At the Max Profit, your success is our success! We want to help.. read on for the 6 MUST DO's before you write a business plan or spend any money on that SUPER idea you have for making money in business!
We are always here to help - get your FREE phone consultation at TheMaxProfit.com
STARTING A BUSINESS - 6 Thing To Do BEFORE you spend $$ or write your PLAN!
EVERY business has a PLAN. These are not
always in writing, sometimes they exist only in the entrepreneurs mind!
Research and profit margins have clearly shown that a WRITTEN plan will at
least DOUBLE your chance of success! A written business plan is critical to set
the stage for not only your success but the ease of getting there!
BEFORE you sit down and write your business
plan, or HIRE someone to write one, or PURCHASE a template or any tools for
this job. Get through, and RECORD your decisions, notes and possibilities for
the following 6 items!
1.
DETERMINE the Business
PURPOSE and CORE VALUES!
Answer these
questions:
· WHY does this business exist
· WHAT does the business “stand for” (its
values..)
· WHY would employees want to work there
· WHY customers would purchase from your
business instead of the competitors
2.
NAME the Business
VISION!
Answer these
questions:
· WHAT do you want to accomplish as a company?
· WHERE do you see this business 5 years down
the road?
** Come up with at
least 3 key strategies HOW you will get there
3.
CLARIFY your business
MODEL!
Answer these questions:
· WHAT will you sell?
· WHO do you plan on selling to? (IDENTIFY your
target client)
· IDENTIFY your competition!
· PLAN how you will be different and BETTER than
your 2-3 main competitors!
· HOW MUCH will you sell your product or service
for?
· HOW MUCH will it cost you to produce/buy/serve
up your product or service?
· WHAT equipment or facility do you need
starting day one?
· HOW MUCH will it cost for you to open your
doors?
**these will be rough
numbers for now, but do your research! Try some different scenarios out on
paper and pick the most profitable products or services to start with, remember
you can always expand your business later and add more products, services or
targeted markets.
4.
WHAT will your
business name and LEGAL STRUCTURE be?
Answer these
questions:
· DECIDE what your legal structure will be
· DECIDE what your business name and any dba
(doing business as) names will be
· CHECK for any copyrights already existing with
any or all of your business name
5.
DRY RUN your business
idea BEFORE writing a plan or spending any money!
Answer these
questions:
· VISIT or speak with potential vendors for the
products you want to sell
· SPEAK with contractors or potential employees
already providing the services you want to provide
· VISIT potential customers/clients
· TALK to as many industry “experts” as you can
regarding the viability of your plan! Ask for advice and honest feedback!
**tell each of the
above about your idea for your business model and “feel out” the market and possibilities
that exist. Identify where others have gone wrong or are currently going wrong.
Identify areas where you can FILL A GAP with your business. After doing this,
you may want to change your model. Make changes and have a BACK UP plan!
6.
SWOT analysis
Conduct a SWOT analysis for your business:
· Identify STRENGTHS
· Identify WEAKNESSES
· Identify OPPORTUNITIES and possible
opportunities for later expansion
· Identify any THREATS to your business (these
include inside and outside threats)
Check out our website and contact us if you would like help with a roadmap for your business! We always offer a FREE phone consultation!
TheMaxProfit.com or call us at (360) 462-6600.
Thank you for reading!
Renee Johnston
CEO
The Max Profit
Thank you for reading!
Renee Johnston
CEO
The Max Profit
"At The Max Profit, Your Success is Our Success!"
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