This document provides an overview and guidance for starting a business. It discusses introspecting on one's skills and vision, defines the target market through research, outlines steps to formally structure the business such as choosing a name and legal form, and emphasizes the importance of a business plan to identify strengths/weaknesses and guide operations. The document is from Neusource, a company that offers outsourced accounting, taxation, and management support services to startups and small businesses.
The document discusses various types of entrepreneurship and entrepreneurial resources. It describes nine main types of entrepreneurship: small business, large company, scalable startup, social, innovative, hustler, imitator, researcher, and buyer. It also discusses tangible resources like money and equipment as well as intangible resources such as networks and experience that entrepreneurs can utilize. Sources of startup financing are also briefly mentioned.
Your CUSTOMER is! Most entrepreneurs and businesses dive into a project or a business because they think they know exactly what the customer needs or wants. And... how do you think that has worked out for them? Exactly. Not that great.
Imagine what you could create if you changed your mindset and looked at your customer as if they were your boss. What would you do?
Starting a small good business in nigeria oct 2009Rose Azuike
The document provides advice for starting and running a successful small business. It emphasizes the importance of experience, research and development, education and training, mentors, and financial discipline. Location and marketing are also highlighted as important factors. The key recommendations are to gain experience in the industry before starting, conduct thorough market research, continue learning and improving skills, and reinvest profits back into the business for growth.
The document provides tips and advice for starting a new organization across 11 chapters. It discusses making meaning and mantras in chapter 1, positioning in chapter 2, pitching in chapter 3, writing business plans in chapter 4, bootstrapping in chapter 5, recruiting in chapter 6, raising capital in chapter 7, partnering in chapter 8, branding in chapter 9, rainmaking in chapter 10, and being ethical in chapter 11. The overall guidance emphasizes focusing on customers, building the business first before fundraising, hiring for strengths over weaknesses, and conducting oneself with integrity.
This document provides advice from small business owners on growing a business. It includes tips such as:
- Focus on understanding the overall market for your product, including customers, competitors, and retailers.
- Plan strategically by always thinking 5 years ahead and setting milestones to work towards.
- Invest in market research to understand potential new markets before expanding.
- Communicate regularly with your bank to keep them informed as your business changes and grows.
- Make sure any investors understand your full vision to provide useful feedback beyond just funding.
This document provides information for starting and operating a small business in New Zealand. It includes a business questionnaire to help assess readiness for business ownership. It also covers topics like business structures, registering company names and trademarks, keeping records, franchises, marketing, telecommunications, getting business loans, and more. The document is part of a series providing local business resources and advertises related services.
Business Start Up Toolbox with Kristen BuzzairdPeopleFund
Session provides an overview of the essential resources, tools and solutions that every Business Start Up needs to know about. I will cover resources, tools and solutions related to the following areas: *Business Planning *Time Management *Financial, including securing capital,capital resources/options, financial planning and management *Marketing Strategy and Planning *Networking *Human Resource *Legal and how to avoid the top 10 mistakes when starting a business.
This business plan outline provides guidance on the key sections to include when creating a business plan. It recommends including a cover sheet with business contact details, a statement of purpose outlining the funding needs and impacts, and a table of contents. The main body should describe the business, products/services, industry overview, competition, market analysis, location factors, management team, and financial projections including sources and uses of funds, income statements, balance sheets, and cash flow statements. Supporting documents such as resumes, references, licenses and permits should also be included. The goal is to provide all relevant information to evaluate the business opportunity and funding request.
This document discusses business planning and the importance of experimentation. It begins by outlining what will be covered in the business planning module, including getting back to basics on business plans, debunking common myths, improving plans over time, and learning from experimentation. It then discusses what business plans are and why they are important, addressing myths around business planning. The document emphasizes that while planning is important, experimentation is also critical for building resilient businesses and planning for difficulties. Business plans should incorporate learning from previous attempts and focus on addressing investors' main concerns around the executive summary, management team, and financials. Overall, the document promotes balancing thorough planning with a willingness to test assumptions and adapt plans based on real-world feedback
The document provides 10 tips for launching a new business: 1) have passion for your business idea, 2) conduct research to gather information, 3) surround yourself with positive and professional people, 4) set clear and measurable goals, 5) be willing to take moderate risks, 6) remain adaptable to changes, 7) be proactive once your plans are set, 8) differentiate your business to attract customers, 9) keep things simple, and 10) secure necessary financing. An entrepreneur should have traits like autonomy, determination, optimism, flexibility and the ability to learn.
Nesta creative toolkit_book_1_arrivals_and_destinationsTẠ MINH TRÃI
Opportunities for young creative practioners and creative entrepreneurs to acquire and broaden first-hand knowledge and skills for the future business initiatives.
In order to support to the growth of the Creative Economy in Vietnam, British Council collaborates with Vietnam Chamber of Commerce and Industry and the Investment & Trade Promotion Centre of Ho Chi Minh City to organize a four-day Training Programme for Creative Entrepreneurs in Hanoi and Ho Chi Minh City. The programme has been successfully implemented in various countries worldwide by the leading innovation organization Nesta from the United Kingdom.
Attending the Training Programme, creative entrepreneurs are defined as young people with creative idea/initiatives who start their business and young creative entrepreneurs trading up to 24 months. They should work in any of creative industries, including advertising, architecture, arts and antiques, crafts, design, designer fashion, film and video, leisure software, music, performing arts, publishing, software and computer services, television and radio.
Percy Emmett, a highly experienced specialist trainer and strategist in all areas of creative and cultural industries from the United Kingdom, will be the trainer in the Programme. With the extensive experience with setting up and running creative businesses building annual income of £1.7m, he is an expert in business development and mentoring from idea to setup, as well as change management covering all aspects of personal and professional skills, business diagnostics, business planning and finance.
During four days, participants have a chance to enroll on four sessions:
1. Listening and Values Modelling
2. Customer profiling & Future Evidence Modelling
3. Financial and Relationship Modelling
4. Drivers, Business as a Promise and Blueprinting
These aims will enable them to explore their idea and its viability and to enhance leadership, business planning, relation building, resources managing, marketing and financial skills.
Covers answers of two majorly asked questions in the field of entrepreneurship and the questions are-
What makes your business unique in 21st century and how can you get success?
Elaborate challenges or threats on entrepreneurship in 21st centuries and how they are converted to opportunities?
Opportunities for young creative practioners and creative entrepreneurs to acquire and broaden first-hand knowledge and skills for the future business initiatives.
In order to support to the growth of the Creative Economy in Vietnam, British Council collaborates with Vietnam Chamber of Commerce and Industry and the Investment & Trade Promotion Centre of Ho Chi Minh City to organize a four-day Training Programme for Creative Entrepreneurs in Hanoi and Ho Chi Minh City. The programme has been successfully implemented in various countries worldwide by the leading innovation organization Nesta from the United Kingdom.
