Must Know Advice for Entrepreneurs

Have you decided you’re ready to launch your own business? If you’ve developed a product or service that meets a need in the marketplace and have determined a pricing structure that the market will bear but still allows for profitability, you’re on the right track. That’s a tall order to fulfill before you even launch your business. One of the most fundamental steps that is critical to take for budding entrepreneurs is the development of a sound business plan. Whether you’re self-funding, seeking venture capital or a bank loan, a well thought out business plan is your blue print for success. Not all engineers make strong business owners and not all sale professionals can run and grow a business. The key is to seek out a mentor and review your business plan. Follow these recommendations from the serial entrepreneurs to ensure your business is launched for success.

Systematically track the costs of your product or service from development to delivery. So many businesses close their doors prematurely having skipped this crucial step or grossly underestimated product and service costs.  Only after you have identified production and delivery costs, operating costs and marketing costs can you develop pricing. Generally, costs will …