Planning to set up a Business? Plan back from a target date, or dates, ( sales, profit, etc,), not from a start date…
Most people, when starting or planning a business, will plan it from day 1. What sales to I need to get in the first month or year? How do I get first customers? How much funding do I need? Can I afford the marketing? What does the cashflow look like ???
Many new businesses come for advice, having been trading for some time, And the most common interest is, “How do I raise some money or get funding” ?
The approach should be . Set your first targets for the business, say 12 months out, and identify what you need to do to achieve those targets. To include, marketing, sales, and funds/cash. And breakeven numbers.
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One secret of new business success is deciding where you want the business to be in say, 1, 2 and 3 years. Then work back from those points, with a business plan, and using the experience and advice from at least three successful business people.
This early advice may cost a small amount in relation to the potential sales and profit from the business. But if you do not recognise the need to seek advice, and are not prepared to pay a relatively small amount for that advice…. Be prepared to join many other startups which never reach real profitability. Or those who have to come and seek funding a few months into operating.
Free initial business reviews and advice are available, and the first question will be, ‘What do you want from the business in 1 year, and long term’? And this applies to ‘one person’ businesses, and ‘companies’ with premises and staff.
For a ( free ) BUSINESS IDEA REVIEW:
Email:
info@startupassist.uk or info@croydonbusinesshub.co.uk
Or Tel:
07870 568189