Attending the Training Programme, creative entrepreneurs are defined as young people with creative idea/initiatives who start their business and young creative entrepreneurs trading up to 24 months. They should work in any of creative industries, including advertising, architecture, arts and antiques, crafts, design, designer fashion, film and video, leisure software, music, performing arts, publishing, software and computer services, television and radio.
Percy Emmett, a highly experienced specialist trainer and strategist in all areas of creative and cultural industries from the United Kingdom, will be the trainer in the Programme. With the extensive experience with setting up and running creative businesses building annual income of £1.7m, he is an expert in business development and mentoring from idea to setup, as well as change management covering all aspects of personal and professional skills, business diagnostics, business planning and finance.
During four days, participants have a chance to enroll on four sessions:
1. Listening and Values Modelling
2. Customer profiling & Future Evidence Modelling
3. Financial and Relationship Modelling
4. Drivers, Business as a Promise and Blueprinting
These aims will enable them to explore their idea and its viability and to enhance leadership, business planning, relation building, resources managing, marketing and financial skills.
This document provides 50 business tips from small business owners and experts on various topics such as starting a business, growing your customer base, and managing cash flow. The tips are grouped under relevant section headings.
The tips in the "How to Start Your Business" section focus on planning, persistence, partnering with others, and promoting your business from the beginning. Tips in the "Grow Your Customer Base" section include giving customers confidence to try your product or service, utilizing social media effectively, focusing web strategy, and nurturing existing customers. Tips in the "Manage Your Cash Flow" section focus on timely payment of invoices, engaging with creditors early if needed, and keeping on top of bank reconciliations.
Nesta creative toolkit_book_3_choosing_your_pathTẠ MINH TRÃI
Opportunities for young creative practioners and creative entrepreneurs to acquire and broaden first-hand knowledge and skills for the future business initiatives.
In order to support to the growth of the Creative Economy in Vietnam, British Council collaborates with Vietnam Chamber of Commerce and Industry and the Investment & Trade Promotion Centre of Ho Chi Minh City to organize a four-day Training Programme for Creative Entrepreneurs in Hanoi and Ho Chi Minh City. The programme has been successfully implemented in various countries worldwide by the leading innovation organization Nesta from the United Kingdom.
Attending the Training Programme, creative entrepreneurs are defined as young people with creative idea/initiatives who start their business and young creative entrepreneurs trading up to 24 months. They should work in any of creative industries, including advertising, architecture, arts and antiques, crafts, design, designer fashion, film and video, leisure software, music, performing arts, publishing, software and computer services, television and radio.
Percy Emmett, a highly experienced specialist trainer and strategist in all areas of creative and cultural industries from the United Kingdom, will be the trainer in the Programme. With the extensive experience with setting up and running creative businesses building annual income of £1.7m, he is an expert in business development and mentoring from idea to setup, as well as change management covering all aspects of personal and professional skills, business diagnostics, business planning and finance.
During four days, participants have a chance to enroll on four sessions:
1. Listening and Values Modelling
2. Customer profiling & Future Evidence Modelling
3. Financial and Relationship Modelling
4. Drivers, Business as a Promise and Blueprinting
These aims will enable them to explore their idea and its viability and to enhance leadership, business planning, relation building, resources managing, marketing and financial skills.
Nesta creative toolkit_book_4_in_it_for_the_long_haulTẠ MINH TRÃI
Opportunities for young creative practioners and creative entrepreneurs to acquire and broaden first-hand knowledge and skills for the future business initiatives.
In order to support to the growth of the Creative Economy in Vietnam, British Council collaborates with Vietnam Chamber of Commerce and Industry and the Investment & Trade Promotion Centre of Ho Chi Minh City to organize a four-day Training Programme for Creative Entrepreneurs in Hanoi and Ho Chi Minh City. The programme has been successfully implemented in various countries worldwide by the leading innovation organization Nesta from the United Kingdom.
Attending the Training Programme, creative entrepreneurs are defined as young people with creative idea/initiatives who start their business and young creative entrepreneurs trading up to 24 months. They should work in any of creative industries, including advertising, architecture, arts and antiques, crafts, design, designer fashion, film and video, leisure software, music, performing arts, publishing, software and computer services, television and radio.
Percy Emmett, a highly experienced specialist trainer and strategist in all areas of creative and cultural industries from the United Kingdom, will be the trainer in the Programme. With the extensive experience with setting up and running creative businesses building annual income of £1.7m, he is an expert in business development and mentoring from idea to setup, as well as change management covering all aspects of personal and professional skills, business diagnostics, business planning and finance.
During four days, participants have a chance to enroll on four sessions:
1. Listening and Values Modelling
2. Customer profiling & Future Evidence Modelling
3. Financial and Relationship Modelling
4. Drivers, Business as a Promise and Blueprinting
These aims will enable them to explore their idea and its viability and to enhance leadership, business planning, relation building, resources managing, marketing and financial skills.
How to start your small business in india (slideshare)deAsra Foundation
Small businesses are the backbone of the Indian Economy. As per the MSME report, there are over 36 million small businesses in India providing employment to over 80 million persons. Small businesses contribute over 8% to the GDP and account for 45% of the total manufacturing output and 40% of the export from India. The Government of India recognizes the tremendous contribution made by small businesses and support them through a number of subsidy schemes and initiatives. In this article, we look at how to open a small business in India.
Pivoting in business has become a popular topic in the startup world. Pivoting can't be done in a random manner and you should know how to pivot effectively.
Mortgage Banking Branch Manager ResumeJames Werner
James C. Werner has over 15 years of experience in mortgage lending and real estate investing. He has worked as a branch manager and loan officer for several mortgage companies. He currently owns a commercial property that could be leased for a mortgage lending office. He also has experience in real estate assessment, education, and the military.
The document provides an overview and details for a proposed teen comedy film, including:
- The film will follow stereotypical high school characters and their drama.
- It will focus on the popular girl falling for the nerd rather than the jock she was expected to date.
- The budget is estimated to be $20 million based on research of similar successful teen films.
- The release date will be in the summer to target teenage audiences on break from school.
особенности качественного контроля эффективности онлайн бизнеса с помощью Goo...Adlabsslideshare
Евгений Черный
Старший аналитик в компании ADLABS-Украина
Старший аналитик в компании ADLABS-Украина, одной из лидеров на рынке интернет-маркетинга в Украине.
Сертифицированный специалист в Google Analytics и практик с серьезным опытом. Евгений имеет большой опыт выступлений на профильных конференциях по интернет-маркетингу и веб-аналитике. Ведет обучающие семинары по Google Analytics, дает рекомендации и консультации.
Тема: Особенности качественного контроля эффективности онлайн-бизнеса с помощью Google Analytics
Lucian and Griffith arrive at the fallen Kraken Empire to find the evil wizard Satan has taken over the throne. They accept a quest to kill the wizard imprisoning the rightful Emperor Lucifer on a mountain. After overcoming dangers and uniting against Lucifer, they succeed but find the people still uneasy under Satan's rule.
