Step 2 – Set your goals and objectives for the business

Think big. Do not let your own limitations impact on what you think your business is capable of achieving. Define what you short (less than 12 months), medium (1-3 years time frame) and long term goals (usually 3-5 years timeframe) will be. Think of topics such as how much revenue do you want to generate? How many outlets will you have? How much passive income will it produce for you in the future? How many customers on your database will you have? What will be your geographic area of influence? These goals will be a combination of your personal goals for your own life blended with that of the life of the business.

Step 3 – Define your USP

In order to stand out form the crowd, it is imperative that you know and define your USP – Unique Selling Proposition. What it is that you offer and provide that is different to other people in the market? It may be that you offer additional services to your core product; it may be that you have a more personalized customer service approach; it may be your after sales service and warrantee on the product. What is it that your customer will be attracted to above other businesses offering the same service or product? Once you know this, then you can use it as a focus for your customers to recognize you and remember you.

Step 4 – Know your market

Have you ever thought up a brilliant idea and began to investigate it, only to find out that another business has already started with that exact same idea? This happens daily to many people, but do not be discouraged. The marketplace is huge and can support a number of businesses providing the same service. Look at petrol stations and dry cleaners as an example. So, get to know the market – your market. How many competitors are there? What do they offer? What have the trends been in the industry? What might be the future trends and predicted growth/decline of the industry? Are there any benchmarks you can base your business performance on, such as profit margins, expected turnover per business size, and so on? Once you have a broader picture of the market you are entering into, you will be better equipped to handle and maximize your potential business growth.

Step 5 – Know your customer

Without doubt, this is one of the most important aspects of running a business. You must know your customer. For the most part, products or services that are not a necessity, and where there are a number of suppliers for the same item, your customer will buy on emotion. Understanding and defining why they do what they do is the key to success. There may be a number of factors that are common amongst your target audience for your business services. By researching and finding out what these are, you will be able to see what areas you can focus on where there is a need, and what areas will not interest them. Write down what your ideal customer will look like, behave like and want from you. Seeing your business through their eyes will help to highlight your strengths and any weaknesses you might have.

Step 6 – Research the demand for your business

It is important to know what the demand is for your product, before spending large amounts of capital on your business. Do not go off your ‘gut instinct’ as to whether there are droves of people waiting to buy your product. The simple rule is this – if the demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organizations have a USP clearly defined that helps them stand out from the rest. Secondary research can be conducted from your home (via the Internet), the library and some government offices, that can help you ascertain the levels of demand for your product or service. Primary research – talking to your target audience and gathering the data yourself – may be needed. This is by far the better option of finding out the results know, rather than spending your savings and capital on a business that gives a low or negative return in the future.

Step 7 – Set your marketing goals How to Use Google Stocks With Google Adsense!
Google currently has the most talked about stocks in the whole market. Everyone is puzzled of how it manages to have so many supporters worlwide. Actually it's quite easy to understand why google stocks seem to be doing quite well. First it's reliability has it's trustees knowing that this long term investment will pay off, it's a widely know fact that Google Stocks have virtually no chance of ever havingno value. The company is a rock solid investment. Even though it may falter at times that doesn't last for long.Now then let's discuss how you too can jump on this money train. First of course you need to know the basics of stock; how the dividends, common stocks, and preferred stocks work.Here is an introduction to stocks: First know that holdiong a stock gives you a piece of the said company. You have the right to vote on members of the board of directors and other important matters before the company. Also if the company distributes profitis that you offer and provide that is different to other people in the market? It may be that you offer additional services to your core product; it may be that you have a more personalized customer service approach; it may be your after sales service and warrantee on the product. What is it that your customer will be attracted to above other businesses offering the same service or product? Once you know this, then you can use it as a focus for your customers to recognize you and remember you.

Step 4 – Know your market

Have you ever thought up a brilliant idea and began to investigate it, only to find out that another business has already started with that exact same idea? This happens daily to many people, but do not be discouraged. The marketplace is huge and can support a number of businesses providing the same service. Look at petrol stations and dry cleaners as an example. So, get to know the market – your market. How many competitors are there? What do they offer? What have the trends been in the industry? What might be the future trends and predicted growth/decline of the industry? Are there any benchmarks you can base your business performance on, such as profit margins, expected turnover per business size, and so on? Once you have a broader picture of the market you are entering into, you will be better equipped to handle and maximize your potential business growth.

Step 5 – Know your customer

Without doubt, this is one of the most important aspects of running a business. You must know your customer. For the most part, products or services that are not a necessity, and where there are a number of suppliers for the same item, your customer will buy on emotion. Understanding and defining why they do what they do is the key to success. There may be a number of factors that are common amongst your target audience for your business services. By researching and finding out what these are, you will be able to see what areas you can focus on where there is a need, and what areas will not interest them. Write down what your ideal customer will look like, behave like and want from you. Seeing your business through their eyes will help to highlight your strengths and any weaknesses you might have.

Step 6 – Research the demand for your business

It is important to know what the demand is for your product, before spending large amounts of capital on your business. Do not go off your ‘gut instinct’ as to whether there are droves of people waiting to buy your product. The simple rule is this – if the demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organizations have a USP clearly defined that helps them stand out from the rest. Secondary research can be conducted from your home (via the Internet), the library and some government offices, that can help you ascertain the levels of demand for your product or service. Primary research – talking to your target audience and gathering the data yourself – may be needed. This is by far the better option of finding out the results know, rather than spending your savings and capital on a business that gives a low or negative return in the future.

