If you’ve opened a new business and are concerned your numbers aren’t as good as you’d hoped for, you’re not alone. Perhaps traffic has not been steady, or product expenses have outweighed the monetary returns. Perhaps your staff hasn’t performed as well as you’d counted on. Life as a small business owner is a balancing act, full of twists and turns that may cause you to wonder if you can possibly keep all those plates spinning at the same time.
Part of the challenge is determining the difference between a great
business set up, and a great idea. A great set up can deliver success; a great idea may need some practical help to convert it into a set up that can work. Ask yourself the following questions, and see if the answers lead you to practical plans to make your great idea a great
business set up:
Do have I have at least a year’s experience in this business? Do I really understand this
business space? Can I find someone to teach me this area of
business and help me identify what I’m missing?
Can I handle the amount of overhead required to run this business? Is the start up cost low enough that I can grow the business? If the overhead cost is too high, how can I either find an investor to help me, or lower the initial start up costs?
Is there a proven market for this business? Have I ever tried these
marketing and advertising startegies before and found them successful?
Have I made it clear to my potential customers exactly what services and products I can provide?
Am I competing with similar small businesses nearby? Have I chosen my location wisely?
Am I charging similar rates to the other local businesses? Have I thoroughly checked out the competition?
Do I have deep enough pockets to run this
business for a year (even if it does not become profitable in that time)?
Utilize these questions to build a
business plan that will get you those first couple of years.
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