Budgeting to make a profit (Feasibility)
how much does your stock cost? (or internal costs of completing a job)
what are your overheads? eg rent, electriticy, and all other costs neccessary to run your business, but not specifically related to a sale
what reward do you expect back for your financial and time investment?
therefore, how many units do you need to sell, and what markup on stock do you need to cover your costs and gain suitable reward.
what happens if you don't sell enough units, what is the minimum you n
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Competitive analysis
Don't compete on price. Don't ever compete on price. Only the big guys can compete on price. if you are reading this guide, then you probably do not have the millions of dollars you need to invest in warehousing, nor should you work for minimum wage, which is what big guys pay their staff. If you even have a hint of success in betting the big guys margins, they will just change their price, and you're out. Competing on price is not sustainable.
Compete on customer service! Have more customer c
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Future / Growth
You're not going to get rich over night. You need to work hard. Things will happen slowley
Where do you want to be in 1 year? in 5 years? 10 years?
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Training and Business Advice
Biz Info have local centers all over the country. They provide free training and business advice and mentoring. This is a government initiative. Even if you don't require the training, it's a great networking opportunity
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Create a Business Plan
What to include in your business plan
Overview: What is it you are selling in 30 words or less? What is your 30 second elevator speech?
Business Information: Owner(s), Staff, Skills, Current Turnover
SWOT Analysis: Strengths, Weaknesses, Opportunities and Threats
Marketing Plan: Who are your target customers? How are you going to find new customers?
Financial Information: Turnover, Sale and cost prices of most popular items, Investment/loans
Impementation Schedule: Planned milestone
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