5 Things to Know in Order to Start Your Entrepreneurial Business
Many people that leave corporate America, and/or decide to start their own business often jump in without a plan.
Any business requires a well-thought out plan of success.
We have to have a model to follow, set up our business using established protocols, and stick to them! There are 5 areas to cover in setting up your business; 1.
You need a detailed business plan.
Written out.
You can go to any search engine and look up "business plans" in order to have a model to follow.
Let's face it, we all do better when we have a blueprint to follow, and this will give you your blueprint! 2.
Create a comprehensive Marketing Plan.
Just how are you going to "sell" your business? It doesn't matter if you are an affiliate of a program, or you have products to sell on auction sights.
Think business cards, flyers, postings online, classified ads, post cards.
What is your marketing budget, and how will you grow your business and the budget during the next year.
And the year after that! 3.
Which takes us to building a feasible economic model.
What do you have to start with, and how can you grow? There are no free businesses out there.
Impossible and cannot be done.
Some businesses have smaller start up fees, but there are no free rides.
Again you can look up economic model.
For instance this is straight out of Wikipedia: Forecasting economic activity in a way in which conclusions are logically related to assumptions; Proposing economic policy to modify future economic activity; Presenting reasoned arguments to politically justify economic policy at the national level, to explain and influence company strategy at the level of the firm, or to provide intelligent advice for household economic decisions at the level of households.
Planning and allocation, in the case of centrally planned economies, and on a smaller scale in logistics and management of businesses.
In finance, predictive models have been used since the 1980s for trading (investment, and speculation), for example emerging market bonds were often traded based on economic models predicting the growth of the developing nation issuing them.
Since the 1990s many long-term risk management models have incorporated economic relationships between simulated variables in an attempt to detect high-exposure future scenarios (often through a Monte Carlo method).
4.
Design Accurate Projections.
A Cash Flow Projection for example shows how cash is expected to flow in and out of your business.
For you, it's an important tool for cash flow management, letting you know when your expenditures are too high or when you might want to arrange short term investments to deal with a cash flow surplus.
As part of your business plan, a Cash Flow Projection will give you a much better idea of how much capital investment your business idea needs.
Projections also cover sales forecasting.
Sound complicated? Running your own business has to be taken seriously.
Otherwise it is just a potentially expensive hobby.
5.
Find FUNDING for Your New Business OR to Expand Your Business.
There are many sources for grants, grant proposals, small business funds etc.
All online.
Talk to your local banker! Believe it or not they are approachable and you can set an appointment to just go in and discuss business funding! And remember to have fun.
Remember you are now working for yourself.
You will have so much more freedom, time, and money.
To your wealth!
Any business requires a well-thought out plan of success.
We have to have a model to follow, set up our business using established protocols, and stick to them! There are 5 areas to cover in setting up your business; 1.
You need a detailed business plan.
Written out.
You can go to any search engine and look up "business plans" in order to have a model to follow.
Let's face it, we all do better when we have a blueprint to follow, and this will give you your blueprint! 2.
Create a comprehensive Marketing Plan.
Just how are you going to "sell" your business? It doesn't matter if you are an affiliate of a program, or you have products to sell on auction sights.
Think business cards, flyers, postings online, classified ads, post cards.
What is your marketing budget, and how will you grow your business and the budget during the next year.
And the year after that! 3.
Which takes us to building a feasible economic model.
What do you have to start with, and how can you grow? There are no free businesses out there.
Impossible and cannot be done.
Some businesses have smaller start up fees, but there are no free rides.
Again you can look up economic model.
For instance this is straight out of Wikipedia: Forecasting economic activity in a way in which conclusions are logically related to assumptions; Proposing economic policy to modify future economic activity; Presenting reasoned arguments to politically justify economic policy at the national level, to explain and influence company strategy at the level of the firm, or to provide intelligent advice for household economic decisions at the level of households.
Planning and allocation, in the case of centrally planned economies, and on a smaller scale in logistics and management of businesses.
In finance, predictive models have been used since the 1980s for trading (investment, and speculation), for example emerging market bonds were often traded based on economic models predicting the growth of the developing nation issuing them.
Since the 1990s many long-term risk management models have incorporated economic relationships between simulated variables in an attempt to detect high-exposure future scenarios (often through a Monte Carlo method).
4.
Design Accurate Projections.
A Cash Flow Projection for example shows how cash is expected to flow in and out of your business.
For you, it's an important tool for cash flow management, letting you know when your expenditures are too high or when you might want to arrange short term investments to deal with a cash flow surplus.
As part of your business plan, a Cash Flow Projection will give you a much better idea of how much capital investment your business idea needs.
Projections also cover sales forecasting.
Sound complicated? Running your own business has to be taken seriously.
Otherwise it is just a potentially expensive hobby.
5.
Find FUNDING for Your New Business OR to Expand Your Business.
There are many sources for grants, grant proposals, small business funds etc.
All online.
Talk to your local banker! Believe it or not they are approachable and you can set an appointment to just go in and discuss business funding! And remember to have fun.
Remember you are now working for yourself.
You will have so much more freedom, time, and money.
To your wealth!
