How To Launch a Successful Business

Many people starting a new business do not give their business or product long enough to be successful. Here are seven quick tips to review to make sure you give your business the right kind of attention and certainly the right kind of launch.

Tip Number One

Before starting, define success for yourself. Is this a side business to get you through the rough times? Is this to eventually be your main pay cheque? Right down a number figure for profit that you expect to reach on a yearly basis sometime in the next three to five years.

By doing this, you don’t lose sight of the ultimate goal. Business in its own right is to create wealth. A business doesn’t exist as a charity. Ergo, it has to make some money. By defining what you want out of it, the business will have an opportunity to meet and beat your expectations.

Tip Number Two

Once you have your main product to sell or to service, you need to get your marketing together. The most effective advertising has a single message about a product. So make a flyer and start sticking it up everywhere you can for free. Here as well, lay out a plan of what your advertising will look like in three to five years.

Take advantage of the internet. Dig up all the free online classifieds for your area and start posting. Free isn’t always better but imagine getting a few sales or commissions to justify your money later in posting ads that aren’t free. Do your research and put make a map of where you are going to go with your advertising, including time limits. If you don’t see any yield from an advertisement, what are you going to do about that? How long are you going to give it?

Shouting the loudest about your product in a variety of different mediums is best. You may well find that one works the best right out of the gate but in a year, that will dry up and now what? Instead, focus on having any number of ways to go. So if you do direct market faxing, then make sure you also do some low cost email. If email seems to work, don’t give up on the faxing or placing flyers around. You simply do not know where your next sale or commission will come from or how these mediums will shift over the years.

Make sure your advertising embraces multiple mediums and that you give each a chance to justify its cost.

Tip Number Three

As word of mouth is such a strong kind of marketing tool and you can’t start it yourself, you may feel somewhat ignored. You have this fabulous new product or service, a newly minted business and yet, the phone isn’t ringing off the hook to start with so what do you do?

You simply can’t wait for word of mouth to happen. Instead, you have to phone up 50 people or visit 50 businesses or get out there and find 50 potential clients and somehow out of that many, get 3 to five sales or commissions. Give them a ten percent break if they will say something nice about you.

Now once you have those basic three or four individuals or businesses, you can get a bit more confident and repeat this until you have around ten people who will tell anybody that your business is great.

Include their testimonials in your advertising.

Tip Number Four

Get a website. This is all year advertising and people don’t even have to phone you or seek you out to read what you have to offer. Businesses without websites and no storefront are at a distinct disadvantage.

Websites can be extremely affordable. I know of several that won’t break the bank. The best kind of website designer is one that can work to your budget and give you a flat rate for a year. Without prices jumping up and down as you make changes, you can actually sleep at night.

Tip Number Five

The great equalizer in the first year that means that whether your business is small next to a giant business is persistence. Most people don’t give their businesses a chance.

Now listen, there are lots of times in life when it would be easier to give up but if you’re talking about something that is really important to you, that you really want to try then quitting is pointless in most circumstances.

However, I definitely will say that if you have taken a lot of debt on for your business and are taking your family down, then maybe quitting would be the high road.

If there is nothing gambled, then OK, persistence will win every time.

Tip Number Six

Consult a business colleague. Find someone who has a similar kind of business and take them out to lunch. Explain that you just want to know someone in the same industry. Often you will find by taking part in this type of discussion that ideas you have can be better improved by being in contact with another business.

And on the other hand, the other business need not fear you because of course you’re new and small. Also, running your own business can be fairly isolating so in most instances, you would be welcome.

If you can’t find one person to talk to and expand ideas with, consider getting involved in a business group in your area of expertise.

Tip Number Seven

In some ways, this should be tip number one. To start a business in Canada, you can expect to sink 50,000 dollars into it for start-up costs. Reading that, a young enterpreneur will immediately run out to the bank or a financial company and hit them up for a loan.

This is how people lose their houses, their families and their possessions.

If you are venturing into business and need a loan, then my suggestion is to go to family.

Look at ways to make your investment in your business in five stages. There is no reason a business has to start big with big expenses. Instead, do your numbers and review them, try to get it down to stages.

For example, you could invest 10,000 dollars right away and get what you need. You could now go out and sell that product and hopefully make that same amount of money back. Take half for your efforts. Invest the other half. Now your company should have 15,000 of investment. Sell another 10,000. Repeat. Now you’re up to 20,000.

By doing things like keeping your business in your house until it grows bigger and full investment is made, you can be reasonably sure you wouldn’t need all 50,000 right up front.

What I’m saying here, is do not take out a loan with fixed terms and costs that can hold you down. Try not to even take on rent for the first little while. Space out your investment.

Do your Math. Remember that you want the profit to be your profit and not the bank’s.

This is a fairly conservative outlook but it has worked for all kinds of great business men and women.

It’s a little like this. If you want to be a millionaire, you’d probably have to be a 10,000 dollars in the bank person first and then maybe 100,000 and then eventually in time maybe closer to a million. It would not happen overnight so why upsize your company and make it so big to start with that you cannot maintain it and the bank loan?

Thse are the main seven tips for starting your business. Good luck to you.

E-business Intelligence

Business intelligence means the information that is valued for its currency and relevance. Business intelligence is expert information of a technology or any other field with which to lead and manage a business. Business intelligence, comprehensive knowledge of ones business, one’s customers, business partners, internal operations and the external competition, helps businessmen better their decision, by gathering and analyzing data in broad technologies and applications.

