First Step Marketing

Business Background research

You will be amazed how much information is available on your chosen trade, if you only look for it. There is a mass of statistics, surveys, forecasts and so on to be found in trade journals and the like. The latter can be very useful; for instance, they report the opening of new shop premises. Visits to new businesses which are accessible to you would teach you much about the latest ideas in layout, presentation etc. Read the rest of this entry »

Warning! A business, which might seem an easy way to earn a living, is unlikely to turn out that way. It only looks easy because you do not know enough about it. Read the rest of this entry »

The Employment Protection Act is a much maligned piece of legislation. However, its complications can make life difficult for the small businessman if he does not understand the rules. Read the rest of this entry »

Creative thought does not end once a good business opportunity has been identified. For as long as the business operates, it will be faced with problems and opportunities that force creative thinking. Unfortunately, it is very easy to get into a rut and grow complacent. If this happens, good opportunities may be missed and many setbacks, which could have been avoided with some creative problem solving, could occur. Read the rest of this entry »

You often hear that it’s not what you know, it’s who you know. When it comes to running your own business, obviously both are important, but with all the tasks you have on your plate, you may find that getting together with other entrepreneurs—who are probably as consumed by their businesses as you are—is something that doesn’t take priority in the course of your busy day. Read the rest of this entry »

There is no right or wrong amount for a business to spend on marketing. Many factors will influence whether a business allots 5 percent of its total annual budget for marketing or 15 percent. Selecting a percentage for your business is the first step. Read the rest of this entry »

Entrepreneurs know to employ a variety of marketing techniques because it’s impossible to predict how effective any one method will be until time and money has been spent. A marketing plan will help you to keep track of the various marketing methods and should be considered to be as essential to the success of your business as developing the business plan. Read the rest of this entry »

Cash Flow Statement

Cash flow is the lifeblood of a business, since it symbolizes the steady movement of cash in and out of a company. With a cash flow statement, you’ll be able to keep tabs on when you expect to receive revenue, or money owed you by customers, and then manage this money so it is available when you need it to pay your bills. Getting the numbers down in writing will help you to figure which months you should stockpile extra cash, perhaps by postponing that renovation project you had planned, and which months you’ll have enough revenue flowing into your checking account to reschedule it. Or you can plan to hold a special sale for the months when you believe you’ll have more money going out than coming in; the discount you provide to your customers is worth it if your cash flow is positive instead of negative. Read the rest of this entry »

Once you start to run your own business, you’re more likely to be able to negotiate favorable terms with clients and convince a banker that you need a loan by using terms that everyone understands.

The information in your operating budget contains everything you will need to draw up the documents that are essential to the growth of your business. They are: Read the rest of this entry »

In the course of running your business, you will have to deal with not one but two budgets: one for your business and one for yourself.

A business budget is also referred to as an operating budget, and it differs from the budget you developed for your start-up costs for several reasons: After operating your business for even a short time, you will have a much better idea of where the money goes, as well as what comes in. You’ll also have some sense of when the money tends to arrive in your bank account, so you’ll also know when you can expect to be able to pay your own bills. Read the rest of this entry »