Investigué sobre la cantante, sus rasgos físicos, psicológicos y su historia, gracias a eso pude sacar conclusiones y puntos importantes que son característicos de ella, con los cuales me guié para realizar el Tipograma.
Este documento describe las propiedades de las funciones radicales dependiendo de su ecuación. Explica que si la ecuación es baxy + + = la función está en el primer cuadrante y es creciente en todo su dominio, mientras que si la ecuación es baxy + - = la función está en el segundo cuadrante y es decreciente en todo su dominio.
Low-key lighting is used in the music videos for Queen's "Bohemian Rhapsody" and Michael Jackson's "Thriller" to create mysterious, sinister, or god-like atmospheres. High-key lighting is used in Coke advertisements to portray happiness and make the product seem appealing, while the John Lewis Christmas ad "Man on the Moon" uses low-key lighting to depict a lonely, desolate mood that is later lifted by colorful balloons. Different lighting techniques are employed in different media to emphasize particular meanings or feelings.
This research aims to develop a new type of sustainable and rechargeable battery for electric vehicles using electrically conducting plastics, metal electrodes, and novel solvents called Deep Eutectic Solvents. The goal is to construct and test a battery prototype. Current lithium-ion and lead-acid batteries have safety and capacity limitations. This new battery works through the deposition and dissolution of zinc during charging and discharging. Testing will examine charge storage, ion transport, and electrode structure to understand the battery's performance.
Leah Hannaford discusses the benefits and challenges of open educational resources (OER). The benefits include saving learners money, long-term access to course materials, collaborative nature, adapting to a connected world, and enhancing or preserving changing/disappearing subjects. However, challenges include finding high-quality materials across subjects, integrating OER into existing information systems, spending time informing learners and teachers, understanding copyright differences, and maintaining effort to create better systems.
Tuna: Elect the Perfect Protein Catch [INFOGRAPHIC]Food Insight
To celebrate this campaign season, we're sharing campaign posters for some of our favorite nutrient-powered foods. Take a look at our second candidate- tuna fish - to check out its vitamins, protein, and Omega-3s!
This document contains photos and captions from the 2016 Rio Olympics featuring athletes from various countries competing in different events across many sports. The photos show swimmers, gymnasts, boxers, weightlifters, beach volleyball players, water polo players, fencers, table tennis players, archers, judokas, handball players, and rugby and football players experiencing moments of competition, celebration, focus, disappointment and emotion. Nationalities represented include Japanese, Lithuanian, Chinese, American, Italian, French, Russian, Slovakian, Polish, Australian, Austrian, Dutch, South Korean, Colombian, Romanian, Nigerian, Brazilian, German, and Fijian.
The document discusses reflections on the September 11th terrorist attacks in 2001 and facts about the victims. It asks where people were during the attacks, their age, and how they learned about it. It then discusses the South Tower attack and patriotism in America, asking if people are proud of their country and to provide five reasons why it is a good place to live.
This 12-step document outlines the process for starting a business, beginning with taking a skills and interests inventory to determine the right business idea. It recommends thoroughly researching and evaluating the business idea by analyzing the target market and competition. Finally, it stresses calculating all startup costs and writing a full business plan to guide the venture. The 12 steps provide a systematic approach to launching a new business from identifying an idea through planning finances.
Clarity Focus Action - for business with marketing departments of one.Shannon Eastman
The document discusses providing a different input for businesses to help them achieve better outputs and success. It promotes developing clarity, focus, and action. The document states that clarity involves exploring human behavior and leadership principles to apply to business. Focus is about creating a new, practical business strategy rather than old models. Action means identifying the most effective starting point to move the business forward over time. Support involves accessing tools and resources to help momentum. The overall message is that businesses need clarity, focus, and action supported by the right resources to improve outputs.
This document provides a summary of key tips for entrepreneurs raising money from informal investors like friends and family. It cautions that financing agreements often favor investors over entrepreneurs, and provides 5 tips to look out for:
1) Don't give first investors pro-rata rights to maintain ownership through future rounds as this sets a precedent that discourages later institutional investors.
2) Avoid giving too many people rights to be overly involved in decision-making as this can lead to needing approval from many shareholders.
3) Beware of liquidation preferences that allow investors to get their money back before common shareholders in an acquisition.
4) Watch out for redemption rights that let investors force the company to buy back shares
The document provides information on how to start an insurance business, outlining the steps of writing a business plan, calculating startup costs, obtaining licenses and permits, choosing a business structure and location, and deciding between opening a branded or independent agency. It also discusses factors to consider such as market research, competitive advantages, and funding options to successfully launch an insurance agency.
This document outlines 5 essential steps to starting a successful recruitment business: ideas, business plan, funding, management, and attitude. For ideas, thorough research is key to developing a unique brand identity and business name. The business plan should include goals, marketing strategy, costs, and financial forecasts. Funding options include family, banks, crowdfunding, and invoice financing. Proper management of operational, legal, financial, technology, and marketing aspects is important. A passionate attitude with a focus on candidate placement and adapting to changes will help the business succeed.
The document provides strategies for starting a business while still employed. It discusses 7 financing ideas: 1) Continue drawing a reduced salary by asking your employer for reduced hours to start a business. 2) Develop another income stream through freelancing or moonlighting. 3) Reduce expenses by analyzing discretionary spending. 4) Borrow through refinancing or loans while still employed. 5) Identify a business niche by targeting a specific group. 6) Create a basic marketing plan addressing products/services. 7) Manage fear of starting a business by getting support and setting goals. The strategies aim to allow transitioning from employment to self-employment without a significant drop in income.
The document provides information on running a business successfully, including:
- Key topics that will be covered are the meaning and definition of business, factors for business success, how to run a business, and tips for a successful business.
- Some of the most important factors that can impact business success are market demand, building the right team, leadership preparation, networking, competitive analysis, pricing strategy, and long-term goals.
- To run a business well requires skills like great marketing, drafting a clear business plan, innovating, developing a strong company culture, focusing on financial goals, refining processes, using the right tools, and having a support system. Maintaining organization, records, creativity, focus,
This document provides advice on building a successful business. It emphasizes establishing God as the cornerstone of one's business and having a strategic vision. It stresses the importance of understanding the market, having capable management, and strong financial controls. The document warns that businesses can fail due to uncontrolled cash flow, insufficient sales, high costs, or incompetent managers. Overall, it presents building a business as requiring hard work, perseverance, and focusing one's efforts on developing a niche in the market.
This e-book provides 8 tips for startups: 1) Get a mentor for advice and connections, 2) Have a savings fund for unexpected expenses, 3) Expect no salary in the startup phase, 4) Develop a solution to a market need, 5) Become a networker to build relationships, 6) Plan and budget cashflow tightly, 7) Work twice as hard as employees, 8) Understand technology and market trends. It also advertises C8 Chartered Accountants for business services like accounting, tax, and consulting. The author, Royston Benjamin, founded C8 CA to provide personalized services to entrepreneurs.
