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About Everything Wiki » Author's Column » 5 useful tips for those who are going to launch their business

5 useful tips for those who are going to launch their business

03 May 2023, 15:52, parser
0 comments    1 Show
Yulia Bondarchuk
The founder of the fruit and vegetable delivery service "Edoque Shop".

1. Describe the idea on paper

Business starts with an idea. It really is. And the main task at the first stage is to present your business idea on paper. After you write a few words about your idea, much will become clear. This way you will not only structure your thoughts, but also fill in the gaps that will be revealed in the process.

Describe the product and the associations it evokes. Describe how you see your business using definitions that are suitable for familiar subjects: "cheerful", "bold", "bright", "calm", "family". Describe what kind of target audience you see in front of you. Many entrepreneurs are already doing this in the process of work, but it will be more useful to do this even before the start.

And now share your idea with your loved ones. Their questions and comments will help you make adjustments and supplement the plan.

2. Decide on the amount to launch

Many ideas do not come to life without passing the test at this stage. Therefore, we will not neglect the calculations and consider the items of expenses that you will face when starting your business:

  • Registration of you as an individual entrepreneur or a legal entity.
  • Creating your own website.
  • Rent of premises.
  • Telephony.
  • Recruitment of necessary personnel.
  • Design and printing of printing (possibly packaging).
  • Photo and video shooting.
  • Investments in the promotion of the company.

Don't forget to set aside about 20% of the resulting amount for unforeseen expenses!

Planning and estimating such costs is the best test of your idea.

3. Make a sales and cost plan

A great solution is to make three plans:

  • Optimistic. This is a plan for the ideal implementation of your business: the highest demand, a large number of customers. Write down on paper how many customers buy from you daily. This way you can calculate how much you will be able to sell in a whole month.
  • Realistic. And now reduce the figures from the previous plan by 30% and write them down again.
  • Pessimistic. Imagine that sales at the start are low, there are much fewer customers than you initially assumed. It is better to stick to this plan. So you will not be deceived in expectations.

Important: Don't forget about fixed and variable costs. Keep in mind the monthly repayment of the debt or loan, if it will take place in your case. Take everything into account and write down the net profit or loss readings.

4. Plan the composition of the team

And now you need to decide which team will be able to ensure the implementation of your plan. Here are the questions that need to be answered:

  • Does your business need another manager besides you?
  • Will you outsource some of the work or will all the staff be full-time?
  • What kind of work schedule will you stick to?
  • Determine the remuneration system of your employees. Salary, percentage, bonuses, bonuses or even intangible rewards.
  • Will you have internal corporate training, is it necessary in your field?

For many aspiring entrepreneurs, these questions seem irrelevant before and at the start. But experience shows that the sooner answers to all questions appear on paper, the faster they will be implemented in your business.

5. Decide what you will do personally

On this occasion, I have two interesting life hacks.

First, you must initially think as if you own a large international network. In this way, all your decisions will lead the business to success.

Secondly, you should not drown yourself in operational activities, be a director, a loader, a courier, and a manager at the same time. Hire employees right away. Otherwise, you will spend a lot of time that would be more appropriate to devote to the development of your company.

Use these tips and bring your idea closer to a successful implementation. The main thing is not to be afraid to act, make decisions and take responsibility. Maybe your idea, like no other, deserves a successful implementation!

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03 May 2023, 08:32    0    0
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