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Business Basics for Entrepreneurs

Business Basics for Entrepreneurs

Have you always longed to own your own business? Have you developed a product or service that meets a market need? Do you have a business plan outing how you will bring your product or service to the market, calculated the amount of start-up capital needed and determined your exit strategy? These are the fundamental business basics that must be addressed before launching a business. While it might seem overwhelming at first, defining these issues will allow you to set yourself up for realistic success. Follow this advice from successful serial entrepreneurs and you’ll be on your way to growing your own thriving small business.

Enlist the advice of a mentor or take advantage of the resources offered by small business forums or incubators in your community. They can assist you in expanding your business plan and provide advice in areas where your skill sets are lacking. Very few people have financial acumen, sales skills and the ability to develop operational efficiencies. With the help of skilled professionals in each of these areas, you’re more likely to set yourself up for success.

How will you bring your product or service to the market? Identify your manufacturing needs, product costs, marketing plan and sales goals. Revenue generation and profitability must be at the forefront of your business plan. Take advantage of the awesome deals offered by Groupon coupons and contact the experts at American Express to set up an account to receive payments from your clients. They have top notch programs designed specifically for the small business owner.  Develop a marketing program for your product. The stronger your marketing plan is, the more qualified sales representatives you’ll be in able to attract. Business  basics are broken down into three basic categories: sales, product delivery and costing. Keep your focus on these three items and you’ll set yourself up for success. Every part of your operation should be designed to increase revenue and profitability.

Finally, have an exit plan.  Is it your intent to build a business and sell it for a profit?  Have you set a date by which you will either become profitable or shut the business down? These aren’t easy issues to address upfront. However, it’s much easier to have a plan upfront that be faced with hard decisions when your company is under duress. Best of luck to you!

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