Have you developed a product or service that meets a market need? Are you able to produce and deliver that product or service at price the market will bear and still be able to turn a profit? Have you identified our strengths and weaknesses and identified individuals that can pick up where you fall short? If the answer to these questions is yes, your next step is to develop a thorough business plan. The only way to launch a new business on a trajectory for success is to have a plan in place that can be executed to meet your goals. Follow these recommendations from the seasoned and battle tested serial entrepreneurs and you’ll be one step closer to opening your doors for business. Regardless of whether you’re seeking venture capital, a bank loan or self-funding, a well –researched, detailed business plan is critical for success.
The first step is to identify the costs to produce, package, sell and deliver your product to market. Determine the scale of production, and sales, needed to cover your costs and at which volume you begin to realize profitability. This is also a timeline that needs to be defined. The results of this analysis will determine the amount of start-up capital required to sustain the business until profitability is reached. Be very conservative about building an inventory without solid purchase orders. Many a business has gone bankrupt with substantial capital tied up in inventory. Don’t make this mistake.
Spend the time to identify vendors that will provide value and quality. Your resources will be scarce during the start-up phase and should not be squandered even on small expenditures. Take advantage of the awesome deals offered by Groupon coupons and check out the phone plan deals offered by Straight Talk.
Finally, commit to conducting your business with the highest ethical standards and pursuit of excellence. Be honest on your ability to deliver; don’t make promises lightly to gain business, own mistakes and correct them. Treat your employees like gold and they will reciprocate by taking care of your customers and clients. Best of luck to you in launching a successful business!