It can be extremely stressful when starting your own business from the ground up and along the way, you are sure to get so flustered that you forget some important things that you need to be thinking about. If this sounds like you, keep reading, because today we are talking about a few of the things that you need to think about as a business owner, or when starting a business!
Create a marketing plan that serves you well
As a new business (or an older business – it works for both!), your marketing and advertising plan is essential because that is ultimately how people will find your business. Online marketing is at its peak right now and you should definitely take advantage of everything that Instagram, Blogs, and other social media has to offer, but you should also look into traditional marketing tactics, as well, such as billboard options.
Keep that cash coming in
One important aspect that you need to pay close attention to when starting a business is your cash flow. Did you take out a loan? Are you making income off of your business and products already? Do you have employees to pay? Are you paying for marketing and advertising? These are just a few of the many questions that you need to be asking yourself, so that you can get yourself set up for success when it comes to your business finances.
Creating your office space
After figuring out your financial situation, you will want to think about what you can get for your money, when it comes to your office and space. Depending on your business, there are definitely some essentials that you cannot avoid. For one, you need ample amount of space for everyone to work. You definitely do not want anyone to feel uncomfortable! Second of all, make sure that your space is highly protected. This means getting security to get in and out of the building, including cameras. But, protect that security, too. Criterion Technology, Inc. provides a second layer of security (for your security, haha!) with their injection molding lense. Want to know more about it? They say:
“20 years ago, Criterion entered the world of injection molding after spending years thermoforming optical quality acrylics. The same high standards for optical and cosmetic quality that applied to thermoforming were brought forward to injection molding. The only way to mold a dome with equal optical quality is with two highly polished surfaces, vented precisely to allow the material to flow evenly during the fill cycle. Criterion’s North American tool makers and highly skilled processing staff quickly perfected the craft.
Acrylic, polycarbonate, and nylon products are injection molded using state of the art molding machines. Criterion’s injection molding machines and material storage areas are housed within clean, Class 100,000 molding areas. Highly skilled operators are trained to specifically mold optical grade products. Quality Control personnel continually monitor the injection molding process. Operators perform 100% in process optical and cosmetic inspections to ensure customers receive only the highest quality products. Optical inspection equipment and test processes are designed and performed to meet each product’s performance criteria.” If you want to find out more about this Georgia-based business, check out their site. I am highly impressed with their 100% USA made products that serve businesses well.
Don’t forget to fine-tune your business plan
Do you need a business plan? I believe so. No matter what type of business you are in, it is always a good thing to be prepared. Legal Nature says, “In this era, it is faster than ever to start a business. All you need is Twitter, Facebook, Square, and PayPal; right? The answer is yes and no. While it is true that many people rush right into the business formation process, it does not mean doing so is guaranteed to bring success. In fact, you could be setting yourself up to crash and burn quickly.
People who are selling their creations on Etsy probably do not need a long written plan for how to grow their business. However, nearly every other type of business will do themselves a favor by writing a business plan.
The antipathy toward business plans is based on several misconceptions.
- PowerPoint is enough: Sure, PowerPoint presentations are nice to have, but investors still want the hard data. Investors realize that the numbers are theoretical to some degree, but they need to know that your methodology is sound and that you know your market and competitors.
- Business is unpredictable, so why bother: No one can predict the future, but most businesses do have fairly standard measures of success. Profit margin, for example, is something that you must consider before you even open that small café.
- Business plans are for venture capital: It does not matter if you are raising millions of dollars or just taking a loan from mom and dad, you need to make sure nobody is just throwing money away on a bad idea. Writing a business plan will help you determine how much cash flow you need to start and how much you can expect in the future.”