Posted 20 hours ago

Starting a Business For Dummies, 4th Edition, UK Edition

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Most experts recommend that new entrepreneurs create a business plan—but what is a business plan, exactly? And do you really need one? Many new businesses fail because they run out of cash before they can earn a profit. However, It’s never a terrible idea to overestimate the amount of starting capital you’ll need because it can take a long time for the business to generate sustainable revenue. Below are what to do Conduct a break-even analysis. Attend business events and training to help you develop the tools, skills and knowledge required to start your business. Use our Events and training finderto find out what’s on near you or online. But even with the right team, there is no success without some failure. And that was a lesson Jordan imposed upon Shaq after the Chicago Bulls swept the Orlando Magic in the 1996 Eastern Conference Finals.

Keep your clients well informed. When clients spend their money on you, they want to be kept apprised of your progress, not only to stay in touch with the project, but also to keep a watchful eye out for problems before they get out of hand. Whether the news is good or bad, your clients and customers appreciate forthrightness and candor.Be flexible. Customers and clients appreciate vendors who are flexible and willing to meet their needs — and they often pay more for it. Think about what you can do in your business to better meet your customers’ needs, and then do it.

Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound). Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead. What Kind of Business Should You Start? Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping. Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.If you announce to a friend that you intend to start a business, that friend will ask how it’s going every time you meet. The need to report progress should be enough to motivate you to make at least some headway. Nothing is better than to have a friend keep nagging you about your great idea — that’s what friends are for! Leave your job

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