to help, or you could look at securing a small business loan or track down a financier. You should also find out which grants are available for your organization.

  • Write your business plan. Great businesses were planned that way. This is where you prove to yourself that every section of the organization works and makes sense. If it does not, do you really want to go ahead?

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

  • Decide when you should open your business. You are ready to start your new venture but do not rush to quit your day job. The salary should be valuable, as it might be advantageous to put together your new venture in your out-of-hours time, and then make the jump once your organization can sustain you and is actually ready for your complete attention.

When you need to make decisions in regard to your business you must stop and think about these topics:

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

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

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

  • If there is not sufficient cash in the organizations budget, what will you forego and how will that change your business?

  • Are these decisions reflected in your business plan?

There are a good deal of questions you should ask yourself in regard to the decisions you will be making. Making these choices when you are pressured could be a disaster but utilizing a resourceful business plan means your decisions are far simpler to make.







A Successful Business

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

  1. The business has the right merchandise that are requested by purchasers in the current market.

  2. The organization is concentrating on a niche within the wider market and its marketing, advertisements, and products and services serve up the same message.

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

Being successful at any one of these three will never produce a profit; just as any two will eventually mean a decline in the business. The business must be structured to methodically turn customer demand into money. Capable company owners focus on being in the right place at the right time while failing owners look on enviously, hoping that they will someday enjoy the same good fortune - but, the truth is, they never will.

To accomplish success in your company you must have merchandise that offer precise benefits to possible clients and your marketing should focus 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 getting in the current marketplace.

Many new ventures are not placed to take advantage of being in the correct place at the correct time as they did not bother with market research and many are already bound to be in the incorrect position at the incorrect time. These failing organizations generally have, and require, far more financing than successful organizations, and they are customarily inhibited by their cash flow with the bulk of their resources pointed in the incorrect direction. These businesses have:

  • A backlog of inventory that will never be sold in a huge number of unconnected product groups.

  • A considerable number of modest purchases from a huge inventory, meaning the company requires more employees that it can afford to have.

  • A lot of money that is committed into parts of the company that are stagnating.

You must focus on market research to round up the lowdown about your niche markets and customers. Your market research is a crucial component in protecting your competitive advantage and perception about what your competition is up to:

  • What is your relevant target market consisting of all those items and / or services that are looked upon as interchangeable or exchangeable by the consumer, relative to the products features, asking prices and their planned use?

  • A pertinent geographical market spanning the area within which the business should be involved in the provision of products and services and where the circumstances of competition are comparable.

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

  • Could your company function if you had no outside borrowings?

  • Is your bookkeeping and record-keeping accurate? If it is not then you might soon find out how vital it is that it should be.

  • Have you painstakingly though-out every payment that you will be making and how spending the cash will help your business?

  • Never purchase anything at all for new when you can purchase a pre-owned item markedly cheaper.

  • Make sure that you go easy on your cash and keep your expenditure as low as you can in all that you do.

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




Great Flags Banners and Bunting Businesses are planned that way.





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