So you want to start a social enterprise?Pilotlight
As the funding climate for charities becomes increasingly challenging, many are seeing social enterprise as a way of diversifying their income streams to create a sustainable business model. However, with failure rates for new businesses in the private sector running at nearly 50% in the first five years, how can charities give their ideas the best chance of converting to ventures that deliver?
At Pilotlight we bring teams of business leaders, our Pilotlighters, together with charities and social businesses to give them the strategic support they need to become more efficient, effective and sustainable. We asked some of our Pilotlighters who have built their own businesses, to share the questions that they think every organisation should ask before starting a social enterprise. They’ve also provided the answers that we hope will help you think through and start to plan your new venture.
Q1: Why set up a new business?
Q2: Who are our customers and what are they looking for?
Q3: What do we want the business to look and feel like in a few years time?
Q4: Will we have the cash available to fund what we need, when we need it?
Q5: What might go wrong and how could we respond?
Q6: Do we have the capability to deliver the social enterprise effectively?
Q7: How do we build the right team to plan and launch it?
Q8: How will we build customer awareness and demand for our offering?
Q9: How do we make sure that our current employees and volunteers don't see the social enterprise as a threat to what they do or what the charity does?
Q10: How do we know if we’re making progress?
Q11: We have never attempted anything quite on this scale, how do we set ourselves up for success?
Q12: What kind of partnerships will help us succeed?
Other things to consider
The document advertises a business growth masterclass for business owners. The masterclass covers various topics to help businesses grow, including developing a clear business vision and strategy, understanding customers and competitors, effective marketing, sales, finance, building a strong team, and exit planning. The monthly sessions are held over tapas at a private venue, and participants are asked to implement one thing each month in their business to see tangible results from the lessons.
A business plan outlines the key elements needed to start and run a business successfully. It includes a mission statement describing the business's purpose, a SWOT analysis identifying strengths, weaknesses, opportunities, and threats, and financial projections like sales forecasts and profit/loss statements. An effective marketing plan is also essential to explain how the business will attract customers and differentiate itself from competitors. Regularly reviewing and updating the business plan helps ensure all business activities align with goals and makes needed adjustments.
How to Start a Successful Small Business: Tips to Startup EntrepreneursPowerHomeBiz.com
What do you need to successfully start a small business? Here’swhat a startup entrepreneur needs to do to increase chances for success. For complete article visit http://www.powerhomebiz.com/blog/2010/05/tips-to-startup-small-business-entrepreneurs/
Heads-up with financial startups: tips to be successfulAdam Greene CPA
After thinking it over and over, have you decided to quit your job and become an entrepreneur? Good for you!! There are hundreds of opportunities out there and even though starting a business might not be easy, I applaud you being brave enough to follow your dream. And as building a company or brand takes a lot of time and effort, I would like to share some financial tips that I hope will keep you from making very common mistakes that can lead to a step back in your process.
Stephen Akintayo is the CEO of several companies in Nigeria including Gtext Media and Investment Limited which provides services such as digital marketing, website design, SMS marketing and more. The document discusses characteristics of successful entrepreneurs such as having courage, passion and discipline to achieve their goals and visions for their businesses despite facing fears and doubts. It also emphasizes the importance of telling your personal story, creating valuable products and services, hiring capable people, gathering customer feedback to scale effectively, and continuously developing your skills and confidence.
1. Temporary Staffing in Finance & Accounts; including arranging v-CFO
2. Process Outsourcing; like backlog completion or payment follow-up etc.
3. Assurances like Stock/ Asset Verification, Vendor verification/ Process assessment etc.
4. System/ Process Documentation like developing operations/ HR manual etc.
5. CSR Project consultation for Planning, Implementing, Reporting, Assessment
Being a Management & Business Growth Consultant; we offer lot of conventional & unconventional corporate services related to Business Management, Taxation and Finance/ Accounts etc. We may support for
1. Temporary Staffing in Finance & Accounts
2. Process Execution/ Outsourcing
3. Assurance/ Market Survey
4. System/ Process Documentation
The document discusses HR initiatives at Neusource to build a great team. It emphasizes developing individual skills and working towards common goals. Each member of the team should understand their role and contribute their capabilities fully. Training programs are designed to develop the required skills to help each employee reach their potential and become a star player. The weak links in the chain will be left behind.
The document discusses HR initiatives at Neusource to build a great team. It emphasizes developing individual skills and working towards common goals. Each member should understand their role and contribute their capabilities fully. Training programs are designed to develop the required skills to help each employee excel. The document encourages all employees to develop their potential and strengthen the organization.
The document discusses common reasons why taxpayers receive income tax notices from the tax authorities. It outlines 10 mistakes that could trigger a notice, such as not filing tax returns if income is over Rs. 2 lakhs, not filing by the due date, discrepancies between Form 26AS and tax return, not reporting all sources of income including interest and previous employment, and not responding to notices from the tax department. The tax authorities now have an integrated database to track financial transactions and catch discrepancies, so taxpayers should be careful to avoid errors that could lead to an income tax notice.
Do we really have attained successful business model?
Are we getting repeat business?
Does our margins are in line with industry (rather should be better)?
What is our Market Share & how to increase it?
Do we really have a performing team?
Does our organisation possess required leadership skills?
Do we have open mind set for innovation & growth?
Does financial crunch crossing our Way?
Does our control systems working properly
The document discusses project management and operations control at Neusource. It outlines Neusource's workflow process which consists of logical, connected steps to remove overlapping tasks. Workflows are used to apportion assignments, provide status updates, and calculate resource efficiency. Instructions and information sharing are key to client satisfaction and operational control. The hierarchy ensures senior managers plan and guide projects while executives perform activities and report progress. Ongoing analysis of reporting and trends is helping to improve control, reduce costs and increase client satisfaction. Future plans include more automated processes to further standardize operations.
The document provides an overview of finance basics for managers. It covers key topics like the basics of financial management, understanding financial statements, financial analysis and decision making, and projecting financial scenarios for project management. Some key points include defining accounting and bookkeeping, explaining the purpose and limitations of financial statements like the balance sheet, income statement, and cash flow statement, discussing various financial ratios for analyzing liquidity, profitability, solvency, financial stability, and management efficiency, and introducing techniques for projecting costs and revenues of potential projects through cost benefit analysis, net present value, and return on investment.
Neusource provides full outsourced accounting, taxation, and banking services to help businesses focus on their core activities. They handle all accounting, tax filings, bank documentation, statutory compliance, and consulting. Neusource aims to save clients' time and money by avoiding losses from staff turnover and ensuring all legal requirements are met. Their services are tailored to each client's needs and include ongoing support through on-site executives, managers, and consultants.
CRM stands for customer relationship management. It allows companies to coordinate their approach to customers across departments and channels through a centralized database. This database contains customer profiles with their purchase histories and details of all interactions. CRM aims to provide personalized customer service by understanding each customer's individual needs. It benefits companies by building stronger customer relationships and increasing profitability through better customer retention and cross-selling opportunities.
