If you choose a remote location, will the customer be able to readily locate your business? Will the supply of labor be adequate and the necessary skills available? What are the zoning regulations of the area? Will there be adequate fire and police protection? Will crime insurance be needed and be available at a reasonable rate? I plan to locate in _ because: _ _ _ Is the area in which you plan to locate supported by a strong economic base? For example, are nearby industries working full time? Did any industries go out of business in the past several months?
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Will you want to expand later on? Do you need any special features required in lighting, heating, ventilation? Is public transportation available? Is the location conducive to drop-in customers? Will you pick up and deliver? Will travel time be excessive? Will you prorate travel time to service call? Would a location close to an expressway or main artery cut down on travel time? If you choose a remote location, system will savings in rent off-set the inconvenience? If you choose a remote location, will you have to pay as much as you save in rent for advertising to make your service known?
If you pick up and deliver, you will want a site where diary the travel time will be low and you may later install a radio dispatch system. Or, if the customer must come to your place of business, the site must be conveniently located and easy to find. You must pick the site that offers the best possibilities of being profitable. The following questions will help you think through this problem. In selecting an area to serve, consider the following: Population and its growth potential, income, age, occupation of population, number of competitive services in and around your proposed location. Local ordinances and zoning regulations, type of trading area (commercial, industrial, residential, seasonal). For additional help in choosing an area, you might try the local chamber of commerce and the manufacturer and distributor of any equipment and supplies you will be using. You will want to consider the next list of questions in picking the specific site for your business: Will the customer come to your place of business? How much space do you need?
The blocks are divided into three sections: Section One - determining the first sales Potential. Section Two - attracting Customers, section Three - selling to customers. Section One - determining the sales Potential. In the service business, your sales potential will depend on the area you serve. That is, how many customers in this area will need your services? Will your customers be industrial, commercial, consumer, or all of these? When picking a site to locate your business, consider the nature of your service.
To help you decide, think of the answers to questions such as: What inventory of parts and materials must you keep on hand? What services do you offer? What services do people ask for that you do not offer? What is it you are trying to do better, more of, or differently from your competitors? marketing, when you have decided what business you're in, you have made your first marketing decision. Now you are ready for other important considerations. Successful marketing starts with the owner-manager. You have to know your service and the needs of your customers. The narrative and work blocks that follow are designed to help you work out a marketing plan for your firm.
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_ _ what business am i in? In making your business plan, the first question to consider is: What business am I really. At the first reading this question may seem silly. "If there is one thing i know you say to yourself, "it is what business I'm." But hold. Some owner-managers go broke and others waste their saving because they are confused about the business they are. The changeover of barbershops from cutting hair to styling hair is one example of thinking about what business you're really. Consider this example, also.
Joe riley had a small radio and tv store. He thought of his business as a retail store though he joinery also serviced and repaired anything he sold. As his suburb grew, appliance stores emerged and cut heavily into his sales. However, there was an increased call for quality repair work. Riley considered his situation, he decided that he was in the repair business. As a result of thinking about what business he was really in, he profitably built up his repair business and has a contract to take care of the servicing and repair business for one of the appliance stores. Decide what business you are in and write your answer in the following spaces.
In those rare cases when having a specialist develop a plan as a consulting job could work, the owners must make very sure they still own it, know it, and live. After all, it is their business. Many enterprising people are drawn into starting their own business by the possibilities of making money and being their own boss. But the long hours, hard work, and responsibilities of being the boss quickly dispel and preconceived glamour. Profit is the reward for satisfying consumer needs.
But it must be worked for. Sometimes a new business might need two years before it shows a profit. So where, then, are reasons for having your own business? Every business owner-manager will have his or her own individual reasons for being in business. For some, satisfaction come from serving their community. They take pride in serving their neighbors and giving them quality work which they stand behind. For others, their business offers them a chance to contribute to their employees' financial security. There are as many rewards and reasons for being in business as there are business owners. Why are you in business?
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The same scenario played out at general every meeting we had. The three entrepreneurs assumed that business planning was a function they could always delegate to someone with special skills, while they generated high-level strategy. However, founders who don't know their own plan diary aren't very convincing. So, in the end, they didnt get financed, and the planning didnt work. A business plan should be measured by results, and in this case, good as the plan document may have been, it was a part of a failure. The lesson here is as clear as day and as much a problem today as it was then. In general, business plans have to be the work of business owners and managers, not outsiders. A business plan can last only a few weeks without revision, so the idea of a finished plan is flawed. And business plans are about business execution and management, which means those in charge have to own the plan in the intellectual sense.
It was a hurdle they paid me to jump for them. Every meeting we had behind the scenes, generated new changes, so i would go back to the basement computer at the business school, and re-run the financial model. Since the team of three didnt include a financial person, they left all modes the tweaking to me, which meant I was the only one who knew the plan. Id re-run my financial model, edit the text, and publish a new version of the plan. They read paragraphs here and there, glanced at the numbers, but stuck with the strategy and left the details. At key moments when VCs would ask critical questions, all heads would turn to me and I would answer. I knew the plan inside out. But I was the only one who did. It was my plan.
financial model and convincing market statistics. We had a good summary slide deck. The problem, however, was that I had done the plan, built the financial model, written the text and shepherded the document through the painful coil binding, yet I wasnt part of the team. I didnt want. I was getting my mba, in my early thirties, married with three kids and my part of this venture was writing the plan, period. I needed the money to pay tuition. I couldnt afford to jump into a startup. And my limited role might have been okay except that the three founders never really got into the plan.
Years ago, i was hired by a group of entrepreneurs to write a business plan, i will never forget. That is because we made a fatal business planning mistake that caused the essay venture to lose it chance. The founders had a personal connection to one of the vc partners and they seemed interested in the business ideas. It felt like everything was set up for success until we met with them in person. As the meeting developed, i became painfully aware of a problem. I wondered anxiously whether my clients saw it too, but couldn't tell. They gave no sign. The plan itself wasnt the problem.
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To write a business plan, start with an executive summary that lays out your grand vision for your business. Follow that with a section that describes what products and services your company will offer. Then, write a marketing section where you detail how you're going to inform people about your business. You'll also want barbing to include a section on your business model and how it will operate. Finally, conclude your business plan by letting investors know what you need from them. Did this summary help you? October 17, 2013 4 min read. Opinions expressed by, entrepreneur contributors are their own.