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    What are the things that need to be considered when starting new business?
    답변하기 buyer   Sean campbell 코멘트 : 0 분류 : 비즈니스/서식
    What are the things that need to be considered when starting new business?
    • 조회 : 36,704       코멘트 : 0       작성일 : 2021-02-03 15:41:38       최근수정일 : 2021-02-03 15:41:38
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    • RE : What are the things that need to be considered when starting new business?
    • Great question!

      In all of the business that I’ve built and sold it always boiled down to being willing to pivot and listening to the client (besides all the other business-y stuff)

      So when you are starting your business, find an idea that people want. There is no point in building the most amazing bells and whistles app that nobody wants.

      1. Start with a small easily-developed product in your niche (whole other topic) and then just put it out there. Don’t worry about it being perfect, just launch as soon as it’s good enough.
      2. Then comes the most important bit. Listen to your customers. It’s so important, I’ll repeat it. Listen to your customers. This might be direct, but meeting people and buying them coffee for their feedback or running a survey on your users. And then take all the highly-valuable feedback on board and pivot your product to what the customer wants.

      You now have a better idea what the market wants and you can develop your product in that direction.

      This is one reason why I tell people now to make their hobby into a business, contrary to a lot of advice. If you make your hobby into your business, it stops being your beloved hobby and worse of all you’ll have a harder time pivoting ideas. So find something that interests you but that will primarily make you money.

      Eventually, you will also want to collect metrics about your product, see what is going well, what not so well, so that you can drive innovation yourself. But that will come with time.

      The bottom line is: Just do it! (as the well known slogan says). Don’t wait until everything is perfect, just do it. And then make sure that you listen to your customer and create products for them (and not you).

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    • RE : What are the things that need to be considered when starting new business?
    • Starting a business without a plan is the same thing as going on a journey without any sense of where you’re going.

      For most entrepreneurs, a business plan is a piece of document that needs to exist only for the purpose of presenting the business idea to venture capitalists and investors.

      In fact, even just one page of your future financial projections for your business means that in your hands you hold a valuable internal information that you can use to pitch your startup.

      A startup business plan represents a well-written document that describes your startup business, its objectives, and strategies, as well as the market that you’re targeting along with your financial forecast.

      Your business plan is the roadmap for growth that can take you from the early-stage idea to a big company.

      Good planning before you actually plunge into the market will help you focus more on the business operations, will set the tone of the business and give you bigger chances for success.

      Even if you don’t any a significant investment or financing for your startup, you will want to have a business plan.

      What do you need to include in your startup business plan

      First thing first, a general description of your startup business model and its purpose. What type of business do you plan to run? Do you want to sell products or do you want to sell services?

      Second, in what type of legal business does your startup fit in? Are you a sole proprietorship, LLC, LTD? Maybe you’re a corporation too, list it in your business plan introduction.

      Your business location is also important. So if your startup business has a physical location, offices, include it. Also, include more information about the area of the location. If you’re planning to run your business remotely or from home, describe how you will execute that.

      Don’t forget to list out the employees and managers that will start with you from the beginning.

      Specific section for your products or services

      When you describe your startup product or service, include a general description, pricing plans and whether or not you will be producing the product or not. You should also have a pricing plan ready for your services too.

      A business plan also includes a target audience

      When you form a marketing plan, always have your target audience on your mind. Have a detailed description of your target persona his preferences and behaviors, demographics.

      Describe your market competitors

      If you own a business, you will have competitors in the marketplace. It’s inevitable. In your startup business plan, show that you’ve done your market research by detailing the competition for your products/services within your marketplace, that includes:

      • Competitor density (number of competitors);
      • Their biggest advantages and disadvantages in the marketplace;
      • What’s different between them and your startup;
      • How are you going to use those differences and market gaps in your advantage.

      Your marketing plan

      How are you going to promote your startup products or services? Do you have a plan on how to reach your target audience?

      Include how you’re going to approach the audience in the marketplace, the type of advertising and promotion channels and methods of online and offline marketing.

      Set a budget of every marketing strategy in your business plan.

      Financials, financials

      This is the most important part that venture capitalists and potential investors of your startup want to see. They want to see how do you plan to make money with your business. Here’s what to include in the financial segment of your business plan:

      • Costs and expenses - from equipment, to materials, budgets and salaries, everything needs to be detailed and listed with the exact price/cost.
      • A balance sheet - any assets, liabilities, and equity of your startup.
      • Cash flow/ income - A detailed statement on product sales, income and expenses.

      A management structure

      If you plan to work with more than two people and you’ve formed your startup structure, list them out in your business plan too. List yourself as the startup owner/CEO, your managers, employees and consultants.

      Give more information about each manager, their previous experience, education, skills etc. Let your investors know that your team has skills and that you’re capable to make money on the marketplace.

      Operations

      Describe what your startup workflow will look like. What is the process? Your working hours should be listed in this section too. Also, describe other operations in your startup such as accounting process and the IT department.

      Executive summary

      The executive summary does what is says - summarizes the business plan and everything that you’ve said and claimed in the document. This is your final convincing point to your potential investors. Here’s what you should focus on in your executive summary:

      • Company info - the company name, business opening date, business location and legal form of organization.
      • Short description of the products/services of your startup.
      • Describe the purpose of the business, the mission and vision, and any other information to interest your reader in the business.
      • Description of your target market, your market positioning, and the unique differences from your competition.
      • Emphasize your specific financing needs - your own investment in the business, startup funding, and capital needs.

      The startup business plan is not just a document that will bring you investors and funding. It’s also a great way for first-time entrepreneurs to help them declare their vision and plan for their company.

      Having the business plan in your hands will force you to think and develop your strategy even further. The business plan will serve you as a guideline to track your progress and hold yourself as a CEO more accountable about your future steps.

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