Narrowing The Concept Of Your New Small Business - The excitement of owning your own business can lead you to great places. Make sure though, that you take the time to accurately assess your ideas and know what you will and will not do. Be specific. You are going to need to have a list of goals in order to...
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Narrowing The Concept Of Your New Small Business
The excitement of owning your own business can lead you to great places. Make sure though, that you take the time to accurately assess your ideas and know what you will and will not do. Be specific. You are going to need to have a list of goals in order to design your business in a way that is viable. If you think you can make this up as you go, you may find that you get frustrated when the paperwork starts to pile up.
If you need a startup loan from a bank, you will need to write a business plan. Business plans must follow a strict format, requiring details ranging from a mission statement to financial projections. Even if you do not require a loan or a business plan, many other forms require you to narrow the focus of your business as well.
Your type of business will be coded on your business license. Performing tasks outside the scope of your license can open you up to civil liability. Your insurance company will also need to know the specifics of your type of work in order to insure you appropriately.
Taking the time to hone the focus of your enterprise will aid you in making a lot of decisions. It can help you decided where, and to whom, you will advertise. It can help you identify the needs of your customers and can help you try to find a specific niche that may give you a leg up on your competition.
Brainstorming can help you to choose a direction. Begin with your general idea, and then write down every job task or product that fit into the category. For example, your basic concept may be "painting." Examples of specific job tasks are: faux finishing, interior painting, exterior painting, and commercial painting. Also list related job tasks. For painting, related jobs might be: carpentry, drywall installation and/or repair, and fence construction and/or repair.
Once you have generated a list of tasks, decide which ones interest you. Cross off any that are simply not in the direction you want to go. Categorize those that remain into those you wish to perform immediately, and those that you plan to offer as part of an expansion later. Your list of expansion tasks will then give you a goal to work towards, as part of a five-year plan.
With a final list of products or services that you plan to offer immediately, you can begin to shape the focus of your company. You mission and vision statements can now be decided. These short statements project volumes about your company, and should be taught to every employee you hire.
By taking the time to write down what your company does, you prevent yourself from making the mistake of trying to do things that you may not be equipped to do. As you sit and formulate your goals and ideas you may come to a better understanding of what you want to accomplish and you may find your unique hold on the marketplace. If you can identify services and products that no one else can, then you have a tremendous advantage.
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