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Entrepreneurial guide
1. NEUSOURCE
ENTREPRNEURIAL
GUIDE
WE SALUTE TO THE
ENTREPRENEURIAL SPIRIT
IN EVERYONE
Place Photo Here,
NEUSOURCE PROCESS OUTSOURCE PRIVATE LIMITED
Otherwise Delete Box
WWW.NEUSOURCEINDIA.COM
2. “ENTREPRENEURS ARE OFTEN SO PASSIONATE ABOUT THEIR IDEAS, THEY CAN LOSE
OBJECTIVITY.”
—NANCY A. SHENKER
Introduction
If you’re thinking of starting a business, you’re indeed a right place. Neusource has a very
rich experience of helping young entrepreneurs and business start-ups. Small & Medium
businesses are the most vital part of India’s GDP and government also provides many
benefits & run various schemes to help and support them out.
However, between your first flash of inspiration and starting an established business, there
are many decision points and hurdles. Just to bridge that gap we at neusource are ready to
help out you guys and wish your great success. You can ask any query/ doubt related to your
start-up business, to us at neusource and we shall provide you all crispy knowledge and
support. Apart from this we shall also be helping you & extending you our support for all
tax, accounting & management related problems.
About this guide
From drafting a business plan to finding the start-up money, this guide will help and explain
what you need to know and where you can find the information.
But any guide cannot be an exhaustive list of information – there are literally hundreds of
other information that you may need to check out, so use the Internet and visit your library
or bookstore to track down more information.
Keep this guide as your starting introduction towards starting & managing your business.
Keep faith in you and us as your accounting, taxation & management partner; and always
say that YES, I CAN DO IT.
3. Business Start-up
STEPS TO YOUR BUSINESS START-UP
1.
Vision
2.
Market Analysis
3.
Business Plan
4.
Financing
5.
Set up
6.
Promotion
7.
Management
CONTENTS COVERED IN THIS GUIDE
1.
2.
Introspection
3.
Working from Home?
4.
Defining your Market
5.
Building Your Plan
6.
Formal Structuring
7.
Finding the Money
8.
Learning the Ropes
9.
“We understand worth of your
Dreams”
Getting Started
Getting the word out
10. Finding the Balance
“WE ARE IN THE BUSINESS OF HELPING BUSINESSES”
—TEAM NEUSOURCE
4. “Getting Started”
You have a great idea, and you
wonder why no one thought of it
before. Before you start filling out
loan applications or renting office
space, ask yourself some tough
questions – and be prepared to do
your homework.
Just answer our introspection to start
with:
Introspection
Place Photo Here,
Otherwise Delete Box
1. Do you have what it takes to be your own boss?
To manage a successful business, you’ll need:
Passion for your idea and the ability to communicate it to others.
Motivation to develop a plan and to work hard to carry it out.
Problem-solving skills.
Multi-tasking skills to handle a hundred details at once, as well as develop
and manage your business strategy.
Self-confidence: trust in your decisions and people skills.
Flexibility to recognize and adapt to change, opportunities and unforeseen
developments.
Ability to sell yourself and your products or services.
Persistence to see your idea through.
5. 2. What’s your vision?
Why do you want to go into business? Is it to follow your passion, take control of your
life and career, achieve influence and success, or become financially independent? How
would a business help you achieve that? How do you expect things to look three years
down the road? See “Building Your Plan,” page 8.
3. Who might want to buy your product or service?
It’s all about people. Your decisions on everything from product to price to location need
to be based on the characteristics and needs of your potential customers. See “Defining
Your Market,” page 6.
4. How would you manage financially?
You may need money to pay for office space, supplies, equipment, inventory, and to
cover your personal income needs, perhaps for a year or more. See “Finding the Money,”
page 12.
5. What do you need to know to run a business?
Think multi-tasking: you will have to manage your space, inventory, suppliers, finances,
marketing and correspondence. Even if you hire professionals to help, you will need to
understand enough of what they do to oversee their work and apply it to your situation.
See “Learning the Ropes,” page 16.
6. How would a business affect your personal life?
The first three years in a new business are usually defined by a steep learning curve and
long hours. Many business owners put holidays and personal plans on hold until they
become established. Good organization, clear boundaries and the cooperation of family
members are critical to success. See “Finding the Balance,” page 20.
“ALWAYS CONSIDER WHO YOU’RE LEARNING FROM. DON’T LISTEN TO
PEOPLE WHO ARE NOT EXPERIENCING THE SUCCESS YOU WANT.”
― EHAB ATALLA, THE SECRETS OF BUSINESS
6. Working from Home?
You don’t have to run a full-fledged operation with inventory, a storefront and employees to
be a legitimate business. If you sell articles at an online portal or design websites from your
home, you own a business. It doesn’t matter that your office is a computer in the corner of
the bedroom or that it’s a part-time commitment.
Consultants and people who own cottage and hobby-oriented businesses will benefit from
taking their enterprise as seriously as a corporate CEO. No matter how big or small your
business, you’re investing time, money and intellectual capital to make it work. The good
news is that your business can be shaped to meet your needs. Keep it simple, or make it as
complex as you like. Whatever your style, consider the following advice.
First, get the financial facts
One of the biggest advantages of working from home is being able to deduct a portion of
your living expenses from business revenue for the purpose of your tax liability. Make an
appointment with a consultant from Neusource, who can explain how much of your rent,
utilities and car costs you can declare as business expenditure. We will also manage your
accounting on outsourcing basis where you don’t require to hire an accountant of your own.
Make sure you understand well about VAT/ Service Tax. If you sell more than ₹10, 00, 000/a year, it’s mandatory to charge it to your customers. But if you earn less, you have a choice
to opt out.
Set up a separate business identity and Bank accounts
Buy a separate phone and don’t let anyone else answer incoming calls. If you don’t want to
have two phone lines in your home, use a cell phone. Apply for a separate bank account in
the name of your business, and use it only for business transactions. Use it to deposit your
cheques and pay all business-related costs. Not only will you build your credit record, it’s a
good way to track and record business expenses. Pay the entire bill each month, from a line
of credit if necessary, to avoid high interest rates. If you qualify for a line of credit or
overdraft, attach it to this account. It will cover the gaps between sending an invoice and
receiving a cheque.
“PERFECTION IS ACHIEVED, NOT WHEN THERE IS NOTHING MORE TO ADD,
BUT WHEN THERE IS NOTHING LEFT TO TAKE AWAY.”
- ANTOINE DE SAINT EXUPERY
7. Defining Your Market
Every business decision you make, from the design, production and pricing of your product
or service, to the location of the store or office, to the way you choose to advertise will be
determined by two questions: who are your customers and what do they want? The more
you know about who your customers are, the more successful your business will be. Market
research is all about getting to know your service or product, potential customers, the
competition and your business environment. You can do your own research, or you can hire
a market research firm.
