Essay on Starting a Business Plan

1675 Words Mar 13th, 2013 7 Pages
Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many …show more content…
Then it becomes easy to best market your business for a potentially, receptive industry that needs the products and services being offered. Understanding your customers will allow you to market and commercialize your business towards those demographics. These common categories can include gender, age, income, neighborhood, and consumer activity. This allows for strategic advertising campaigns to be aligned and specifically engage a specific group. An example, new businesses may be inclined to advertise more with mailing coupons and newspaper ads for seniors and social media channels for young adults. Any business, new or seasoned, need to be attentive and have knowledge of their competition. Fresh entrepreneurs should access the saturation of their market and differentiate the strengths and weaknesses of their competitors. A business consultant to new business owners, Jessica Oman (2011) argues that “even if your product or service fills a unique gap in the market, there are always other companies offering something similar, or there are other ways to satisfy the same customer’s need.” By understanding this information, an entrepreneur can improve their own product or service and develop new ways of conducting business to gain greater market share and better financial performance.

The financial projections of a new business is key

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