It's easier to develop a good business plan if you match your enthusiasm with logical business savvy. Regardless of how much you enjoy the type of business you're involved in, you must stay objective about financial details.
Project Prices Correctly
Develop a feasible pricing structure for goods or services that will work over time. Create pricing that is fair to clients, but make sure your prices support making a good profit each quarter. Without a healthy profit from your endeavors, your business can't pay expenses and continue to grow.
Target Your Demographic
Your business should not appeal to everyone. Most likely, you will need to target "working adults" or "people who earn more than $50,000 per year" as clients. What you choose to sell and how you advertise must directly fit a specific clientele.
Locate Near Your Clients
If you sell high-end antiques, place your business near upwardly mobile neighborhoods or in a high-traffic area. Don't expect to succeed if your location is wrong. Don't get tempted to rent a space simply because it's inexpensive.
Stay Consistent in Advertising
Plan to advertise in a medium that works. For example, if you pick up a lot of clients via a local radio station each week, stay with radio advertising for a while. Don't skip around to newspapers or TV advertising, if radio advertising is yielding customers. Do what works.
Don't Be Skimpy
Overstock your business, if possible. You must plan to appear as a thriving business. Don't run out of furniture, office supplies or foods on your restaurant menu. Plan to borrow enough money to help you look successful from opening day.
Create a Budget That Works
Enlist the help of a business mentor or accountant to help you plan a weekly, quarterly and yearly budget. Make sure you can pay expenses, restock and keep turning over a profit. While it's risky to borrow significant sums of money, make sure you have enough funding to keep the business moving forward.
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