Entrepreneur Think Tank .com        

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You are at  http://www.TheBusinessCritic.com/entrepreneur/thinktank.html.  updated 5-22-03

Brian W. Nelson, Business Critic
Sales Motivation, Creative Marketing Consultant
31 Gessner Rd., Houston, TX 77024
EntrepreneurThinkTank.com
713-467-3025, Fax 713-467-3192 bnelson@partytentcity.com
 

Hi,

So you are an entrepreneur? Or you want to be an entrepreneur?   Maybe there is
some way in which I can help you.  Just call me. There is no charge until we agree to do something
specific for you. If you are an entrepreneur that would like help to review your business plan, marketing strategy, selling goals or creative thinking about marketing something then maybe the Entrepreneur Think Tank can  closely look at your business
at a dinner or breakfast meeting and give you some valuable guidance input on how to proceed to
make your venture profitable.   You will find on the pages below links or information about
entrepreneurship.

Call me at  713-467-3025

Thanks

Brian W. Nelson

Brian W. Nelson
Click: E-mail me

 

You may have used these  search words in looking for assistance.
Call me if you need help in anything related to these areas.
 

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How To Start Your Own Small Business!

All around the world, people who want more control over their lives are starting small businesses.

These people are living the new American dream of owning a business. If the idea of starting a small business is appealing, but you don't know where to begin, here are some tips.

Ideas About  Starting A Successful Small Business

Coming up with a good name.	Developing the name of your business  is an important step. Your name should easily describe what it is that you want to do. It is going to be the thing that customers will refer to and you want to make it easy for them.
Find a mentor	Behind every successful entrepreneur is mentor. This is someone who is "Your business soul-mate". They are encouraging  to help you through the tough times. They usually are not paid. Finding someone who is paid and sincere at the same time is very difficult. They like you and want you to succeed. Usually they do not have all the business skills that you will have to learn but they can guide you through rough water when  you are about to launch your initial first ship in the the sea of experimental business ventures.
DECIDE ON THE TYPE OF BUSINESS:	Make a list of things you like to do, your work and volunteer experience, and items you own that can be used in a business. If you don't think you will really like to do what you  have selected then think of another business. You are going to be married to this concept. It should be something that you  will enjoy doing. If you hate doing it you will not have the drive energy necessary to make it work.
Think Risk.	In any business there is a certain amount of risk. The more you risk the greater potential you have to make a greater amount of money.
DETERMINE WHERE THE MONEY WILL COME FROM:	There are many ways to finance start-up costs: You can use your own money, obtain a loan, or find investors. If possible, it is better to start small, use your savings, and not worry about repaying a debt. Debt load can kill you. It is usually  better to not have partners. If your ideas are strong enough  you will be happier in the long run if you are running the show.  But having a partner has some advantage in that the partner may have money, skills or be a great moral booster  to you during the start up. IF you have a partner have a written agreement on how you will dissolve the partnership if  things fail. It is nice to have someone who shares the same interest as you do, but there is a price you will have to pay for it.
GATHER INFORMATION:	Spend a  a lot of time researching home-based businesses. Home based business have low over head. Fixed over head like rent, salaries, yellow page ads, insurance, commercial phone lines,  taxes,  utilities, etc and become a real burden. A library or bookstore can provide numerous books on business basics, and on the specific type of business that interest you. The internet is loaded with information on just about any topic you want to learn about.
CHOOSE A MAILING ADDRESS:	Using a post office or drop box as the business address down plays the fact you are a home based business, but it also make the buyer of your product conscious of the fact that you are hiding a contactable  address should he want to have recourse on his purchase. It also prevents customers from dropping in at all hours. With the advent of the interent customers really could careless if you workout out of your home or if you have a glitzy office.  They want their product to arrive. Sometimes a posted P.O. Box puts up red flags about who you might be.
PICK A BUSINESS NAME AND REGISTER IT.	If the business name you choose is different form your name, file an assumed (or fictitious  ie DBA or Doing Business AS ) name certificate with the county court house. You can research  if that name is already being used by another business.  You will want a domain name registered that is unique to your business so you can get customers from the internet.  You will have to renew this from year to year unless you register it for several years at the outset.
WRITE A BUSINESS PLAN.	A good business plan should include a description of what you are selling,  who the prospective customers are, how you plan to promote, and how much money is need for start-up costs. This can be very long or it can be short. There are books available on this as well as many articles on the internet. Often this can become a theoretical dream of how you will succeed in the business.  What it really  boils down to is that  when you start you have to have a string of little success to let you  know that you are on the right track. If something is not working the business plan has to be changed  immediately. Often a banker or venture capitalist will  require a business plan. It is not a guarantee as to how the business will work but it does show the other people involved that you have tried to anticipate many of the plans for the the success of the business.
SET UP RECORD-KEEPING SYSTEMS:	Put together a simple and effective bookkeeping system for income and expenses. For tax purposes and lenders you need to have accurate records of what money is coming in and what money is going out.
OPEN A BUSINESS CHECKING ACCOUNT:	Call several banks to find out what services they offer. Bank fees can be significant, so shop around for the best deal.
OBTAIN LICENSES & PERMITS	It is very important not to overlook any necessary license or permit. Some cities and counties require a general business license.  You will need a state sales tax permit.  You will register it in the name that you  most likely will be working under.

