Step 6 – Research demand for your business It is important to know what demand is for your product, before spending large amounts of capital on your business. Do not go off your ‘gut instinct’ as to whether there are droves of people waiting to buy your product. The simple rule is this – if demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organisations have a USP clearly defined that helps them stand out from rest. Secondary research can be conducted from your home (via Internet), library and some government offices, that can help you ascertain levels of demand for your product or service. Primary research – talking to your target audience and gathering data yourself – may be needed. This is by far better option of finding out results know, rather than spending your savings and capital on a business that gives a low or negative return in future.

Step 7 – Set your marketing goals Having completed market research and defined why you want to do business in first place, you will need to set some marketing goals. These are goals that relate to your product, your price, your distribution or provision of service, and your promotions. So many organizations want to start at this end of planning process, but they miss most important areas. Your marketing goals will need to be measurable and help you reach your primary objectives for your business. For example – how many products will you sell? What product development strategy will you have? What are your price margins? How will you deliver your product or service to your customer? How will your customer know about you, and how will you promote your business? These are all sample questions designed to generate ideas and goals for marketing of your business.

Step 8 – Define your marketing strategy Having defined your marketing goals, you will need to plan in detail how you will achieve these goals. How many items will you produce, and at what price margin (that will give you your desired revenue goal)? What delivery system and what geographical area will you cover? In what areas and how will you promote your business? Will you use TV, radio, or print advertising – or all three? You can be very specific if you have to, as this is one of major plans you will be referring to through course of your business life, so be comfortable with it and know how to use it.

Step 9 – Take Action! This is MOST important step of all. Take action! All of preparation in world will never earn you a single dollar if you don’t actually open your doors and make phone calls that will bring customer to you. Even if your business planning process has highlighted that maybe this area of business isn’t for you – don’t let that stop you from finding one that is. If your ultimate dream is to be happy, healthy and wealthy, then there is a business for you. If you are doing something everyday that gets you closer to your ultimate goal, then your business plan will provide direction and focus for journey. So, begin taking action today, and reap rewards that will follow.

TEENAGERS: This is group you need to get! There are so many things that a teen can get involved with (sports, music, friends, drugs). Wouldn’t it be nice if what they are involved with were your business? If you have been giving them jobs as younger children then most likely they are already involved. If you are just getting started with your business and/or getting to those teens, try giving them some things that they might not expect that you would delegate to them (typing a letter or making a call to a supplier to place an order). Let them see that you have confidence in them and they will respond likewise.

Our teen daughter makes her own jewelry so we decided to make it a part of our business with a section of our website dedicated to her creations only. After seeing this, our oldest son decided he wanted something to do, so he started making wood-burned signs. We added a page for him also. They both are very proud of fact that stuff they are making is actually on web. It has gotten them very interested in what we do as a family business and allows us to get them even more involved as time goes by.

In conclusion, do whatever you can to get your family involved. Not only will it alleviate some of your workload, it can truly draw you family closer together.