Monday, September 28, 2015

Three Things Everyone Who Wants to Start a Small Business Should Know

You have about to launch a new business venture and are so excited that your palms are sweaty and your throat is dry. For the past few months you have thought about all the things you could do and finally settled on that IDEA that will transform your life. Anyone who is going to start a business should think deeply about and research operations, financials, and their market.

1. Operations: You will need to know the flow of your business and how you are going to create value. Your operations should take into account all of your materials, processes, and outputs. Understanding the products you have and how they will be produced is the core of your business.

2. Financials: The financials include items like your sunk investment, taxes, costs, revenue, and projections. Start with how much it will cost you in supplies and equipment to start your business, think through your daily operating costs, and understand your potential revenues and tax liabilities.

3. Market: Without a market you don't have a business. Define your customer and how you are going to reach them. For some businesses it could be people in the neighborhood while for others it could be those interested in a specific aspect of your business. All of your marketing efforts and products/services will be geared toward this market.

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