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Fundamentals of a Startup
Tired of working for anyone or being pushed around by your boss? Thinking of being your own Man – or Woman? Then having your own business may be the best option for you. The small business owner is the backbone of the American economy. 99 percent of all employers are business owners and they provide 75 percent of all new jobs each year. However, before you quit your job and start out on your own, you need a business plan. Without a business plan, you are likely not going to succeed. A business plan is the roadmap to success. The time it takes to come up with a plan also offers one a lot of insight and you are in a much better position to assess the risks and opportunities that accompany your business considerations. As a small business owner, there are a number of reasons why you may want a business plan – while opening a new business, introducing a new product, when acquiring a franchise or a new business or even when your business has grown. If you are looking to convince potential investors or banks to fund your new venture, a business plan will help convince them that this is a venture worth investing in.
As a small business owner, you have to keep in mind the 6 Ms. These are Mission, Market, Message, Media, Method and Management. Your Mission in any business should be to know exactly what your products and services will do for the client. The Market involves identifying your target clients and finding them. Your Message should be clear enough so that your target market can know who you really are and what you have to offer. You should also be aware of the best way to get your message across. The Media can either be radio, television or online. The Method involves knowing what to do, when, with whom, with what and how to do it. Finally, Management involves operating your business to the satisfaction of your clients. This includes making plans, hiring, training, motivating and leading employees.
Today, any startup business that looks to grow rapidly should consider having an online presence. Thus, as a small business owner, establishing your internet objectives is an important consideration. Keeping your objectives in mind acts a business plan of its own since it will help you identify how the internet can be used to achieve your communication and marketing efforts.