The most important activity for a small business owner, besides providing a quality product or service, is having customers to enjoy it! Advertising to potential customers is a huge task that shouldn’t be taken lightly, but many entrepreneurs skip this step because of its cost. It’s generally recommended that at least 5-7% of a company’s budget is devoted to advertising and marketing. However, this can be an extremely high cost for a company with a very modest budget.
This is where a little creativity comes in. A huge mistake that many new business owners make is the belief that “word-of-mouth” advertising is sufficient. Keep in mind that in order for word of mouth marketing to be effective, (more…)
Many people request help and guidance on how to write a business plan. Most people view business plans as an optional aspect of the entrepreneurship process, which is not true and can be very dangerous to a new business. A business plan is probably the most feared, yet most important part of a new business venture.Over the next few weeks, we will go through each aspect of a business plan and provide helpful tips to ensure that everyone has a clear understanding of the sections and their contents.
4 Basic Facts About Business Plans
A business plan is a document that tells its reader all about your company. The “reader” is typically an investor, a bank, management, a member of your company’s board, and YOU! Always keep the reader of your business plan in mind while drafting it.
The business plan provides a detailed and in-depth look at the internal workings of your company and shows the company’s current and future plans. The business plan should also tell a very interesting story about your business, explaining who, what, when, where, how and why.
1. Tell me about your business.
UniqueLee-Yours creates handmade, custom leather and faux leather accessories that showcase the diversity and beauty in (more…)