Do you have an awesome idea for a product or company, but aren’t sure where to get started? You’re not alone. Millions of people dream of starting their own business, but aren’t sure how to make their dream become a reality. Dealing with questions about finances, legal requirements, marketing, and other elements can make launching a business seem complicated and confusing for any aspiring entrepreneur.
However, there are essential things that every business requires that can be completed before you launch your company. By starting with the following items, you’ll be well on your way to creating a successful, profitable startup:
Detailed business plan
A great business plan is a written document that describes how your business will expand and grow from the time it begins to when it becomes a successful company. Tech-company founder Tim Berry advises entrepreneurs that business plans should be 20-30 pages long, “plus another 10 pages of appendices for monthly projections, management resumes and other details.” He continues, “If you’ve got a plan that’s more than 40 pages long, you’re probably not summarizing very well.”
If you’re wondering how anyone could write 30 pages about their business, keep in mind that this document should summarize every aspect of how you plan to grow your business and that you should update the plan as your company evolves. To begin your business plan, start by writing 1-3 pages on each of the following aspects:
Executive summary
This first item should summarize the basic vision for your company, succinct description of your business, what solutions you could offer consumers and the reason why now is the right time to launch your business.
Business description
To develop the most accurate description of your company, spend some time considering these elements:
– What kind of business do you want to start?
– What does your industry look like right now? Is there a growing need for your type of product or service?
– What will the industry look like in the future? Will any advancements in technology help or hinder your business? What is the future outlook for companies of your type?
Market strategies
Narrow down what your target market is and how you can best appeal to those within that market. For example, if your products are for younger consumers, consider how you could use social media to sell to that market.
Design/development plan
Describe what your products or services will entail and what the development process will look like. Once you have those details down, create a budget for these items.
Operations/management plan
What will the daily functions of your business look like? How many employees will you require? What tasks need to be completed?
Finances
In this section, be brutally honest about where the money will come from and how you will receive it. Do you need to take out a loan? How much money do you expect your company to make in its first year? What will be the costs of operating your business?
Strong internet presence
If you want to quickly spread the word about your company and have access to a free, easy marketing tactic, having an active internet presence is essential. Most consumers do some level of research online before deciding on visiting or purchasing from a business, so modern businesses need to be active online in order to look trustworthy and appealing to potential customers. Here’s what you need to do to start building a solid foundation for your startup on the internet:
Create a website
Start by checking out your competitor’s websites and take note of how their site is organized and how you could improve your own. Make sure your website is optimized for mobile, easy to navigate, loads quickly, and provides a short summary of what your business does.
Make profiles on social media
Create Twitter and Facebook accounts for your business. This way, customers can follow your business for any updates, potential consumers can ask questions, and you can easily interact with your clients online. You can easily increase your company’s reach by engaging in conversations online, encouraging followers to share your content, and by quickly resolving any questions or concerns.
Reliable communication
Having a reliable telecommunication system is essential for every entrepreneur, but many aren’t aware of how expensive business phone systems can be. Phone companies often overcharge businesses with several hidden fees for maintenance and services without even maintaining reliable coverage.
Due to common telecommunication problems, BNESIM created BNESIM Enterprise, a cloud-based phone system for businesses. This flexible, affordable solution is suitable for all types and sizes of companies, and it can save you up to 95% on your phone bill. There are absolutely no hidden fees or startup costs, so it’s easy to get started. Click here to find out more about how BNESIM Enterprise can help your business succeed!
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