Starting your business Part 2

Starting your business always starts from a seed and depending if you get your financials correct whether it grows into something great.

by
Laura Camilleri

Starting your business always starts from a seed and depending if you get your financials correct whether it grows into something great.

The financial side of a business can seem really daunting but if you plan correctly it doesn’t need to be. You need to break things down into chunks rather than trying to deal with everything in one go.

Business Plan: Some people write up business plans as this really is the key to a successful business, it helps keep costs low. If you are not sure on how to write up a business plan, you can always find examples on the net.

Don’t be caught up in trying to create the most elaborate business plan, because it will become to confusing.

Things you could include in your plan are: Vision to ensure you know what your end goal is, where you would like to take the business. Objectives the way you are going to meet your end goal. Action how are you going to put your vision and objectives into action.

If you are only starting up a small business your plan needs to be short and punchy, not long and confusing.

Budgets: as mentioned in part one, you need to keep your costs low. You really do not need to buy the best of everything to begin with. Have a budget and try and stick to it, this is especially important if you are self-funding. You do not want to spend all of your budget on gadgets and expensive products only to find out that you don’t have the money to buy products and equipment for all the courses that you have trained in.

Budget isn’t only about products and equipment, it is running costs of a room/salon if you have one, if you are mobile then it is fuel and running cost of your car. It all needs to be taken into consideration.

Website: It is really important that you try and build/or get someone to build a website for you. You need to have online presents now days. Everyone has a mobile phone now, so you need to ensure your website is constructed to be mobile friendly.

Social media, you will also need to have a Facebook account, Instagram (to show your photos) and if possible a Twitter account. Once you start earning money you maybe able to start advertising your services on Facebook. Join Google ad words to push yourself up the search engine.

Extra Money: If you would like to earn a little extra money, you could always purchase a few products from the wholesalers to sell onto your customers with a little mark up on them. Only purchase a few products to begin with and add to them if they start selling.

Don’t forget you will need to spend money to make money, but you must do it wisely.

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