Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
More
Related Discussions
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Negotiate Fees

Negotiate Fees - We all have certain services that we require and use monthly, so we can all negotiate with these service providers to get them to lower the fees...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Planning Your Business

Ah, this is yet another important step in the process. Some people really dislike planning out all of the minute details while some (like myself) think that it's one of the best parts about starting a business. Well, whether you enjoy it or not, it's necessary to devote quite a bit of time to doing this. That way when you get the business rolling, you'll have an idea of what you're doing, how much money you'll have to spend on each expense, etc...

Okay, it's time to start putting on those thinking caps and get out something to write with so we can start ironing out the details. In fact, now might be the time to pick up a stack of legal pads at the local Staples or something. Okay, here are some questions you will need to answer:

What exactly is my product?

If you've gotten to this step, you probably already know what your product/service is going to be. But this is the time for you to start giving a lot of thought to it. Is this something that you have a chance of building well? You don't want a product that sounds good in theory but is quite unappealing to look at when you have the finished product. What makes this product/service unique? Am I qualified to be an "expert" in this area? If you're going to be running a business, you should be absolutely certain that you know as much as possible about what you're doing.

Who is my target market?

Okay, imagine that you're the person that you're trying to make a sale to. How old are you? What do you look like? Are you a teenager with money burning a hole in his pocket or are you a conservative adult? Are you a male or a female? It's time for you to start thinking about who exactly you're trying to sell to. This is important because it'll help you decide what approach you'll take to make the sale. If you're selling to kids, you can probably be more informal. But if you're selling to adults and want them to take you seriously, you might have to be a little more formal. So if you've got a shirt and a tie sitting around the house, you might need to put it on to impress them.

What is it costing me and what am I selling it for?

This was mentioned in the last step but it is still very important so we're reiterating the fact that you should go over this. Write down all the different costs you'll have for your business. Figure out what the materials cost if you're manufacturing something. If you're mailing your product to people, be sure to include shipping costs. If you'll be on the phone a lot more, you might want to account for your phone bill.

Once you figure out how much it will cost to run the business, you'll need to start getting idea of what you will charge people for it. Don't ever charge anything more than what you yourself would be willing to pay for it. Figure out a price that is reasonable for your target market. If they're teenagers, you might want to keep the price low.

Now that you have an idea of what it's going to cost and how much you're selling it for, figure out how many you'll need to sell to generate a decent profit. If it's out of reach, you might want to reconsider your idea or simply find a few ways to cut costs.

 

Previous Article - Next Article Like this article?  Bookmark It

Discuss It!

www.jericoacoaratur.com.br said:

Tourism Planning

Building Effective Working Relationships, Module Note Case Solution said:

This article is great. I like when the post is instructive and well-talked. Much thanks to you for this.

essay writing website reviews said:

You have a golden opportunity to learn something about business via these kind of premium sites. Want something more from this blog? then you have to bookmark this site to get instant entry into that.

aptoide apk download said:

This is one of the most adventures games I have ever played. Here you need to balance the block that given to you. Y

file explorer
said:

How important are plugins when you are on the internet and are involved in some seriously critical stuff like online transaction or something? Wait, do you even know what plugins are and if they really got any importance in them

Birth Certificate Attestation said:

Do you seriously think using a business software is good for business? I don't know. Thanks for sharing this.

mobdro for fire stick said:

Mobdro is an amazing movie streaming app where you can watch all your favourite movies and TV Series with great experience

Most Popular Articles
Most Popular Definitions
Related Questions
 
Daily Definition

Definition of the Day Delta Cross Hedge

Delta Cross Hedge - This involves the futures trading. It is an offset position in the contract of futures for an existing position towards a related commodity in the cash market. The delta cross hedge is similar to the cross hedge in that it involves...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com