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7 Days Action Plan to Start Your Own Business

November 24, 2011

By Shailendra Jain

This 7 days action plan to start your own business can turn your vision into reality quickly and efficiently.


Analyze your Technical Skills – Try to evaluate the skills which you have learned or developed. This can be a key entry towards the more realistic approach of what exactly you like and enjoy working. A few factors like whether you like to work with general public or with a few close clients, indoor or outdoor, can be the part of your marketable talents.


Analyze the Target Market, Customer and Demographical Location – This is the backbone of your business. The biggest mistake done is assuming what people should buy rather than focusing on what people really want. Choose the location after considering your product or service users. The goal is to look at traffic generators – it can be neighborhood, schools, colleges, malls, list of vendors & suppliers.

Pre analysis from trade shows, expos, and local markets can help in overall strategy planning.


Analyze your Financials and the cost to start up – The cost to start the business is not only critical but also the deciding factor to keep it running smoothly without any hurdles. The startup cost can be itemized by the cost of equipment, inventory, manpower, marketing, permits, professional fees etc.


Get your Business Plan – The right business plan can not only guide you where to focus but can also provide leverage in financing. Contact your accountant to get an effective business plan which can identify the capital resources, establish benchmarks, financials, sales forecasts and expense budget.


Analyze and Obtain Financing – Based on the above analysis, the next most important step would be to arrange for the finances. There can options of self finance, through personal savings or loan from some financial institution. All the available options should be explored based on how comfortable are you by investing your personal savings against the loan available at market price. It’s a very sensible decision which can impact in future up and running cost of the business.


Business Formation: Name and Marketing – One of the most important steps is to Name you business. If done correctly it can bring in the fame and extra added value to your client list. In today’s world, where internet and marketing go hand in hand, more research should be done on internet for selecting the correct name which can drive in more traffic. It’s a competitive world and there is no harm in researching the competitive business and their marketing campaigns to create a memorable impression and to get the word out about your business.


Staffing the Right Individuals and Selling – Any person you are planning to take onboard with you can really make or break your business. Hire a person with the strong technical and communication skills based on your business requirements. Consider hiring interns, students to help you with low costing. And it’s time for final execution of your marketing plan that’s the selling. Launch the final product or service in your target market with pre decided ad campaign.

Shailendra Jain;
SJ Chartered Accountant;  serving Mississauga, Toronto, Etobicoke for Tax, Accounting, Audit and Advisory.
Ph: 416-622-1221

Article Source:http://EzineArticles.com/?expert=Shailendra_Jain

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