Start Up Business Plan

Factors to be considered when preparing a start up business planWhy is it essential to have a start up business plan?Starting and maintaining a good business is not an easy task. However this is achievable with a good business plan. Otherwise you can not expect much net profit from your business. Else your business will be subjected to failures and sudden break downs. On the other hand there is a good start up business design before every successful online business.There are different aspects of a good business plan. Therefore the start up business idea should be equipped with good management and marketing along with some other factors. You should handle them carefully and tactfully to maintain a good business.Factors relevant to a start up business planMarketing is one of the main aspects that should be mentioned in your start up business layout. First of all you should predetermine what you are going to sell and whom you are selecting as your potential market. There should be a good market for the commodity you are going to sell. Therefore if you have already decided what you are going to sell you have to find out whether any potential market available in your area. Otherwise you have to select an area with a good market for that particular commodity. Therefore the geographical area you are going to open the business is one of the main things that should be mentioned in your start up business plan.Why are you producing or selling that particular commodity? Is it profitable? These are some of the major aspects that should be mentioned. If your business is a retail one definitely you should get the customers from that particular area. However if you are having a whole sale business selling or manufacturing for export purpose you may not need to pay attention for the customers living in the surrounding geographical area of your business.Management is one of the major concerns in your start up business plan. First of all you should be aware what type of business you are going to start. It could be a sole proprietorship, partner ship, corporation or co-operative type business. The management body should be designed according to the business type. It should be mentioned in your start up business plan.Capital is one of the main factors you have to consider. Therefore you should keep aside a sufficient capital to operate your business. This include money, lands, vehicles and the office equipments like furniture, computers and printers..etc. You should be aware what type of assets you need to run your business. You should leave the other assets those are not essential to run your business. So the capital plays a vital role in a start up business plan.Propaganda is one of the key factors you have to include in your start up business plan. If the production or the sale stocks are for the export purpose you may not need to use the local media such as Radio, television, news papers. However you may need to maintain a good web site where overseas customers can view full details of the products. They should be given full details on the products and online ordering methods.Demographic factors are not less important. If your business plan is to set up a manufacturing firm you may need to see the human resources available in the area. If your firm can generate more jobs for the community in your area to reduce the unemployment surely your firm can stay attached to the community of that area. That would be more beneficial for the development of your business. Further culture is another important factor. Surely it would not be suitable if your business hurts the cultural and religious feeling of the majority of the area. Be careful when creating your start up business plan, and be sure to encompass all possibilities to ensure success.