Creating and operating a small business is a wonderful and rewarding challenge.

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Checking out the competition	If you are going to own any business you are going to have competitors. You need to know something about them.  Who are they. What do they do? What can you  offer that they do not do. What niche in the market can you  provide a superior product or service.
Know the future of your market.	Try to anticipate where the market will be for your product a few years down the line. Things change. As a small business you have the opportunity to change quickly without  a lot of committee and board  vote meetings in order to do something.
Anticipate the cost of going from Plan A to Plan B.
Get Free advice when ever possible.	There is plenty of  paid advice available. Some is good and some is just so the seller can make money. It is sometimes hard to determine who  will.
Know your costs of operation.	If you don't know what something is   costing you you  cannot  effectively manage your business. Be prepared to keep accurate records of what is happening in your business. There are many things that you  just dont really need to know down to the penny what it costs. It just costs what it costs and there may not be much you can do about it.
Talk to  your customers.	Learn what your customers like and  don't like about your product.  Find out how they found you.  Let them tell you what they  feel about doing business with you.  Expand the favorable and change the unfavorable.  They may not be very different from the next  potential customers who may elect to not buy from you if you can't provide what they want.
Develop a niche market.	Look for markets that not very many people are  finding vendors for. If you have an idea clearly create an opportunity for the consumer to know about it. Learn why the people accept your idea and expand it. Also  try to find out who the people are that don't buy from you  and see if you can put your finger on the reason that they elected to go elsewhere.
Read magazine articles.	Read, clip and save every article you can find about your product, industry or market.  From time to time relook at  these and adapt your product to fulfilll the consumers needs.
Buy personal  development books.	Keep up to date on any books about improving your thinking of operating a business in  your area of interest.  Study the competition and determine why they are successful.  Then go back and think how you improve that product. Underline every thought that you identify with and when you re-read the book concentrate on the highlighted or underlined areas.
Keep your motivation up.
Keep a list of your  procrastinations.	If you need to do something and it isn't getting done you need to trick you mind into turning your self into a plan of action. You have to motivate yourself to stop doing the fun things

The satisfaction of owning your own business  is not only in the money earned, but in doing what makes you happy.

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What Does It Take To Start A Small Business???

Business Plan Outline

Introduction  • Give a detailed description of the small business.  • Discuss the  legal structure of the small business (Sole Proprietorship, Partnership, Corporation).  • List the skills you bring to the small business.  • Discuss the advantages your small business has over its competitors.

Small Business Marketing  • Discuss the products/services offered by your small business.  • Identify the customer demand for your small business.  • Identify the market, for your small business.  • Explain how your small business will be advertised.  • Explain the pricing strategy.

Financial Management  • Explain the source of small business start-up capital.  • Develop a monthly small business operating budget.  • Develop an expected monthly cash flow for the small business.  • Provide projected small business income statements.  • Discuss your break­even point of your small business.  • Explain your method of compensation.  • Discuss how you will maintain small business accounting records.  • Provide approaches to any small business problem that may develop

Small Business Operations  • Explain how the small business will be managed.  • Discuss hiring procedures for your small business.  • Discuss insurance and leases pertinent to your small business.  • Account for the equipment necessary to produce your products/services.  • Account for production and delivery of products and services.

Concluding Statement  • Summarize the goals and objectives of your small business and express your commitment to the success of your small business.

 

 

You are at  http://www.TheBusinessCritic.com/entrepreneur/thinktank.html.  updated 08/30/2009 05:31 PM -0500