Primary research is gathered through formal or informal surveys. It helps determine how
potential customers feel about the products or services you plan to offer, what they like or
dislike about them, how much they’d pay, or if they’d drive across town to make the
purchase.
Secondary research includes existing statistics about your industry and customers (like
geographic location, population), gathered from sources such as statistical data published by
govt. or different research NGO’s, Chambers of Commerce and associations. Getting
information can sometimes be challenging if you’re researching new industries, or doing
business in rural areas.
Your market research will answer key questions such as:
Who is your target market?
o How many potential customers do you have and what are their habits?
o Are they male or female?
o What are their ages, races, income, and education levels?
o Where do they live? What do they have in common?
o Explore every avenue for potential customers.
“I TRY TO LEARN FROM THE PAST, BUT I PLAN FOR THE FUTURE BY FOCUSING
EXCLUSIVELY ON THE PRESENT. THAT’S WHERE THE FUN IS.”
― DONALD TRUMP
8. What is their purchasing power?
o Buying habits?
o How much disposable income do your customers have?
o How much do they spend on products or services similar to yours?
o Do they value cost savings or time savings?
o Is convenience a decision point for them?
What’s the psychological makeup of your customers?
o What values and qualities do they hold near and dear?
o Are they swayed by low prices or high ethical standards?
o Are they impulse buyers or not?
o Will word of mouth and reputation influence them?
Who is your competition?
o What are your competitors’ marketing advantages? Disadvantages?
o Are there any niches you can fill?
o What can you do for your customers that your competition isn’t already doing?
What environmental factors are you dealing with?
o Are there any big-picture social or economic issues that could affect your
business? For example, is the local economy growing or stagnating?
o Will you suffer if the Indian Rupee drops or rises?
o Is your target market a certain age?
o What happens when they outgrow your product?
The information you collect will reveal trends, opportunities and vulnerabilities. You may
need to modify the design of your product or service, adjust your price, widen your territory
or carry a broader range of products. Or you may find that your inspiration was bang-on.
“LISTEN TO THE EXPERTS. AVOID TOO MANY COOKS IN THE KITCHEN.”
― TEAM NEUSOURCE
9. Building your Plan
If you’re serious about having a business, here’s where you start. Writing a business plan
will help you identify the strengths and weaknesses of your idea, your resources and your
situation. It will help you decide if you should pursue your idea, and help keep you on track
as you grow. And if you’re looking for financing or investors, a business plan is essential.
You can hire Neusource to draft your plan, but if you can, it’s best to prepare it for yourself
and start getting to know your business inside and out. Take the time to review several
sample plans, and make use of one of the templates and models available online or in print.
A business plan can help you break the task into manageable chunks. Make sure you study
the financial reports, it will generate to learn how they work and relate to each other. You
will need to fully understand these reports to answer questions from lenders and investors
later on.
A typical business plan includes
- Company information: Sets out your company’s name, history, size, type of operation, legal
structure (sole proprietorship, partnership, incorporated company) and location. This part
also describes your intentions, which may be expressed in a vision or mission statement.
- Product or service information: Describes the nature of your product or service, its key
features and benefits and its competitive advantages.
- Management plan: Outlines the ownership and management structure of your business. It
includes division of responsibilities, resumes for yourself and your management team and
contact information for lawyers, bankers or chartered accountants.
- Market research and analysis: Describes the nature and size of the industry in which you will
operate, growth potential, common costs and profit, margins, current trends and future
prospects for your product or service. It identifies your potential customers or target market
(gender, interest group, location, income level, their buying trends). Explores market trends
and unique challenges of different regions in the province that could affect your plans.
Analyse your competitors’ strengths and weaknesses and how you measure up.
“LISTEN TO THE EXPERTS. AVOID TOO MANY COOKS IN THE KITCHEN.”
― TEAM NEUSOURCE
10. - Marketing plan: Describes how you intend to present your product or service to your
customers, and how will you spread the word: through advertising, trade shows, networking,
word of mouth, etc. Includes the pricing, sales and distribution strategy of your product or
service.
- Operations plan: Describes where you will run your business (home, office, warehouse, etc.).
Lists licenses, permits and insurance you may need, along with materials, equipment, and
suppliers. Describes your plan for production, inventory and staffing, if applicable.
- Financial information: Analyse how much it will cost to run your business and how much
you will earn. Includes where you intend to get financing, and what the funds will be used
for. Provides essential financial statements you will need to get loans or investors – cash
flow projections, a starting balance sheet, a projection of anticipated income, and a breakeven analysis.
- Risk analysis: Identifies how key risk factors such as the economy, new competitors, supplier
problems, technologies, legal issues, personnel turnover – even weather trends – might affect
your business. Describes how you will manage those risks.
- Implementation plan: Sets out a schedule showing when each step will be completed –
financing, finding a location, finalizing licenses, acquiring equipment, hiring staff and
launching a marketing campaign, along with future milestones for measuring progress.
The elements of a business plan will vary depending on the nature of your business and in
some cases, your lender’s requirements. You may spend months writing your business plan,
but it will be worth it.
Start with the information you have and fill in the blanks as you learn more. The exercise of
preparing the plan will guide you to think about all aspects of operating your business, and
will go a long way to turning your idea into a reality.
“IF YOU CAN’T EXPLAIN IT SIMPLY, YOU DON’T UNDERSTAND IT WELL
ENOUGH.”
― ALBERT EINSTEIN
11. Formal Structuring
Once you’ve completed your business plan, you are ready to take the following steps to
establish your business formally and legally.
Choose your business name and get it approved
This is the first step in registering or incorporating your business. For help you can hire
team neusource you can call on +91 987 348 9199 or visit www.neusourceindia.com
Forms of business organization
A business enterprise can be owned and organized in several forms. Each form of
organization has its own merits and demerits. The ultimate choice of the form of business
depends upon the balancing of the advantages and disadvantages of the various forms of
business. The right choice of the form of the business is very crucial because it determines
the power, control, risk and responsibility of the entrepreneur as well as the division of
profits and losses. Being a long term commitment, the choice of the form of business
should be made after considerable thought and deliberation. The choice of the form of
business is governed by several interrelated and interdependent factors.
Nature of Business
The nature of business is the most important factor. Businesses providing direct services
like tailors, restaurants and professional services like doctors, lawyers are generally
organised as proprietary concerns. While, businesses requiring pooling of skills and
funds like accounting firms are better organised as partnerships. Manufacturing
organisations of large size are more commonly set up as private and public companies.
Scale of operations
Volume of business (large, medium, small) and size of the market area (local, national,
international) served are the key factors. Large scale enterprises catering to national and
international markets can be organised more successfully as private or public companies.
Small and medium scale firms are generally set up as partnerships and proprietorship.
“IF YOU ARE BUSY MAKING EVERYTHING, HOW CAN YOU PERFECT
ANYTHING?”
― APPLE COMMERCIAL
12. Similarly, where the area of operations is wide spread (national or international),
company ownership is appropriate. But if the area of operations is confined to a particular
locality, partnership or proprietorship will be a more suitable choice.