7 Most Common Mistakes of Starting Online Business

Anatomy of a business failure”So what’s your unique selling proposition?” I asked Janet, an acquaintance of mine.”What do you mean by USP?” was the puzzled reply I got from Janet.Janet was at this stage giving me the-deer-in-the-headlight look.”You see every business offline and online must have a USP or unique selling proposition – an offer or benefit your competition does not have “, I explained gently to Janet.Here is the reply I got back from Janet:”I market my services to entrepreneurs. I have bought some sophisticated software that will help them do their admin better. I have hired some of the top graphic designer to help me build a very powerful website. I have hired on of the best telephone handling companies to answer my customers.”Janet was defensive when I tried to explain to her, there were other important elements to building a business online before she launched her business.The sad ending to my story… Janet lost all her severance pay to the business, the bank foreclosed her property and she had to go back to look for another job- a low paying one.The story of Janet highlights the pitfalls of starting business, the wrong way. I have had my own share of business failure, online and offline…Thank God I have not had to file for bankruptcy but the situation was bad because of the huge loss of my money and time. This brings me to the focus of my discussion today…the common mistake entrepreneurs make online.Why your success online has nothing to do with building a websiteMost entrepreneurs starting online make the flawed assumption that starting a business on the internet is about building a websites, creating a product and traffic will follow. This is far from the truth. The truth is that your success in business online has more to do than building a website. The truth is…the internet is a medium for doing business, you still need to build a real business that provides value to your customers and serves your market.You need to understand that business is the most important game you will ever play… because you spend more time, energy and money on your business than you’ll ever spend elsewhere. And this is the reasons you must avoid the mistakes most entrepreneurs make online. So you can grow your business and start to live the life you always wanted.Here are some of the mistakes businesses make online….Mistake# 1. Coming up with a great idea.Many entrepreneurs make the mistake of thinking their idea is the next big thing to hit the market. There is nothing wrong in coming up with ideas for a product; however, you must ensure that your idea for a product will serve to solve a problem in your niche.Solution. Come up with great ideas that will serve the wants and needs of an existing marketMistake #2. Create a product.This faulty assumption relies on the idea that people will come knocking at your door if you build a better widget. This is far from the truth, because there are millions of products competing for your consumers’ attention.Solution. What you need is to identify your market -a group of people with interest and desire for your product, willing to spend money. Then you provide them a better or unique way to enjoy what they already want.Steve Jobs ( Apple)created a completely new experience for the customer first with the iPod, then iphone and now the ipad. The same example you can find with Amazon.com; the company changed the buying experience for the consumer online.Mistake #3. Selling with logic.Most people make buying decisions on emotions. The typical buyer will buy what appeals to their core desires. It is very important to understand what your customer wants from your product when you are creating the product and marketing it. You product must appeal to your customer’s wantSolution. Always think about the benefit of your product for your customers, and then sell him these benefits.Mistake#4.Choosing the wrong marketAnother common mistake many businesses make is selling their product to the wrong market- the right message to the wrong audience.Let me explain. For instance, you cannot be selling baby products to single people, unless they are thinking of starting families. In the same vein, you will not succeed if you want to sell single family homes to a single person who is not yet ready to settle down to start a family. Yet, this is what most marketers do… selling to the wrong crowd.Solution. Research and find your market, see what type of marketing promotions they are responding to, listen to their frustrations and solve their problemsMistake #5. Being opportunistic instead of being strategicOpportunity seekers are a group of people who are always looking for the next money making ideas. They tend to chase after the next hot trends and never really settle down to build real businesses.This kind of mindset is present in most business starting out online. I am not against making money, however if the basis of starting a business is just to make money, and not to serve the customer then you destined to fail.On the other hand, if you start your business with a focus to serve your market, deliver outstanding products and service then you stand a better chance to succeed online.In addition,when you experience the initial difficulties most start-up businesses face- you see this as part of the learning curve in your entrepreneurial adventure-and will not give upSolution.Be strategic.Have a clear vision and purpose for starting your business. Take time to study and know your customers and market you serve. If you have this kind of mindset then you will have an unfair advantage over your competition.Mistake# 6. Lack of knowledge and skillsAccording to SCORE(the service core of retired executives), an advisory arm of the the U.S Small Business administration of America SBA, one of the major reasons small businesses fail is lack of knowledge and business skills on the part of the owners of the business. The sad reality is this cause also applies to small businesses online.Majority of entrepreneurs buy generic websites, sell products they have no knowledge of and are not passionate.The result is failure to attract customers and business failure.The internet is a channel for doing business…Just because it’s easy to set up a website, set up landing pages, hire copy writers to write sales letters for you does not mean you can get away with anything. Internet users are sophisticated and can tell when you don’t understand or know your product.Solution. you need to be in a business you know something about. Even if you don’t have a passion for the niche you have choose, you can read, research and reflect. The other option is to look for experts in the area of business you are involved and form partnerships with them. Remember you want to build your reputation and your company needs to have integrity.Mistake #7. Not building a relationship with your customersThere is an axiom in internet marketing that says, “The money is in your list”. This means your continued survival and sales as a business depend on having a l relationship with a base of customers, who spend money on your products on a recurring basis.The mistake most entrepreneurs make is that they focus on making sales. Brian Tracy, bestselling author “Psychology of Selling” says the primary aim of your business is to acquire customers.Here is why: It is easier to sell to someone who has bought from you than a prospect. The other obvious reason is if you delight your customers, you can sell more of the products they want.There is a concept in marketing called the Lifetime value LTV of a customer. This means your customers, have a net cash value from the time the transact business with you. If you are focused on only making a sale then you will not be able to take advantage of the LTV of your customers.Your first sale that is hard, as long as you satisfy your customer subsequent sales is easy.Solution. focus on building a list of customers. develop good follow up and customer service systemsLet me drive home the importance of this point by ending with what Mary Ellen-Tribby, expert marketer and bestselling author Changing the Channels: 12 Easy Ways to make money for your business says if you don’t have a list of customers, you are running a garage saleMistake# 8. Not working with a proven business model Another common mistake, most entrepreneurs make on line is not working with a proven business model for their businesses.By not having a proven business model, youare bound to fail.Why use a proven business model? Proven models work and deliver profits to your business. There are many proven business models online. Your job is to find the one that is best match for your businessSolution. Don’t try to reinvent the wheel. find and work with proven business modelsIf you can avoid these common mistakes, most entrepreneurs make you will stack the odds in your favour to grow your business and begin to live the life you always wanted to live.To your success.

