Teach you how to do business success skills, small business ideas book

Starting a small business is undoubtedly a daunting task, but fortunately, with a good idea, a strong work ethic and a wealth of resources, anyone can achieve this goal.

Launching a business involves thinking about the business concept, writing a business plan, understanding the financial aspects and eventually network marketing and launching. Now for tips on how to be successful in business, enter our book of small business ideas!

Part 1

List the needs

1. Choose an idea. It may be a product you have always wanted to produce, or a service you feel people need. It might even be something that people don’t know they need yet because it hasn’t been invented yet!
2. Define your goals. Do you want to be financially viable and eventually sell your business to the highest bidder? Do you want to be small and sustainable, something you enjoy doing and want to make a steady income from? These are the things you should know beforehand.
3. Create a business name. You can do this even before you define your business idea, and if the name is good, you may find that it helps you define your business idea. As your plan evolves and things start to take shape, the perfect name may come to you, but don’t let that hold you back in the early stages. Create a name for you to use as you plan, and don’t hesitate to change it later.
4. Define your team. Will you be doing this alone, or will you ask a trusted friend or two to join you? This brings a lot of synergy to the team as people share ideas with each other. Two people together can often create something greater than the sum of their individual parts.
5. Choose your partners wisely. Beware when choosing the person or persons with whom you will do business. Even if someone is your best friend, that doesn’t mean you’ll make a good partner in your business operations. Start with a reliable person.

Part II

Writing a Business Plan

1. Develop a business plan. A business plan helps determine what you think you need to launch a business of any size. It summarizes the status of your business in one document. It also creates a map for investors, bankers, and other interested parties to use in determining how they can best invest in your business. Your business plan should contain the elements outlined in the following steps.2. Write down a description of your business. Describe your business more specifically and how it typically fits into the marketplace. If you are a corporation, LLC or sole proprietorship, describe it and explain why you are going down this path. Describe your product, its main features and why people want it.
3. Write an implementation plan. This will describe how you will produce or deliver the product or service and all costs.
4. Write a marketing plan. Your operations plan describes how you will produce the product, while the marketing plan describes how you will sell the product. When creating a marketing plan, try to answer the question of how you will make your product known to potential customers.

5. Come up with a pricing model. First check your competitors. Know how many similar products they sell. Can you add something to it (add value) to make yours different and thus make its price more attractive?
6. Describe the financial situation. Financial statements translate your marketing and operational plans into numbers – profit and cash flow. They determine how much money you will need and how much money you are likely to make. Since this is the most dynamic part of the plan and probably the most important part for long-term stability, you should update them monthly in the first year, quarterly in the second year, and then annually thereafter.
7. Present an executive summary. The first part of the business plan is the executive summary. Once you have developed the other parts, describe the entire business concept, how it will be monetized, how much money is needed, its current status, and all the other elements that can benefit you. Your business looks like a winning proposition.
8. Develop your product or develop your service. Once you’ve done all the planning, funding, and basic staffing, it’s time to get to work. Whether it’s sitting down with engineers, coding and testing software, sourcing and shipping materials to your fabrication room, or buying in bulk and marking up prices, the building process is this time you prepare for the marketplace.

Part 3

Managing your finances

1. Ensure startup costs. Most businesses need capital to get started. Money is usually needed to purchase supplies and equipment, as well as to keep the business up and running for a period of time before it begins to make a profit. Finding the money is the first element. <
2. Manage your operating costs. Keep a close eye on your operating costs and keep them in line with your forecasts. Whenever you see wasteful things (e.g. electricity, phone plans, stationery, packaging), look around and estimate how much you really need and minimize costs in every way possible. Think frugally at first, including renting items rather than buying them, and using prepaid plans to meet your business needs rather than locking yourself into a long-term contract.
3 Set minimum requirements. You may determine that you need $50,000 to start your business, and that’s fine. You get $50,000, buy a desk, printer and raw materials, then the next month comes, you’re still in production, the rent is due, your employees want to get paid, and all the bills hit at once. When this happens, your only possible solution is to pack your bags. If you can, try to keep a reserve for one year of no income.
4. Decide how you will accept payments. You will need to do something to get paid from your customers. You can get something like Square, which is very useful for small businesses because it requires minimal paperwork and costs very little. However, if you are not comfortable with the technology, you can consult a more traditional merchant account.

Part 4

Covering the legal aspects

1. Consider finding a lawyer or other legal counsel. Small business owners, from the hard-working to the overworked and underpaid, will face many obstacles. Some of these hurdles will consist of reams of paperwork and rules and regulations, from building covenants to city ordinances, permits, taxes, fees, contracts, shares, partnerships, and more. Having someone to call when you need them will not only save you the hassle, but will also provide you with much needed resources to help you plan for success.
2. Get an accountant. You will want someone who is skilled in handling your finances, but even if you feel you can handle your own books, you will still need someone who understands the business tax side of things. The taxes associated with dealing with a business can get complicated, so you’ll (at least) need a tax advisor. Again, no matter how much finance you handle, this should be someone you can trust.
3. Form a business entity. You need to determine what type of business entity you want to be for tax purposes and hopefully to eventually attract investors. You will perform this after determining if you need equity or loan funds from someone else and with the advice of your legal and accounting experts. This is one of the final steps you take before you actually spend or ask someone to pay.

Part 5

Marketing your business

Create a website. If you sell goods online, you can either do e-commerce, or set up a website. This is your storefront, so you can do everything you can to make people want to visit and want to stay.
2. Hire a professional designer. If you decide to get a website, make sure it looks professional. A designer may cost more money at first, but an eye-catching looking and trustworthy website is essential. It needs to look professional and be easy to work with. If you include money transfer transactions, invest in secure encryption and check that your money transfer company is reliable.
3. PR from the heart. You may really believe in your product or service, but for it to be successful, everyone else must believe in it too. If you’re not familiar with advertising and marketing, or don’t like sales pitches, now is the time to get over that feeling and take on a PR role. You need to develop a brilliant proposal to convince people they need your product or service that reflects the value, purpose and potential that your business offers.
4. Take the time to create a great social media presence. This can be done well before the business is ready, thus increasing expectations. Use Google +, as well as any other social media you participate in, to generate excitement and spread the word.
5. Implement your marketing and distribution plan. After building your product or developing your service, and having a reasonable expectation of when you are ready to sell, you can begin marketing.

Part 6

Conducting Business

1. Secure space. Whether it’s an office or a warehouse, if you need more space than a garage or spare bedroom, now is the time to prepare.

2. Run your product or service. When the product is all built, packaged, coded and ready to sell, or when your service is all done and ready to go, hold a special event to launch your business. Send out a press release and get it out to the world. Get the word out to all corners of the market – announce your new business!




About Us

DollarBreeders is a personal finance blog dedicated to people who want to take control of their finances and secure their future. Here you will find personal stories to inspire you to make better and more informed financial decisions. We aim to help people understand personal finances better and meet the challenge of living comfortably within the budget.