Continued from page 1
If you envisage at any time you may need financial help, then you should include your personal business history.
You should also state a clear and concise marketing plan that should demonstrate how your business will differentiate from businesses of your competitors. You should be able to establish whom your customers will be, as well as where your market will be, as in wholesale or retail or a combination of both. You should also be able to determine how long this type of market will be available to yourself.
The next section should clearly define your opposition, as well as their strengths and weaknesses. This should include ways you may be able to exploit any gaps in market in specific area where you live. A section should follow this on how you intend to market and promote your individual services.
A financial segment should be included as to how you intend to manage day-to-day bills of business. How you intend to price your services, and what factors influence this pricing structure, which includes a section on your competitor’s financial structures. This means a fair amount of detective work as well as homework. Get your friends to ask from quotes from local competition. Or try an even more direct approach, tell your competitor’s that you intend to start a new business, and that you do not want to undercut them, as this reduces cake for everyone. They may well offer to help you construct a pricing structure that ensures everyone’s livelihood. It is in their interests to help. Not everyone will be cooperative, but it may mean you can get a truer picture of market factors that govern your area.
Make a list of all equipment you will need in your first year, as well as how and where you intend to purchase. Note any difficulties that may arise in obtaining your supplies. Note whether prices of your supplies have a seasonal fluctuation, that may help you influence you when to buy. You should make a note of any local licenses that will be necessary, as well as any zoning restrictions, that may restrict growth of your business. Your neighbours may not be thrilled at a procession of customer’s to your door, check whether they can restrict your services. Make a study of all your business insurance requirements.
The final segment should be devoted to how you intend to finance growth of your business, as well as isolating what your financial needs will be. This should include a projection on your future earnings, as well as an accurate assessment of your outgoings’. This should be assessed on a monthly basis for first year, and on an annual basis for following three years. An important aspect of financial statement is an assessment of break-even point of your business, in other words minimum you will have to take to pay your expenses.
The purpose of this documentation is to allow you to enunciate what core elements of your business will be, in doing this it should help you to be able to quickly evaluate success of your business objectives. If you are not clear on your objectives then you cannot possibly make a plan to bring about success of those objectives.
Publisher & author: Roy Barker. Roy is author of popular ebook, Income from Photography - a downloadable ebook which guides reader on how to start up and market a Profitable Photography business. It can be viewed at http://www.profitable-photography.com. Other related and reviewed services & research sources can be found at http://www.profitable-photography.com/html/117/ The information on this and adjoining pages may be reprinted and used on other sites providing all information remains unchanged and article and all pages remain as they are found here in its current font size & image with all links in tact.
Publisher & Author: Roy Barker. Roy is the author of the popular ebook, Income from Photography - a downloadable ebook which guides the reader on how to start up and market a Profitable Photography business. It can be viewed at http://www.profitable-photography.com. Other related and reviewed services & research sources can be found at http://www.profitable-photography.com/html/117/