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How to do the groundwork to ensure a successful small business
The groundwork of a small business all starts in one place: the big idea. What is this company supposed to be? Write down the main purpose of the company and list the goals in order of most important. Knowing these goals from the start will help keep the future business from straying from its intended purpose. For example, a mattress salesman one day decided he wanted to sell hot tubs. As it turned out, he wasn't offering a price that was even in competition with other places. On top of that, there wasn't even a strong market for hot tubs in the first place. He then realized that customers coming into that particular business weren't interested in buying hot tubs either. Know what the company is supposed to do. If those goals ever change after looking at what market needs are, then it will be done so thoughtfully.
Securing locations to run the business (offices, stores, shops, etc.) is another part of the groundwork that needs to be thought through before money is spent. Knowing whether the company is going to purchase property versus renting space both change the variable costs of the company. These are significant pieces of the financial puzzle that needs to be in place and clear in the overall picture of the process. Start by knowing what the needs of the business are now and what they might be in the future. Being able to grow and expand are extremely important for an ambitious business. Working into the game plan ways to grow will help make an expanding company successful. These are only some of the aspects of the groundwork that needs to be thoroughly planned. Once all of the wants and needs of the company are specifically outlined and costs are balanced, then the company can move forward into the marketplace with confidence that they are prepared to deal with problems and thrive, rather than crumble under the changing pressures of the business world. |
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