Control Mechanism
The degree of control desired by the owner(s). A person who desires direct control of
business, prefers proprietorship, because a company involves separation of ownership
and management. The volume of risks and liabilities as well as the willingness of the
owners to bear it, is also an important consideration.
Capital
Amount of capital required for the establishment and operation of a business. A
partnership may be converted into a company when it grows beyond the capacity and
resources of a few persons.
Tax liability & Statutory Compliances
Tax structure and ultimately tax outgo has also a greater degree of implication on the
choice for right form of business organisation. Government also put a greater control
over companies as compared to other forms of organisation.
Register your setup
Next you register your proprietorship or partnership, or incorporate your company. For
instructions, For help you can hire team neusource you can call on +91 987 348 9199 or
visit www.neusourceindia.com
Choose and register a Domain Name/ Trade Mark/ Copyright etc. (optional)
For help you can hire team neusource you can call on +91 987 348 9199 or visit
www.neusourceindia.com
“AN ENTREPRENEUR ISN’T SOMEONE WHO OWNS A BUSINESS, IT’S SOMEONE
WHO MAKES THINGS HAPPEN.”
― TIM FERRISS
13. Register for VAT/ CST/ Service Tax/ Excise
If you buy goods for wholesale or retail sale, or provide taxable services, apply for a
suitable registration. For help you can hire team neusource you can call on +91 987 348
9199 or visit www.neusourceindia.com
Obtain an Import Export Code (IEC)/ PF/ ESI/ MSME Registration
You need an Import Export Code if you import or export gooods outside india. Further
there may be requirement of PF & ESI registration. You must enquire & obtain the
suitable registrations. For help you can hire team neusource you can call on +91 987 348
9199 or visit www.neusourceindia.com
“You just not need to obtain the registration but also
be vigilant & regular in payment of taxes & filing of
information to relevant departments”
“BE MORE TOLERANT OF THE DIFFICULT PEOPLE. THEY’RE THE CREATIVE
ONES. THEY’RE NOT HAPPY WITH THE STATUS QUO.”
― TERRY LEAHY, FORMER CEO OF TESCO
14. Finding the Money
When you are figuring out how much money you will need, work out both business and
personal budgets. Then calculate how much revenue your business needs to generate to
cover both. You might want to take a course in financial management to learn how your
business finances and personal finances relate to each other.
Be Realistic
If you underestimate your costs and overestimate your revenue, a common mistake of startup businesses – you will run into problems almost immediately. You will need to develop
and understand key financial statements and tools, especially if you apply for a loan. You
can put these together with the assistance of a chartered accountant or you can hire team
neusource you can call on +91 987 348 9199 or visit www.neusourceindia.com
Key Financial Tools
Income Statement: A financial performance report lays out how much you expect to earn
(revenue), and the expenses you will incur during a specific timeframe. It is typically
developed along with a Balance Sheet.
Balance Sheet: A status report, or ‘snapshot’ of the financial state of your business at a given
point in time. It shows what your company owns (assets), what is owed (liabilities) and what
is left over for you (equity).
Cash Flow Statement: Shows the flow of cash into and out of your business during a specific
time frame. This includes when and where you will get your money and what you will spend
it on. This is the most realistic picture of your business, as it indicates how much cash you
will have available at any given time to keep your business running.
Break-even Analysis: This is the volume of sales you need to cover your costs. At the breakeven point, there is no loss or profi t to your business.
“I’D SAY MOST STARTUPS FAIL BECAUSE THE FOUNDERS AND TEAMS DON’T
LEARN AND PIVOT FAST ENOUGH FROM WHAT DOESN’T WORK.”
― ANDREW HYDE, STARTUP WEEKEND
15. Getting the money
Generally, there are two sources of money:
- Investment (equity) financing from people who expect to share in the eventual benefits
of your business; and
- Debt financing (loans) from people and institutions who expect the money, plus interest,
repaid according to an agreed-upon schedule.
Once you’ve completed your business plan and financial statements, you will have a clear
picture of how much money you need to start and operate your business for the first critical
year.
Most new businesses rely on a combination of personal savings, investments from friends
and family, and loans to get up and running. Ask other business people about their
experiences, and consult team neusource you can call on +91 987 348 9199 or visit
www.neusourceindia.com; to learn more about the types and sources of financing that will
work best for your situation.
Overdraft/ Cash Credit protection: Covers shortfalls in your business account up to an
approved limit. Interest is charged only on the amount you borrow and the rates are
competitive.
Credit cards: Personal and small-business credit cards provide short-term loans for smaller
purchases, and they can be approved with little or no security. The interest rates are usually
higher than traditional loans, but there’s no interest if you pay off the balance every month.
But be careful: if you can’t pay off the outstanding balance, interest costs will accumulate
quickly.
Term loans: These are longer-term loans, used to cover expensive items such as capital
equipment, real estate or renovations. They have established monthly paymentsor say EMIs,
so it’s easy to budget. The lender will ask you for security for the loan (equity in your home,
cash, equipment, etc.). Shop around for competitive interest rates for term loans. If you miss
a payment, the lender has a right to demand immediate repayment.
“SUCCESS IS NEVER GETTING TO THE BOTTOM OF YOUR TO-DO LIST.”
― MARISSA MAYER
16. Equity investors: These provide financing in exchange for a share of ownership, or equity,
in your business, or simply a repayment of their investment. They can be public or private,
and are often family or close personal contacts. Because of that, interest is often nominal or
non-existent, and they may also be flexible in the repayment schedule. However, borrowing
money from friends and family can sometimes put a strain on the relationship. Public equity
investors generally only consider very large investments with large returns.
Venture capital: It comes from a pool of investors who are looking for a higher return. While
they are usually interested in more established companies, they will consider start-ups if the
potential is good. They generally seek a very high rate of return for their investment.
Angel investors: They look for higher risk investments with good growth potential. They
can be difficult to find, are generally attracted to technology related companies and often
have very specific requirements that must be met. Angel investors usually are interested in
long-term, high-return investments.
Grants: Governments have various schemes for start-ups and MSME. These are called
grants; they do not require repayment. The criteria are usually very specific, and the
application procedure can be long and time-consuming. Grants are more readily available
for specialized and high-tech industries. For more info you can consult team neusource you
can call on +91 987 348 9199 or visit www.neusourceindia.com
“MOVE FAST. SPEED IS ONE OF YOUR MAIN ADVANTAGES OVER LARGE
COMPANIES.”
― SAM ALTMAN
17. Learning the Ropes
If this is your first step into the business world, find a mentor. A mentor can provide
invaluable advice, insights and encouragement along the way to help you make thoughtful
choices. If you can, work alongside another business owner in the same industry to gain
some experience.
Your mentor does not have to be in the same industry as you are, but she or he usually has
more experience. Mentors can pass along valuable insights, making you think about things
that might never have occurred to you. They can talk about the business-building process,
industry trends, administration challenges, marketing strategies, what work is profitable –
and what is not.
