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Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Thursday, 5 April 2018

April 05, 2018

How to: Create a Business Plan




You may of heard business owners talking about a business plan, and the importance of creating one prior to starting your business.  A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach these goals.

 In a more simple term, a business plan is a road map or guide of your business goals and how you plan to achieve them.

Why is a business plan important?


 A business plan is essential for the success of your business, it will provide direction and keep you on track. It also comes in handy if you require financial help to obtain your business goals, as this is presented to the bank at time of loan application. Investors will often ask to see a business plan also.





How do you create a business plan?


 A business plan is broken up into a few sections. But prior to starting the business plan, you want to jot down a few simple tips

  • Decisions: Your business plan will require you to make some decisions in regards to the direction of your business, structure and marketing strategies. So its best to have some ideas of how you will arrange this before hand. This may mean doing your homework.
  • Who is the plan for:  Will you be using your business plan as a simple guide for you to follow, will this be presented to a bank or investor.  If third parties are involved, you will need to cater to their needs within your business plan also.
  • Take your time:  Don't expect to start and finish your business plan in one day, this is a detailed document that requires time and attention, a business plan will very easily become one of your most valued assets within your business, as you've got a guide to follow, and a way of ensuring you are staying on track. So take your time, and include all the relevant information.
  • Ask for help: Sometimes it can be difficult to answer all the questions. This is where asking for help comes in, do you have a business mentor, Family member or friend who can assist you with the writing of your business plan. If you are not confident at all in creating the structure of the plan alone, there are many companies that offer at home guides and tools to create a business plan using a template.
  • Figures: Now we can all sit there and make up figures in relation to our business, but is it really beneficial? Well not at all. You need to determine the realistic expenses of your business, and clearly state if these are actual figures or estimations.
  • Review: Always review your work, business plans are used to gain confidence from outside parties that you're business is viable. Mistakes or errors will only deter them from seeing your potential as a professional business.




What to Include in a business Plan?


Your business plan requirements will vary depending on the type of business, however below are a list of things that could be included within your business plan:

  1. Title Page:  General Information on your business
  2. Business Summary: A short overview of whats to be included within the business plan
  3. Management/ Operations Plan:  Covers details like structure, registrations, premises, products/services.
  4. Target Market:  Where you will provide the information in regards to your knowledge about your target market, here you can touch base on some marketing techniques and strategies.
  5. Predictions: Your future predictions, goals, and milestones.
  6. Financial Plan: How you will finance your business, outgoing costs or expenses, projections.
  7. Documentation: Any documentation to support your business plan.


Once your business plan is complete, you can put it away. But not too far from reach because you should regularly check that you are on track, adjust any changes accordingly and generally use this document to track your progress in comparison to your initial predictions.

Business plans do change quite frequently, and your initial plan is just used as a guide to get started.





Related topics:


-Haven't found your niche yet? Visit our "how to find your niche" blog 






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Tuesday, 3 April 2018

April 03, 2018

Finding your niche








One of the things that holds entrepreneurs back from first starting their business is finding their niche. Hours upon hours of thinking, creating lists, and delving deep inside your mind can lead to disappointment if you don't hit the nail on the head right away.

 This type of pressure can sometimes be too much especially in the early stages of business. We have probably all wondered to ourselves on numerous occasions, if the niche we have chosen will be viable in the ever changing market, or if anyone else will share the same interests.

 Sure its important to research and do your due diligence when selecting the niche, however if you don't act upon it quite quickly, you will go around in circles.

 There are still many aspects that need to be done when you first start your business, such as testing the market, collate ideas, create a marketing plan, and learn from the initial mistakes and successes. This way, regardless of the outcome; you can learn and improve your skill sets moving forward.

 If you are struggling to get the brain into action and need a little guidance, follow our steps below to help you with finding the perfect niche for your new business.

Brainstorm
So you may be scratching your head at this point, because you have already spent hours working on lists, and ideas for your business.  But business has it's up's and downs, it will push you to your limits, and knowing you have a passion for the industry you are about to embark on is extremely important for the longevity of your business.

If you don't have a passion for the industry in some way or another, you will very quickly lose interest. The passion within is what drives us to succeed and push our business, and there will be many times when we hit a speed bump in the road, that this very passion will provide the persistence we require to keep on going!


Start thinking about:
  • What are my hobbies and interests
  • What do I have background knowledge on already
  • What topics do people generally ask me about 
  • What do I enjoy learning. 




