1. You need an idea, product or service. Put it down on paper. You're more likely to succeed if you plan and have as clear a picture as possible. Put down things like name of the business, what resources you need, short and long term business and financial goals.
2. Chart your way to financial success. What price do you intend to sell your product or service for? How much will it cost you to produce? Work out a roughly estimated profit remembering to factor in fixed costs like rent, energy etc
3. Check out your competitors. What are their strenghths and weaknesses? How much are they selling a similar product for? What other aspects of their business can you improve or add to yours to make it better? For instance, can you offer better delivery and after-sales service? Can you add something to it to make yours different and hence a better price?
4. Put down your Unique Selling Proposition. This doesn't mean that your business idea has to entirely unique, it just needs a unique angle to it to make it stand out a mile from your competitors. Also how are you going to market your product? Via newspapers, a website, through word of mouth? The ability to market your products or service wisely and cost-effectively is vital to keep your business successful both in the long and short-term.
5. What type of business would you like to be? An incorporation, LLC etc. This is important for tax purposes.
6. Now you've got your business plan together, think of how you're going to finance your business initially. The bank, venture capitalists, angel investors, SBA grants(government), your own savings are all options.
7. Once you've secured your finances, get the ball rolling by making your product(s) or service available to customers using your marketing strategy above.
8. Keep a close eye on your running costs and keep them in-line with your projections. Cashflow forecast, profit and loss forecast and sales projections should all be in place so that the real day to day sales and expenses can be measured against these projections.
9. Get you accounts in order right from the start as this will save you tedious work later. If you're not conversant with bookkeeping, it's essential to hire a professional who can so you don't fall foul of the law.
10. Don't be afraid to experiment with your marketing strategy and prices. Test and track all your advertisements. Drop those which don't work and improve on those which bring good results. All the best.
By Ben Bardot
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Guide To Converting Internet Sales Leads
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