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 reduce as your business scales. Determine the sales volume necessary to begin reducing your production costs through scaling up and you’ll have a general time line when profitability can be reached. You will need to identify sufficient capital resources to meet operating expenses until your sale volume allows this reduction in costs.
In your business plan, ensure sufficient start-up funding is geared towards strategic marketing campaigns to alert your market segment to the value and benefits of the product or service you are offering. One of the most fundamental, and critical, components of a robust marketing campaign is the development of a company website that defines your brand and speaks to your market segment. Take advantage of the awesome deals offered by Groupon coupons and register your domain name using one of the many options available through Namecheap.
Finally, commit to operating ethically and honestly with each of your clients, vendors and employees. Empower your employees and recognize the assets they bring to the company. Own your mistakes with clients that will inevitably happen and correct them. Communicate honestly with clients as this correction and process unfolds.