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Felt Sticks Business

Ten Things All Businesses Should Be Thinking About

65% of new businesses collapse within three years, and a third cannot survive six months. So that you have a better chance of getting through we have compiled a checklist of the things you must do to make certain your business is successful.

  • Sole trader or limited company? The choice you decide upon for your organization will impact on the tax you will pay and the amount of legal and fiscal liability that you are exposed to. If you are a sole trader you and your organization are, in effect, the same, whilst 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 everybody will not work. Your organization should be centered on your probable customers and all that you do, from your companies website to your marketing campaigns, must be interesting to them. Consulting your likely buyers will make them feel like they are important to you, will establish allegiance, and should increase the likelihood of them recommending your goods and services to third parties.

  • Size up your businesses competition. Is anyone else providing the products that you are preparing to sell? What are their pluses and minuses when set side-by-side with your business? By analyzing your competitors you can benefit from their errors and also discover what their customers are looking for. You may also spot how much buyers are likely to pay for your merchandise, as well as the way you can differentiate what you provide from others on the market.

  • Get your business noticed. There is no real point in having a stunning idea if nobody finds out about it; so how will you get seen? If you do not have a substantial marketing budget, start small and concentrate on creating relationships. Use social media and networking to begin initiating a good image with not only prospective clients, but also local journalists, industry bloggers, possible suppliers, relevant businesses and your local chambers of commerce.

  • Create a website. Did you know that 50% of small businesses do not have a website? Many would like one, but they either think they cannot afford one or do not have the expertise to put it together themselves. The latter might have been accurate two or three years ago, but modern website creation tools mean total beginners can get a fully e-commerce website set up quickly.

  • Decide on your USP. Customers will only stop buying from other businesses, instead of yours, if you provide something better or distinctive. Your businesses Unique Sales Proposition spells out what is special about your products, describing what your customers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In an ideal world you would have adequate cash to self-fund the opening of your new venture, but, for most people, that is not really an option. Alternatively you might approach friends or family to find out if they may be prepared to help, or you could try getting a small business loan or seek out a financier. You must also find out if grants are available for your company.

  • Write your business plan. Great businesses were planned that way. This is your opportunity to verify that each section of the business will work correctly and is realistic. If it is not, should you really go ahead?

  • Decide how your business will sell to its customers. What is the route to the market? Consider all your choices, from market stall to eBay shop to catalog, to retail unit or mobile concession stand, to picking up orders at networking events or on facebook and twitter, to emailing campaigns or partnerships or simply advertising via Adwords.

  • Decide when you should open your business. You are ready to launch your new company but do not be too quick to give up your job. The money could be helpful in the short-term, as it could be expedient to put together your new venture in your out-of-hours time, and then make the big jump when the company can sustain you and is actually ready for your complete attention.

When it comes to making decisions in regard to your venture you should consider these questions:

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

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

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

  • If there is not adequate cash in the 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 must ask yourself about the decisions you will be making. Making choices when you are pressured may lead to a disaster but utilizing an imaginative business plan means your decisions are far easier to make.

A Successful Business

There are three principles for judging the success of any business:

  1. The organization has the right goods and services that are demanded by consumers in the current market.

  2. The company is focusing on a niche section of the overall market and its marketing, advertising, and products and services present the same message.

  3. The company can exist using its own cash-flow and has a structure in position to ensure this will continue.

Being successful at any one of these will not produce a profit; just as any two will sooner or later mean a decline in the company. The business needs to be set up so that it systematically transforms customer demand into cash. Capable company owners focus on being in the perfect position at the perfect time while bad owners watch begrudgingly, hoping that they might one day enjoy similar good fortune - but they never will.

To produce growth in your company you must have goods and services that present distinct benefits to likely customers and your advertisements should concentrate on promoting these. It is important that you know exactly what your possible clients are seeking, that they might not be getting in the present market.

The overwhelming majority of organizations are not in a situation to gain from being in the right position at the right time as they did not bother with market research and many are already bound to be in a bad place at the wrong time. These failing businesses routinely have, and require, far more financing than profitable companies, and they are always inhibited by their cash flow with the bulk of their funds facing the wrong way. These companies have:

  • A lot more inventory than they could possibly ever sell in a massive range of unconnected product ranges.

  • A considerable number of small orders from an overblown inventory, meaning the company requires more personnel that it can afford.

  • A lot of cash that is bound up in sections of the venture that are not moving.

You need to put your mind to market research to collect material in regard to your niche markets and customers. Your market research is an essential part of managing your competitive advantage and understanding what your competitors are doing:

  • Exactly what is your businesses relevant niche market involving all those products and / or services that are looked upon as interchangeable or substitutable by purchasers, in relation to the products attributes, asking prices and their intended use?

  • A pertinent geographic market incorporating the area within which the organization should be involved in the supply of products and where the circumstances of competition are very much alike.

It is essential that you have the financing of your business perfect before you start:

  • How would your new venture open without any external backing?

  • Is your bookkeeping and record-keeping meticulous? If not, then you might soon discover how crucial it is that it should be.

  • Have you fully considered each item of expenditure and how paying out the cash benefits your business?

  • Never buy anything at all for new when you can buy a secondhand item for a somewhat lower price.

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

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

Great Felt Sticks Businesses are planned that way.

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