Research


Competition is everywhere, especially in business. Now most new business owners will stray away from competition as much as possible. But this is not necessarily something to be worried about, if an industry works, then it works. You may have just hit the nail on the head in finding a profitable industry to work in. Your main concern should be having the ability to do it better than the rest. What can you offer customers that your current competition isn't already offering them.

By simply analyzing your competitions website, ad formats, advertising techniques, and general service or product; You will start to create an information pod that can be used to generate a better plan for your own business.

Now this research should not only be on your competition but also on aspects of your own business module, product or service that will be beneficial. Are you going to hire a web developer to create a website for you and is this something that you have the budget for? Or will you create your own website for free or for a small fee. If you have the skills to do it on your own, then this could be the option you are looking for.

There are many popular web building sites online that can create a sense of ease, even for people like myself who are not very tech savvy.

Two very popular website building sites are:

  •  Wix  offers a free plan if you are happy to use the domain address http://yourwebsite.wix.com/yourwebsite. The paid plans are focusing on storage and features. The prices are quite competitive especially for start up companies. Wix does create a sense of ease with creating your website. No technical knowledge is required.





  • Shopify is the the number one E-Commerce platform currently available. They also have an integrated system for those running a drop shipping business. 





Like mentioned above, research is key and looking into the method that best suits your business needs is the most important key.



Identify Problems


Once you have collated your brainstorm ideas as well as the research you have collected, you can now start looking into any possible issues that may arise for customers with their current methods, and figure out how you are going to solve these issues for them

Another important aspect to running a business is the either solving an issue, or creating ease within a current issue.

  • Are shipping lengths an issue?  (How can we ship faster)
  • Is pricing an issue (How can we be more competitive)

Testing


Once you have gathered all your information together, you are ready to hit the market. The only thing left to do is TEST.  A very simple way to test the market is with Pre-Orders, figuring out the customer demand by setting up a landing page. 
Another great way to test the market is to send out a large mail out to your current data base, to test the reaction to your new launch. Companies like Ninja Outreach or Mailchimp are used to create fantastic looking email flyers that you can send out in Mass to your current audience or data base.



To Summarize


If you believe in your product/service and you believe it is viable enough to start grasping your target audience then you are ready to rock and roll ! 
You will want to look into marketing techniques, social media marketing, paid or organic traffic sources, creating a blog and various ways to boost your website.

There is no ONE way to find your niche, sometimes we just test the waters until something sticks.

If you have have a strong passion, a positive mind set, and determination, then you are ready to create the business of your dreams. And remember dreams don't work unless you do! So do your homework!



Start a Free Plan
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Sunday, 1 April 2018

April 01, 2018

How to: Create your own website using Wix





How to create a Wix website

"It all starts with your stunning website" claims  website company Wix who offer an easy to create, DIY styled website. Wix provides a template in which you simply change headings, information, images and tech. This website claims to be a breeze for newbies.

So you have just thought of the perfect business idea, and now its time to see it come to life. It all may seem easy, but you really just need a step by step guide on the basics of setting up a  Wix website. 


Step 1- Sign up to Wix for free. All you need to sign up is an email address, and of course have your business name ready too.





Step 2- Choose a template that fits your needs. There are many templates available, and you can select these based off the category of your needs. 







Step 3- Customize or add anything like text, images etc. The Wix platform, uses a easy to understand drop and drag system, so once you have selected the template in which you are happy with. You can simply change the preset information and images. Wix also provides quite a large amount of stock photos available for you to use to customize your website to suit your business needs. Don't forget to change the buttons, header, and footer.






Step 4- Publish your site to share it with the world. When you are happy with the finished product, you simply click "publish" in the top right hand corner of your screen. This will then set the website to "live" and potential customers can now see your site on the world wide web.





Step 5- Manage your entire business online with domains, email marketing etc. There are many options available to suit your business needs, and using the wix platform is free, however if you are an online store, selling items you will need to purchase an E-commerce package. This allows you to add product to your site that is ready to sell. There are various packages available to suit your requirements.  






Ready to create your website? Click Here  and get started today.


Still a bit stumped on the information required to start a business? We have created a very simple 5 step process which explains our top picks for the 5 Fundamentals of business. You can read this blog too by simply clicking here 



*Prices listed above are as of March 2018. These are subject to change, at the discretion of wix via  terms and conditions

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Friday, 30 March 2018

March 30, 2018

The 5 fundamentals for starting a business

So you have thought of a show stopping idea and now you want to start a business. But have NO idea where to start?