Don’t confuse mentoring with free professional advice. For example, don’t ask a marketing
consultant to help you build your website. Instead ask them to give you tips about or what
to look for when hiring someone to do that.
Don’t be afraid to ask. You will be surprised by how many people are willing to help. Many
mentors want to give back or make a contribution to their industry or community, or to help
a person they respect. The nature of owning your own business is that you’re expected to
know it all ... even if you don’t. While you can’t be an expert in everything, you should
attempt to close gaps in your knowledge through a mentor, direct experience, or by taking
some courses.
“YOU CANNOT MANDATE PRODUCTIVITY, YOU MUST PROVIDE THE TOOLS TO
LET PEOPLE BECOME THEIR BEST.”
― STEVE JOBS
18. If you only learn these
3 things …
Brush up on subjects that are applicable to your industry and business so you can make
informed decisions. You should also learn as much as you reasonably can about key
challenges that most entrepreneurs face, particularly in three areas that are considered
to be key success-makers or success-breakers:
Financial management: Even if you have a good accountant, make the
effort to learn how to correctly estimate costs and revenues, manage
purchasing and inventory, payment and collections, budgeting and
tracking. You’ve put a lot into this business: make sure you understand
the story your revenue and expense columns are telling you.
Business management: Some businesses stagnate and miss the boat,
while others grow so fast they explode. You should understand and
apply the essential theories of growth management and strategic
planning so that your business doesn’t burn out.
Marketing: When you have a product or service to sell, it is essential you
get to know your market inside out. This includes learning how to
identify and reach your potential customers and acquiring competitive
intelligence.
Ideas for finding a mentor
Ask family and friends who are in business, retired, or have business
contacts.
Research businesses and trade magazines in your community to find
respected business people.
Join the local chapter of professional association in your industry,
business networking organization or your local Chamber of Commerce.
Check the websites of business or professional organizations or you can
consult team neusource, you can call on +91 987 348 9199 or visit
www.neusourceindia.com.
“DON’T PLAY GAMES THAT YOU DON’T UNDERSTAND, EVEN IF YOU SEE LOTS
OF OTHER PEOPLE MAKING MONEY FROM THEM.”
― TONY HSIEH
19. Getting the Word Out
Your market research is the foundation of your marketing plan. It will determine how you
will deliver your product or service, how you will present yourself, (your ‘branding’), what
messages your customers will respond to best, and where you should concentrate your
advertising and promotional efforts to get the best response.
There are hundreds of ways to spend your advertising budget, from direct mail, e-mail
campaigns and trade shows to traditional radio, television, newspaper and magazine
advertising. Whatever you choose, if you can afford it, hire professionals to help develop
your support materials, logo, packaging, advertisements and sales messages.
Tried and true …
Networking is still one of the most powerful forms of marketing. The good news is that it
can be as informal as “seeing and being seen” at community events, networking groups,
industry associations or social gatherings.
Networking is great way to tap into the benefits of ‘word of mouth.’ People will get to know
and remember you, and refer your services to others.
… or relatively new
At the other end of the spectrum, a website works as an advertisement, a resume, or a virtual
storefront where you showcase products and services or sell them online. Invest in the
services of a web design company to develop a professional, appealing and user-friendly
website. They should offer technical programming, professional graphics and writing,
content design, and marketing science for your website.
If you want an effective web presence, you must also advertise your website, and that
includes paying for “web seeding” services. This will get you listed with major search
engines such as Google and Yahoo, so customers can find your site by typing in key words.
The whole process can be time consuming, but is essential in ensuring your website is an
effective and powerful marketing vehicle.
“CARE ABOUT YOUR CUSTOMERS MORE THAN ABOUT YOURSELF, AND
YOU’LL DO WELL.”
― DEREK SIVERS
20. … or new horizons
One way to expand your customer base is to export your product or service outside our
country borders. New technologies make this especially attractive for knowledge-based
industries.
“Four Ps” of Marketing
Marketing plans are implemented through:
Product/ Service: How it’s designed to meet your customers’ needs.
Pricing: Relative to the competition, regulations and profi tability.
Placement: Location and distribution channels.
Promotion: Advertising, selling or publicity.
“QUALITY IS MORE IMPORTANT THAN QUANTITY. ONE HOME RUN IS MUCH
BETTER THAN TWO DOUBLES.”
― STEVE JOBS
21. Finding the Balance…
Trying to find the balance between a healthy business and a happy home life is one of the
biggest challenges business owners face. This is especially true in the first few years of your
business, when your time commitment is so great, and your business is still developing its
own routines and rhythms.
When you’re starting, take a bit of time to figure out where you may want to draw the line.
Be prepared to make conscious choices about the trade-offs or investments of time and
energy you are willing to make to build your business.
It’s still about relationships: Feeling good about your life depends on the strength of all your
relationships – with customers, employees, partners, family, friends and community.
Consider how the time and financial implications of running a business will affect the people
in your life. Think about how your business needs will influence your family, and how time
with your family will affect the business. If you live in a small community, prepare for a
possible loss of privacy and a more public relationship with long-time residents and friends.
Enough is enough
Running a business will place great demands on your time and you will likely end up
juggling family commitments, vacations and free time. While the workload may seem like
it will never end, you can actively set some limits. Keep an open mind about hiring someone
to take the load off. Determine what time sacrifices you are prepared to make for your
business. Define the boundaries, and build your plans around them.
The financial investment
Will you use your home or nest egg as collateral for the business? How long before money
comes in? Can you still make ends meet? Address these kinds of questions early, so you can
work out the solutions long before they turn into problems for everyone involved.
“THE MOST IMPORTANT THING IS THAT YOU ACTUALLY CARE, THAT YOU DO
SOMETHING TO THE VERY BEST OF YOUR ABILITY.”
― JONY IVE, APPLE
22. Contact your local Chamber of Commerce/ MSME office/ Tax Consultants to find out about
benefit programs for small businesses. Talk to your bank or financial advisor about setting
up an retirement savings account. You can also consult team neusource, you can call on +91
987 348 9199 or visit www.neusourceindia.com.
Staying healthy
Taking the time to eat right, stay active and get enough rest is an investment in your business.
Don’t let your personal health and well-being slide. You should also have a contingency
plan that includes illnesses, pregnancy, care of children and elderly family members – not
to mention a bit of preventive rest and relaxation.
Manage your plan for work-life balance with as much vigour as you would your business
plan. No matter how busy you get, don’t forget to come up for air at least once a year to revisit and adjust your plan. Your success – and your happiness – may depend on it.
“YOUR WORK IS GOING TO FILL A LARGE PART OF YOUR LIFE, AND THE ONLY
WAY TO BE TRULY SATISFIED IS TO DO WHAT YOU BELIEVE IS GREAT WORK.
AND THE ONLY WAY TO DO GREAT WORK IS TO LOVE WHAT YOU DO.”
― STEVE JOBS