Running a newly established company is a very personal thing, since its owner is typically the only one present in the company. Therefore, it is important to emphasize to yourself and others alike, that you do possess the capacity and resources necessary to run a business.
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The product or service you offer is the lifeblood of your startup. Thus, it is important to analyze its various aspects. Special attention should be placed on what customers demand from the product or service.
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Before you are able to carry out any sort of sales or marketing action, you need to identify the market you wish to enter. A good marketing result requires thorough market knowledge and customer insight.
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Sales and marketing are your tools to approach potential customers in order to raise an interest in your product or service. Whether to run local newspaper advertisements, direct mails, work out an online and social media solution, or attend international trade fairs, it’s entirely dependent on what you will sell and which type of customers you wish to focus on.
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You must be able to describe the every-day activities of your company and also take into account the cost of managing and running your business.
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It is hard to think 3 or 4 years into the future, especially before your small business is even up and running. However, it would be an advantage at this early stage to envision the outlines of an even bigger and more interesting company than the one you started out with.
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Budgets are all of the above topics described in monetary terms. The more specific the plans, the easier it becomes to work out budgets. Budgets will also contribute to the concretizing of the plans and it is ok to go back and change plans if the budgets prove them to be unrealistic.
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Financing merely asks: “How do I raise the funds I will need to start my own business?”
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A good idea is only a good business idea if you are able to make enough money from it for you to live independently. In most cases, once you have your idea, it will need adjusting and further development before it can become a commercial concept. You must develop the best business model for your business
