Marketing and business plan for small business start up

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Before you start a small business, you should develop a business plan first. A well organized business plan can help you go forward, make huge decisions and create a successful long term business. However not all business plans are the same, as not every business venture is ever the same. You can start with a simple business plan that you can present to your bank and/or to investors.

What you need to get started creating your business plan

When starting a small business these basic questions need to be answered

  1. What do you need to get started?

You need to think of the products and services you are going to offer to the market. Conduct a research of competitor and target audience.

  • Product development
  • Packaging
  • Retail quotations
  • Office equipments
  • Location
  • Website
  • Business name
  • Business logo and slogan
  • Financial record
  • Competitive analysis
  • Market research
  • Legal establishment
  • Legal requirements
  • Marketing campaign
  • Budget

 

  1. Research you need to undergo

When you have identified your big idea of a small business, it is time to balance your idea with reality. In order to start a business successfully, explore the market and look for competitors and get some great ideas on how they built their business successfully. Look at the target audience and how you can match up to their demands, list down the area where you want to include in your marketing plan.

  1. Making the plan

Planning is a way to set goals for your business which is attainable, if you intend to seek financial support, a professional Business Plan for Small Business must be created. In general your business plan should outline your business goals.

 

Outline and Business Analysis

To elaborate the above statement, here is a simple example of intermediate plan.

  1. Executive Summary – a short summary of yourself and your professional back ground
  2. Objectives
  3. Mission – your business purpose
  4. Keys to success – Your short promotional plan
  5. Company summary
  6. Product description
  7. Market segmentation
  8. Target market segmentation
  9. Market needs
  10. Competitive analysis
  11. Sales and marketing plan
  12. Business management
  13. Financial plan
  14. Profit and loss strategies
  15. Projected Cash Flow

For more discussion about Business and marketing plan, consulting a business mentor is also advised, to create the proper Business plan presentation that you can present to your bank or investors. A good market analysis is also important, which can open your eyes to opportunities that weren’t so obvious.

Contact a Small Business Consultant today and seek help for your small business start up with proper planning and marketing.

 

 

 

 

 

Roderick Hunnicutt

Socratic SBC | Small Business Consulting

2 Wisconsin Circle Suite 700 Chevy Chase, MD 20815
Office: (410) 929-6395
Fax: (202) 318-0689
admin@socraticsbc.com

http://www.socraticsbc.com

 

25 tips for starting and running a business

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Starting a small business can be exciting at the same time daunting; knowing all the legal requirements to start a small business can be stressful. Nevertheless there are more to making your business legal, the most challenged part is how to market your business and how to find customers. With these steps below you can gather few notes on what to remember, when you are planning your business.

Different types of business means different types of legal requirements

The first part of starting a small business is to create a plan for your business, such as business name, business logo and most importantly legal papers for your small business. You need an advice of a lawyer, but the best thing to do is seek advice from Professional Business consultant. Some business consultants have a small consulting firm that can take care of your legal establishments through legal package, business plan package and marketing package. Here are some few good things to prepare when consulting a business consultant or lawyer.

  1. Consider your business to Corp, LLC or S Corp
  2. Financial statements/capacity/business loan
  3. Business name
  4. Market Research
  5. Marketing and business plan

Business and Marketing plan for small business start up

How to promote your business using the 4P’s

  • Product – describe how your products/services will meet the demands of your target audience
  • Price – create a competitive analysis, to get the most competitive price for your products and services
  • Place – your location, think if you should have a physical store or online store for your business.
  • Promotion – how can you connect with your target market

Your marketing strategy  should also include your marketing budget, your sales and marketing costs will determine what type of marketing campaign you can run for your small business.

Online marketing can be done, through free marketing campaign such as social media marketing, media campaign, content marketing campaign, email marketing campaign etc.

Offline marketing can be done, through local newspaper ads, radio, local tv advertisements etc.

Next is how you can operate your small business

Operational plan is also a major importance for your small business, these needs to organize and planned well to achieve your goals.

This is also great for your small business description:

Day to day operation

  1. Hours of operation
  2. Suppliers
  3. Credit terms

Facility requirements

These include the location of your business, size, and number of employee, lease agreement, business license, and supplier quotation.

IT requirements

Most small business does include this on their business plan

  1. IT systems
  2. IT support
  3. Consultants
  4. Customer service software
  5. Web developer

Human resources

When your business starts to grow, you will need HR, this can help you manage your employees, training, recruitments, short and long term business plan and marketing plan, retention and pay rolls.

Get a professional business consultant and discuss these few things below

  1. Business layout and chart
  2. Job description
  3. Skills required for the applicants
  4. Training Budget
  5. Taxes and Employment contract

Financial information

As you put down your plans for your small business, you need to look at your financial record. Such as

Cash flow – Monthly cash balance between revenue and expenses

Sales forecast – The amount of money you get from your sales of products and services

Final words

These are just the few things you will need to get your business started. The first thing you need to consider is small business start up package for small business, wherein business and marketing plan is included. The next thing is get your legal package for small business, to make sure that you are running and managing a legal small business and your small business will be unique in terms of business brand, business name and logo and many more.

You can contact a Professional Business Mentor for an affordable price and get quotations for small business package. Contact Roderick Hunnicutt for more info, or visit the website www.socraticsbc.com for more info about small business start up.