Starting a Business For Dummies, 4th Edition, UK Edition

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One of the motives of starting a business is primarily to make profits. The fact is that most business owners want to make money. Moreover, few professions can produce the wealth that a successful business can. Hence, businessmen and women are the world’s wealthiest people, including Jeff Bezos, Bill Gates, and Warren Buffet. Furthermore, they all have a stake in the companies they founded. One of the factors or motives of a person starting a business is the desire to create wealth. #2. Transformative Vision for Society: Motives Of Starting a Business Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them. Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination. Publicize your company’s products and services to a wide audience of potential customers and clients.

Crafting your executive summary is an invaluable step in the business planning process. Taking the time to write a clear, concise statement of intent can make or break your business plan. In this important document, you'll provide an overview of what your company hopes to accomplish and how it seeks to do so. An effective executive summary should include your unique value proposition, competitive advantages, Go-To-Market strategies, expected financials and any other information that you think will excite investors. This may all seem overwhelming but if done right could be your blueprint for success. Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions. On the court and in the boardroom, Shaq is The Big Believer (opens in new tab) in teamwork, understanding his success is the result of surrounding himself with the right people and taking advice from those before him. You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make. If you don’t have a firm idea of what your business will entail, ask yourself the following questions:Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last. A mentor may be someone who has had a successful business in the industry in which you’re interested or someone whom you admire regardless of whether he or she happens to have experience in the same area as you. That’s why it’s so important to network, get out there and meet new people, because you never know when you’ll meet your mentor, the person who ultimately starts you on your way. Do something — anything

Keep your clients well informed. When clients spend their money on you, they want to be kept apprised of your progress, not only to stay in touch with the project, but also to keep a watchful eye out for problems before they get out of hand. Whether the news is good or bad, your clients and customers appreciate forthrightness and candor. Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research. Conduct a SWOT Analysis While much of the focus may go on crafting a plan for success, some of the most important preparation involves researching your industry and market. Before writing anything else, make sure you understand the key players in the industry and know how your business fits into it all. Researching is essential in helping to ensure success because it allows entrepreneurs to develop strategies tailored to maximize their strengths within the marketplace. Furthermore, research reinforces why customers should trust and buy from you compared to the competition. If you truly want to position yourself in an advantageous spot within your field, do your research and gather all of the information related to your industry that is relevant to the success of your business plan. Market research is key for ensuring that there is a demand for what you want to offer and that you understand the competitive landscape fully. Make a serious investment in business equipment and supplies: a decent computer, a fast Internet connection, and whatever else is required to effectively and efficiently run your operation.Of course, you want your business to make money. Duh! That shouldn’t be the only reason you’re starting a business, but it’s certainly a big one.