The same thing applied in electronic business is E-business intelligence. It is a broad and deep knowledge of a particular E-business which helps conduct an e-business in an effective manner. In the specialized field of business intelligence, competitive intelligence, one studies the moves of the competitors and makes decisions accordingly.

Electronic business intelligence will help one’s organization’s electronic business to be in progress. The business man needs to take well informed decisions, which are the sources of competitive benefits, and make forecasts about the conditions one’s business would face.

The electronic business intelligence helps one know the position of one’s business comparing to the competitors. It helps the online customers and their needs according to which one can modify the business. The electronic market, its demography and new customers, future strategies of the company could be can understand with the business intelligence.

Electronic business intelligence helps an organization eliminate guesswork, strengthen coordination among departments and to make immediate response to the changes in business and competitions. This helps the company improve its performance.

Electronic business intelligence should concentrate on the following to make the business move smoothly making high profit. It should understand the changing trends of customer needs and preferences and plan to provide products and services innovatively. It should understand the new customers that are visiting the websites. It should also study what the competitors are making and try to excel them with better moves. The business intelligence should understand the need of presenting an attractive website, which keeps the viewers, read it. Electronic business intelligence provides deep understanding of the internal working of the organization also.

Application software and some technologies are used by the people who work in business intelligence in order to make the data gathering, stored and analyzing to be presented in a usable way. In some businesses, for creating business intelligence data warehouses are used.

There are many tools developed to gather and analyze data by those who work in business intelligence. They are Associative Query Logic, Business Performance Management and measurement, Business Planning, Data Farming, and Data warehouses, Customer Relationship Management and Marketing, Data mining, Decision Support Systems and Forecasting, Document warehouses and Executive Information Systems, Human Resources, Knowledge Management Mapping, Management and Geographic Information Systems, Online Analytical Processing and multidimensional analysis, Statistics and Technical Data Analysis, Business Process Re-engineering Competitive Analysis, Supply Chain Management, Systems intelligence, Information visualization and Dash boarding, Document Management, Enterprise Management systems, trend Analysis, User/End-user Query and Reporting and Text mining.

These applications have minimized and eased the works of the business intelligence, but they have heightened the workability and the profitability of the business to a great extent. The professionals, who have been working as consultant or employees are intelligent group of people. KoreOne takes care and keep informing the professional about the needs from companies. Employers have been provided the same people from KoreOne.

Eight Tips for Successful Business Plan Writing

Entrepreneurs and small business owners often ask what the keys to successful business plan writing are. Obvious mistakes and omissions are pretty common – especially for first-time business plan writers who don’t know how to write a business plan. Fortunately, these mistakes are also easy to avoid. Here are eight tips that will help you write a business plan like a pro!

1. Start with the end in mind – In Alice in Wonderland the Cheshire Cat told Alice, “If you don’t know where you’re going, any road will get you there.” The same applies to your business and your business plan – If you don’t have a goal, you don’t need a plan.

You already know the importance of a business plan, so sit down and outline your goals before starting to write it. Where do you want the business to be in five years? What is the mission of the business? Do you want a large corporation, or do you just want to live comfortably and pay the bills? Do you want your business to be acquired eventually? By answering questions like this and starting with the end in mind, you will be able to focus your business plan in the right direction.

2. Learn about your customers through market research – You might think you know your customers, but have you actually sat down and talked to them? You can create the coolest widget in the world, but if no one wants your cool widgets, your business will be a bust. Talk to your customers. Do surveys. Lead focus groups. Find out where customers are not getting their needs fulfilled and build a product that fulfills these needs. A little market research can go a long way.

3. Be realistic with your financial projections and expectations – Sure, we’d all love to make a billion dollars in our second year of business, but (unless you’re really lucky) it probably isn’t going to happen. Spend a significant amount of time developing your financial forecasts to make them realistic. Don’t just rely on your gut feeling to make the estimates. Use the information that you’ve gathered from your market research and other sections of your business plan. Creating your pro forma financial statements can be a pain, but it’s very important. You may want to consult with an accountant and lawyer.

4. Don’t ignore the competition – Do you really know who your competitors are? A lot of business owners make the mistake of believing that their business exists in a vacuum. Ignoring your competitors is asking for failure. Analyze where they are at currently and where they are heading. Try and predict how they will react to the introduction of your new products and services. A comprehensive competitive analysis is an important step in successful business plan development.

5. Emphasize what makes you different from your competitors – Differentiation is a key to building a successful business and generating interest in your business plan. As you write your plan, try to bring out what makes your products different from the products already offered on the market. This will make your plan much more interesting and attractive to potential investors.

6. Have your business plan reviewed by a third-party – Remember in high school when your teachers told you to have a friend or parent proofread your papers? Well, it’s still good practice to have someone else review your work. A second set of eyes can really help you uncover out the portions of your plan that are confusing or poorly developed. There are business plan review services all over on the internet that you can use. You can also have a trusted, experienced associate read through your plan.

7. Be willing to take risk – Starting a business takes time and money. It’s possible that you’ll never profit from the time and money you invest. Investors will take a risk by giving your business money. Demonstrate that you are also willing to take some level of risk and include this in your business plan.

8. Don’t give up! – Writing a business plan isn’t an easy task. You can use different tools, such as business plan software or templates (I recommend, to help make the task easier, but persistence is your greatest tool. Expect the worst-case scenario. You will run into roadblocks during the process of creating your business plan and starting your business, but you shouldn’t let them stop you. Real success and satisfaction usually comes after lots of effort and hard work.