 The first steps to creating a successful business begins with a simple idea, this may be something that you have been dreaming of on a daily basis for years now, or simply popped into your head last night. Regardless you are ready to rock and roll, and need the basics.

 With times changing so rapidly and internet becoming the main advertising tool of the future, you are probably going to need some guidance. Traditional methods of course still apply, but how on earth are you meant to run a healthy business without the foundations set in place first. 

 Whatever your situation might be, you need a structured plan of action. Which of course brings us to the first fundamental of starting your business.

Passion

 Slow and steady wins the race, have you ever heard this term? Well that's because it seems to be the step that most first time business owners lack. Sure it can be exciting, starting your own business; And we are sure you are extremely eager to move forward and get selling! BUT first you need to figure out if you have a true passion for what you are about to venture into. Having a passion for the product or service you are about to promote is important for the future of your business. I mean, why would anyone buy off you, if you don't believe in the product/service yourself? But this alone will not suffice, having knowledge of your industry and doing research is a key tool to implement to ensure the longevity of your new venture.


Business Planning

The single most important tool in creating a business is having a plan. You may of heard people talk about a "business plan", well this is an overall document which highlights your company predictions, and the actions required to get you there.

Some of the things you will generally go over in your business plan are:
  • Target Market
  • Marketing 
  • Finances 
  • Strategies
and any other predictions you may have about your business. It is so important to remember that your business plan will change a number of times over the duration of your business. The initial setup of this document will ensure you have direction. Business plans are often used when approaching banks for business loans, or investors. This is the perfect place to SELL your business, explain the ins and outs of what you have to offer, and the exact method you will use to get there.

It is also of course a great tool to look on as the months go by, to analyse if you are on track.

Strategy

You have no put together a business plan, and it is time to execute. By now the information you have collated should potentially spell out the exact strategies your business will follow, however again this can change like the wind. 

The sister to strategy and the main tool used to create it is research. A term that many newbies dread to hear, yet it will become your most valued tool over time. Knowing your competition, and what they have to offer is extremely important, thus helping you decide how you plan to execute it better!

Or you may simply want to learn more information in regards to the product/service you are offering to better implement your ideas.

Knowledge is like gold, especially in the business world. You can never have too much information.


Finance

Business costs money. You may be looking at a low start up cost, but it is time to start thinking about the places you may potentially spend your money within this business.
Some examples are:
  1. Stock: Will your business hold stock, and if so, how much? Clothing business' for example will need to hold items in various sizes. Some suppliers also have minimum order quantities.
  2. Business Registration: Depending on your countries requirements, you will need to register your business name.
  3. Website, Domain and hosting: Most business have a website, and there are various ways you can go about this. Are you going to hire a web developer to create this for you? Or will you use the "do it yourself" websites. 
  4.  Yes, there are many ways to promote your business for free. But if you are looking to scale the business, you will eventually be paying for some form of advertising. 
Initially you will need to understand the start up costs of your business, and how you will pay for these. Will you use your saved cash, or fund this money, possibly a loan from a bank or an investor?
All things that you will need to determine prior to launching your new company.

Marketing

The world of marketing is a giant land of colorful advertisements, actors and songs right? Wrong.
Without marketing, people do not know your business exists. And along with your website comes the first type of marketing, that you may be oblivious to. That is SEO otherwise known as Search Engine Optimization. In other words, you are optimizing the content on your website to become easily searchable on the internet. When people use search engines such as google, and they are looking for your products/services; you want to be the first website to pop up.

Free advertising: There are many places you can advertise your business for free, social media being the number 1 source of it, forums, directories, and word of mouth being other popular sources.

Paid advertising: When you have tried the free stuff, and its just not cutting it. You will look at turning to paid advertising. Social media websites such as Facebook, Instagram, Twitter, Youtube all offer paid advertising options. Another huge source of traffic comes from google searches as mentioned. Which is where Google Adwords comes in. They offer a paid advertising technique to help you scale your business adverts to a larger audience.

For local business the key may be simply advertising in your local newspaper. But when you start tapping into world wide services you will need to target large volumes in short periods of time.



To summarize everything; the most important fundamentals to starting a business are knowledge, dedication, consistency and planning. A successful business does not always happen over night, and having a clear knowledge of your industry and exactly where you are going as a business, is the first step to success.



We will be providing in depth articles in relation to each of these topics, and our best picks of websites you can use to start your business. So to get notified of the releases of these, simply hit the subscribe button.



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