"Businesses that fail to plan are planning to fail!"
When you check in at the airline counter do you have a plan for your trip? Yes, of course you do. Then it must be far more important to develop the plan for a lifetime of fun operating your own business and living out your dream, don't you agree? For each of us no matter who we are it starts with a seed of Inspiration, that becomes an Idea, that becomes a Dream, that translates to a written Business Plan, that is Funded, and that is Your Business.
The planning for your business is the most important factor. It will positively impact every aspect of your business if the planning is done consistently, reviewed regularly and adjusted for changes as needed. The planning you do will serve as the guide to grow your business. Without a plan you will be operating from the "seat of your pants" the majority of time. You will feel many times like you have gotten no where and that you are not in control.
The Business Plan gives you confidence in what you are attempting, a tool to get others to agree with you plan, and provides focus according to the goals established in the plan.Most people plan their vacations, plan a party, plan a trip, plan a wedding, and make plans for a funeral. Yet, they fail to plan the most important component of their life - the business they want to start or already have going that is their future.
You have four options when it comes to structuring your business so that it will meet your needs both for today and for tomorrow. Your choices are:
- Proprietor - Single Owner/Not Incorporated
- LLC - Limited Liability Corporation
and two basic "tax" status considerations, which are:
What you choose as a structure will be determined by many things that should be discussed prior to ever meeting with an Attorney or CPA. For example:
- What is your income tax status and how does owning a business affect you and your spouse?
- What protection do you want from being sued?
- What is your strategy for exiting the business eventually - turn it over to your children, go public, sell or merge with another company, etc.?
This key area in business is tempered by the attitudes, energy and discipline of the people doing the managing. As an Entrepreneur you will have to develop good management techniques that are appropriate for your type of business. If you don't know what those techniques are or if you have little experience in work history as a "titled" manager don't worry about it. Why? Because you were probably using your own management skills to handle whatever job you had. As "the owner" of you own business you will do fine by trusting your instinct and the desire you have to make the business work. That should be all you need to get you going for awhile.
If you are planning on having only a "part time", "home based" or "small family owned" business then you will develop your own management style simple out of the need to handle business. If you decide to grow your business you can then recruit people that have the experience in management that comes from the challenges related to your kind of business.
The most important thing you must remember when you are making a management decision is: Whatever decision you make its OK! This means that while you may make some mistakes with one decision you will always have the chance to correct that mistake with another decision as you go. You should also remember that any "major" decisions will probably yield better results if you are receiving input from people who you trust and who understand your business. These people do not have to be a part of your business and may be a family member, good friend, a respected business associate, or the pastor from your church.
Don't forget you have to be very careful to always listen to customers and sales personal. The feed back information they give you may be critical to improving the operations of your business.
To help maximize your talents and abilities as a new business owner and manager The BOSS™ provides the knowledge and information to make your management job easier. This will help you improve the efficiency of your business operations so it will produce the profits you desire.
How well you business operates is directly related to how well you operate your business. If your business is good at getting customers but poor at keeping them then you have a weakness in your operations. If your business is poor at getting customers and good at keeping them then you also have a weakness in your operations. How you define your business operations will be based on many variables but striving for efficiency at what you do and having effective solutions to operation problems will keep you growing.
Regardless of whether your business is a startup or on-going business you need to know the key aspects of your business operations and how they blend with the employees. Therefore, you should regularly take the time to think through your business process from A-Z. Examine the detail of what is required for your business to operate from the beginning to end of each day, from the beginning to end of each week, from the beginning to end of each month, and from the beginning to end of the year. This process will boost your level of confidence and will give you more control than if you had not gone through the process. It may seem like a tedious process but the analysis will allow you to immediately see where you might have problems so you can prepare for them. You will also identify the competitive advantages your business has and may see how you can leverage them to your advantage.
Regular management reviews should be done to ensure that any changing market conditions are met with adjustments in your operations to accommodate the changes. Staying flexible yet maintaining discipline and continuity will be a key to staying ahead of the competition, maintaining growth in your business and keeping your employees happy.
"Things Go Better With ____." (?)
If you can guess the last word in this ad slogan, which is one of the most famous ads ever run, you will win a trip to "Planet Mars" or a 3-Day stay on the backside of the Moon. (The answer is "ekoc.")
Does this sound like some crazy marketing gimmick? Yes, you are right it is. Certainly the first thing you want to do with whatever method you use to market your business to the world is to takeout the "gimmicks" because people are usually smarter than that.
Marketing for any business is dependent on many variables. These include the amount of money you want to spend on marketing, the type of customer you want to attract, the long term residual or repeat business you want, the price you feel is right for your product or service and the profit you need to make so that it is worthwhile to be in business in the first place.
One good method that you can use to market your business is by "trailing" a business that is related to your type of business. For example: If you want to have 200 new customers eat at your restaurant in the next 30-days then maybe you can work out a deal with a business complex of offices near you that gives their employees a special discount for coming to your restaurant.
To help maximize your talents and abilities as a business owner and manager The BOSS™ provides the knowledge, information and help you need to develop the skills it takes to effectively and efficiently manage your company and produce the "profits" you desire.
Concerning money: "In God We Trust, All Others Pay Cash"
Could it be that the single most important thing in starting any business is the funding behind that business? Maybe and maybe not. It is really relative to how you choose or are forced to choose to start a business. The method or methods you use to fund your business are up to you. Some of the options are:
Self Funding - You provide the money from savings, a mortgage ,CC, etc.
Equity Investment - You offer ownership of stock for the money you need.
Loans - You borrow the money from the bank, or a third party.
Convertible Loans - You borrow money and agree to convert it to stock.
Contract Signing - You get a contract signed for your product or service and then get funding for it from the bank or private party.
To help you The BOSS™ has available right now "Funding Your Start-Up!". A 20-Page Guide that provides the information and steps you need to take to raise the money to start your business or grow it. It does "Not Guarantee" that you will be successful at raising the money because that depends on you and many things that are impossible to control. It does explain all the steps necessary to raise money for a new business or on going business. It definitely increases your chances for success at raising funds. And, it provides information that could take you years to discover or that you may never discover or learn because you were never in a funding position that would let you learn it or because you did not know how to get the information.