Accomplished Graphic Designers Expand Into the Digital Media Market

The definition of graphic design is expanding as new technologies grow. Skilled graphic designers solve visual communication problems or troubles. Proficient in design, drawing, color, typography, production, and rendering methods, off-set printing, as well as common software used in the graphic-design market such as Photoshop, Illustrator, and InDesign are necessary. With the development in new media, a comprehension about photography, and time-based and interactive media including film, video, and computer multimedia also are of great importance to keep abreast of technology. Although graphic-designers find solutions primarily for print, advertisements, annual reports, packaging, business stationery, brochures, flyers, catalogues, logos, and just about anything you can think of to help businesses stand out, their design “eye” is also used in electronic media sources such as video and audio recordings, multimedia presentations, slide presentations, CD-ROM and website content.Determining the social and cultural norms of a specific audience helps graphic artists efficiently construct visual solutions. They need to identify the communication’s issue, then collect and examine information related to the issue, and finally crank out numerous approaches to solve the problem. Effective graphic design is perceived as understandable, appropriate, and useful. We see graphic design everywhere in our daily lives in magazines, newspapers, and books, in hand made work, on painted canvas, expressed through photography, or in pure text. The work of graphic artists and its impression has been around for many years.While in art school, students take graphic and design courses aimed at both print and multimedia design. It is in the best interest of graphic artists to be introduced to both areas, because many designers work in the visual development of web design. If artists want to remain competitive, graphic / web designers must keep up to date with the latest software and computer technologies. In the constantly changing field of graphic design, there are website designers who also are graphic designers and vice versa. However, there are other artists who have decided to specialize only in print related graphic design or only in web site design and its development with a concentration on the technical side of web site building.It’s fascinating to note that currently many people associate graphic artists only with the print medium. But the times are changing. Even though website designers are not able to exist without the web, and graphic artists really don’t need the web to practice their profession, there are numerous artists involved in the visual creation of websites. Within just the commercial art field there are discussions among artists about the differences between graphic and web designers. Many feel that website design is a sub category of graphic-design.However, website designers have to take into consideration content design and usability, user experience, and other functional criteria which all relate to the particular features of the Web medium. Website designers need more skills beyond those of traditional graphic artists, whereas the conventional graphic designer continues to find answers to communication problems by deciding on color, font, and images. The conventional graphics job may call for branding such as logo design that showcase a particular idea or identity to be used in a business enterprise’s advertising and other marketing strategies, or almost anything you can think of to enable a group stand out, or it may require constructing posters, signs, brochures, books, or incredible images in the digital media.Discerning graphic artists do become knowledgeable about the wants for elegant web design while working closely with the web developers, who will turn their visual web designs into the code which enables them to be displayed on the Internet. For the artists who also welcome the technical side of web site creation, they may end up either exchanging their graphic artists’ role for website designer hats or just using both simultaneously!