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Football Training Aids Business

Here Are 10 Things All Businesses Have To Think About

75% of all start-up businesses fail in the first three years, and a quarter of those do not get through the first 6 months. To make sure that you have a better chance of getting through we have set out a checklist of the things you need to do to ensure your business is successful.

  • Sole trader or limited company? The structure you select will affect the tax you pay and the amount of legal and financial liability you are responsible for. In the case of a sole trader you and your new venture are, in effect, the same thing, while the assets and debts of a limited company belong to the company, which is legally separate.

  • Define your target audience. Trying to sell everything to everyone cannot conceivably work. Your organization needs to be centered on your likely buyers and all that you do, from your businesses website to your advertising, must engage them. Approaching your soon-to-be buyers will make them feel like they are important to your business, should breed loyalty, and will boost the prospects of them endorsing your companies products and services to third parties.

  • Size up your businesses competition. Who else is supplying the products and services that you are planning to sell? What are their pluses and minuses when set side-by-side with you? By thinking about the competition you can learn from their mistakes and also ascertain what their buyers are looking for. You will also ascertain the price buyers are likely to pay for what you offer, as well as how you might characterize what you advertise from others on the market.

  • Get your business noticed. There is little real point in having an amazing business idea if nobody finds out about it; so how will you get seen? Without a considerable marketing budget, begin small and concentrate on creating relationships. Use social media and online networking to begin developing a decent image with not only likely buyers, but also journalists, bloggers, potential suppliers, relevant businesses and local business organizations.

  • Create a website. Did you know that 50% of all small businesses do not have a website? Most would like one, but they either assume they cannot afford one or do not have the prowess to get it together themselves. The latter may have been the case years ago, but current web building tools mean complete novices can get an e-commerce website up and running in no time.

  • Decide on your USP. Customers will only stop purchasing from elsewhere, instead of yours, if you provide something superior or distinctive. Your companies Unique Sales Proposition describes what is significant about your goods and services, outlining what your buyers cannot get somewhere else.

  • Work out and obtain the correct amount of funding. In an ideal world you would have ample money to fund the launch of your new business, but, for the majority, it is not an option. Instead you could approach friends or family to find out if they may be willing to help, or you can look into getting a small business loan or hunt for a financier. You should also find out if grants are available for your business.

  • Write your business plan. Great businesses were planned that way. This is where you must clearly show that each section of the organization works and is realistic. If it is not, do you really want to go ahead?

  • Decide how your business will sell to its customers. What is your businesses route to market? Examine all your options, from market stall to eBay shop to catalog, to a retail or concession stand, to picking up business at networking events or on facebook and twitter, to emailing campaigns or integrated joint ventures or simply via Google Adwords.

  • Decide when you should open your business. You are prepared to launch your new company but do not be too quick to leave your present job. The money will be valuable, as it may be better to start putting together your business in your spare time, and then make the jump once your business can support you and is actually ready for your undivided attention.

When you need to take decisions about your organization you must think about these topics:

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

  • What significance will this decision have on each section of the business?

  • What might it cost and where will the money come from?

  • If there is not adequate money in the organizations budget, what will you forego and how will that affect your business?

  • Are these decisions reflected in your business plan?

There are a good deal of questions you need to ask in regard to the decisions you will be taking. Making these choices whilst you are under pressure can be a disaster but using a well-written business plan means your decisions are significantly simpler to make.

A Successful Business

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

  1. The business has the right products that are needed by customers in the market.

  2. The company is focusing on a niche within the wider market and its promotions, advertisements, and products and services provide the same message.

  3. The organization can exist using its own funds and has a structure in place to ensure this will continue.

Being successful at any single one of these three will not be enough; just as any two will sooner or later mean a decline in the venture. The company should be structured to methodically convert customer demand into money. Capable company owners focus on being in the correct place at the correct time whilst failing owners look on enviously, hoping they will one day have the same luck - but, the truth is, they never will.

To put your new venture in a position to flourish you must have products that offer clear-cut benefits to customers and your marketing should focus on promoting these benefits. It is vitally important that you know exactly what your prospective customers are expecting to find, that they might not be obtaining in the current marketplace.

Many companies are not placed to benefit from being in the perfect place at the perfect time because they did not complete any market research and far too many are already bound to be in a bad position at the wrong time. These unsuccessful businesses frequently have, and require, far more funding than prosperous businesses, and they are customarily constricted by their cash flow with their reserves facing the wrong way. These organizations have:

  • A backlog of inventory that they can never conceivably sell in an enormous number of unrelated product ranges.

  • Far too many smaller purchases from a huge inventory, meaning the business requires more staff that it can afford to have.

  • Considerable amounts of cash that is bound up in areas of the business that are not moving.

You need to focus your attention on market research to round up material about your target markets and buyers. Your market research is a crucial factor in maintaining your competitiveness and perception about what your competition is up to:

  • Precisely what is your actual niche market involving all those products and / or services which are viewed as transposable or exchangeable by shoppers, in relation to the products attributes, prices charged and their intended use?

  • A pertinent geographical market incorporating the area in which the organization will be involved in the provision of products and services and in which the circumstances of competition are comparable.

It is essential that you get the financial backing of your company correct prior to opening:

  • How would your new venture function without external backing?

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

  • Have you scrupulously though-out every item of expenditure and how spending the cash benefits your company?

  • At not time buy anything at all for new when you can get a used item for a noticeably lower price.

  • Ensure that you go easy on your cash and try and keep your spending as low as feasible in everything you are doing.

Hold on to your cash. Cash is at the center of any business.

Great Football Training Aids Businesses are planned that way.

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