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I’ve been privileged to meet wonderful people worldwide and nothings going to stop me, or you! Believe that!
We are diverse, progressive and making our tomorrows happen whatever occurs in our place of origin.
We will succeed and lead a world looking everywhere for the answers we’ve been quietly putting into place in our own lives for the duration of our entrepreneurial lives. And nothing and no-one will ever stop us! Welcome to a future unfettered! And welcome to GerrabbitEmpowered!
Getting Started in Business, What Our Decisions Should Include
I feel it’s my duty and obligation to provide information to assist your attempt to build a striving business no matter who you are, no matter where you are. Oh yes, I have my moments of nationalism. But, I know where they belong, at home with the children. One major thing we must do when starting a business is formulate a plan. That means a business plan.
Our research there must be complete. Searching out the market, how our product will bring the best to it. Some of us have no idea what our product will be in this day and age. It’s not like the mom and pop store of old, where what you were bringing to market was something you ‘made’ manufactured yourself and a forgone conclusion what it would be. What our resources are and what they are not. Material, intellectual, and financial decisions have to be established well before getting started.
Also include, an industry analysis and how your business fits in. It should also comprise an outlook for the future. Include how further developments in your industry may affect your business and add facts supporting your inferences.
Analysis of Market Opportunities and Competition
A thorough market research is crucial for your business. This research should analyze the buying habits of customers, purchasing cycle, their willingness to accept new products and services etc. In short, you would need to determine whether there is a viable market for the products and/or services your business will offer.
Also, it is important to have an idea about your competitors and what works for them. These findings will help you determine how to differentiate your product or service from the existing ones. The strategies you devise for this purpose should be included in your business plan.
Marketing and Sales
This section should comprise a layout of your marketing plan. One of the primary purposes of this section is to find ways to spread awareness of the products and services among your target customers. Marketing involves advertising and promoting your products while maintaining proper public relations.
Your plan should include the techniques that you will implement to generate leads, increase conversion and retain customers. These should be actionable and based on facts.
Business Operations and Management
This section is dedicated to how you plan on running the business. This may include requirements related to staffing, logistics and development of the business. Also, the tasks assigned to every division, responsibilities of the management team etc. are included. Some other aspects that you need to consider are infrastructure, working equipment, WiFi requirements and so on.
You should keep in mind that the operations will change as the company grows. Therefore, your business plan should have provisions for these changes.
The success or failure of a business boils down to its profits and this section will help in planning how to keep it steady. The major aspects include:
• An income statement comprising the sources of the business’s cash generation
• The cash flow statement determining how you plan on meeting financial obligations
Additionally, the business plan should be inclusive of proper funding options for expansion and growth.
Even with a full-fledged plan, there can still be certain areas that can go wrong. Your business plan should include strategies that you will implement in case things don’t go as anticipated. This could include a shift in marketing strategies in case the desired results are not obtained within a specific time, change in product focus etc.
While this is a basic structure of a business plan, you can include variations depending on the type of business. The benefits of a business plan are endless. A well-drafted plan is crucial in driving your business towards success.
This is where I usually give credit for the resources I use in my posts, but I could not find them this time. Forgive me.
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Please Allow me to be a small part of your success. If I can help you ascend to that special place it would give me so much pleasure.
Gerri Lewis Yip
Philadelphia PA USA