Identifying your goals & Objectives
So you've made the decision to go out on your own, but have you managed to truly identify your goals and objectives. You need a vision, as without it you will flounder and start spinning in indicisive inaction.
We'll help you channel that!
outline the market
So you have your goals and objectives, but how well do you know the industry sector you are entering?
You need to be able to scope out the current climate and especially the inevitable evolution and diversification that is happening within it.
Who are the the "new kids on the block" and why and how did the old, once well established, companies become yesterday's news.
Knowing your market is imperative. What is your "brand value proposition". You will need to define your customers and consumers.You are competing for their custom, not only in terms of the obvious competitor product considerations in your sector, but also every other seller / provider looking to encourage them to spend with them. How will you help define this? well market research is key and applying the principals of a S.W.O.T (Strengths/Weaknesses/Opportunities & Threats) you can start to do this along with the 4 Ps's of Marketing (Product/Price/Place & Promotion)
The key stakeholders in the business
OK, so there's you and possibly only you, but you may well look for additional support and skills to be brought into the business. These individuals will not only provide you with counsel, but also have focused specialties of their own to help the business structure and future grow. Who will they be?
The Day to day business operations
Where will your business be located?
What are your thoughts in terms of premises?
What are the demographics that suit your business?
What are you opening/operating hours and customer service considerations?
Do you require certain licenses /permits /permissions and insurance cover?
Have you established your supplier network?
Whether it be putting your first financial forecast in place with expenditure including: product costs considerations (variable costs); company overheads (fixed costs) ; sales forecasts ; creating your your month by month cash cash flow; bottom line plus depreciation of assets and finally your profit & loss. YOU WILL NEED TO KNOW YOUR NUMBERS or have access to resources that can help you do so (from modern accounting software options to book keeping and accountant based assistance).
LETS TALK ABOUT MARKETING - "SHOUT OUT ABUT YOUR BUSINESS"
HOW TO APPROACH MARKET RESEARCH
LETS LOOK AT THE S.W.O.T
THE KEY PEOPLE INVOLVED IN THE BUSINESS