Step 7 – Set your marketing goals Jump Those Hurdles: Isolate and Eliminate the Obstacles to Success
So you made your first attempt to run a small business but it didn't go so well? Not to worry... you have the rest of your life to do it all over again, and next time around you'll at least know what NOT to do. Here are some common obstacles that can sabotage a new business owner operating on a shoestring budget - and how to fare better the second time around.Ostacle 1. Lack of Funds. Bottom line, you need funds. How will you hire that designer without cash? What about office equipment? Most importantly, how will you retain a loyal team of workers if you can't support them? Without a nest egg, your business is surviving on a wing and a prayer. Sorry, but prayers don't cut it in the real world.Solution: Start saving. Your baby business needs financial sustenance to thrive and grow. Look into taking out a business loan. If your credit is decent, this shouldn't be too big of a problem. Talk to your financial institution. Do it tomorrow.Obs? Are there any benchmarks you can base your business performance on, such as profit margins, expected turnover per business size, and so on? Once you have a broader picture of the market you are entering into, you will be better equipped to handle and maximize your potential business growth.

Step 5 – Know your customer

Without doubt, this is one of the most important aspects of running a business. You must know your customer. For the most part, products or services that are not a necessity, and where there are a number of suppliers for the same item, your customer will buy on emotion. Understanding and defining why they do what they do is the key to success. There may be a number of factors that are common amongst your target audience for your business services. By researching and finding out what these are, you will be able to see what areas you can focus on where there is a need, and what areas will not interest them. Write down what your ideal customer will look like, behave like and want from you. Seeing your business through their eyes will help to highlight your strengths and any weaknesses you might have.

Step 6 – Research the demand for your business

It is important to know what the demand is for your product, before spending large amounts of capital on your business. Do not go off your ‘gut instinct’ as to whether there are droves of people waiting to buy your product. The simple rule is this – if the demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organizations have a USP clearly defined that helps them stand out from the rest. Secondary research can be conducted from your home (via the Internet), the library and some government offices, that can help you ascertain the levels of demand for your product or service. Primary research – talking to your target audience and gathering the data yourself – may be needed. This is by far the better option of finding out the results know, rather than spending your savings and capital on a business that gives a low or negative return in the future.

Step 7 – Set your marketing goals Hate Your Job? Things Could Be Worse
Seeing the looks on employees faces when I visit local businesses tells me what many people already know, a lot of people hate their jobs. Spending 40 or more hours of a week at a place you hate can be very difficult. Regardless of the hatred people have for their jobs they need to realize that it could be worse.If you flip through the employment section of your local newspaper I am sure that there are many jobs a lot worse than yours. I constantly see jobs for waiters and waitresses, salespeople, security guards, and other jobs that are not even worth mentioning.Aside from the fact that there are worse jobs, is the fact that having a job is a lot better than being unemployed. No job in most case equals no income. No income can greatly affect your lifestyle and your confidence. Complain all you want on your drive to work but as you drive past drug dealers and homeless people, ask yourself do I really have anything to complain about?Answering that questiweaknesses you might have.

Step 6 – Research the demand for your business

It is important to know what the demand is for your product, before spending large amounts of capital on your business. Do not go off your ‘gut instinct’ as to whether there are droves of people waiting to buy your product. The simple rule is this – if the demand exceeds supply, business will be great. If supply exceeds demand, your business will eventually die. A saturated market can only support a few businesses, and often these organizations have a USP clearly defined that helps them stand out from the rest. Secondary research can be conducted from your home (via the Internet), the library and some government offices, that can help you ascertain the levels of demand for your product or service. Primary research – talking to your target audience and gathering the data yourself – may be needed. This is by far the better option of finding out the results know, rather than spending your savings and capital on a business that gives a low or negative return in the future.

Step 7 – Set your marketing goals

Having completed the market research and defined why you want to do business in the first place, you will need to set some marketing goals. These are goals that relate to your product, your price, your distribution or provision of service, and your promotions. So many organizations want to start at this end of the planning process, but they miss the most important areas. Your marketing goals will need to be measurable and help you reach your primary objectives for your business. For example – how many products will you sell? What product development strategy will you have? What are your price margins? How will you deliver your product or service to your customer? How will your customer know about you, and how will you promote your business? These are all sample questions designed to generate ideas and goals for the marketing of your business.

Step 8 – Define your marketing strategy

Having defined your marketing goals, you will need to plan in detail how you will achieve these goals. How many items will you produce, and at what price margin (that will give you your desired revenue goal)? What delivery system and what geographical area will you cover? In what areas and how will you promote your business? Will you use TV, radio, or print advertising – or all three? You can be very specific if you have to, as this is one of the major plans you will be referring to through the course of your business life, so be comfortable with it and know how to use it.

Step 9 – Take Action!

This is the MOST important step of all. Take action! All of the preparation in the world will never earn you a single dollar if you don’t actually open your doors and make the phone calls that will bring the customer to you. Even if your business planning process has highlighted that maybe this area of business isn’t for you – don’t let that stop you from finding one that is. If your ultimate dream is to be happy, healthy and wealthy, then there is a business for you. If you are doing something everyday that gets you closer to your ultimate goal, then your business plan will provide the direction and focus for the journey. So, begin taking action today, and reap the rewards that will follow.

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