Unlike her co-workers, Camille* had been ecstatic at the news of the closure of the company she had worked at for nearly 20 years. As she mentally calculated her expected redundancy package, she was delighted that her dream of starting her own catering business could finally become a reality.
As soon as she received her final pay cheque, Camille turned her attention to setting up an upscale eatery that rivalled the bistros found in South Beach, Florida. Awash with cash, she spared no expense in creating the right décor and an enviable menu. Excited at the prospects of her first business venture, Camille opened her doors with a flurry of promotions and pizzazz.
Fifteen months later, Camille is singing a different song. Gone is the optimistic …show more content…
"After a while, the stress of trying to manage inventory, deal with staff issues, and constantly attract customers became too much to handle." The business has wiped out her nest egg and she is now desperately seeking an exit solution.
Camille 's painful experience is an oft-repeated story recounted by many disillusioned entrepreneurs. Unfortunately, people who exhibit the right qualities to win in business can still end up losing the entrepreneurial race, because they are not aware of all the rules of the game.
Andrea Graham, CEO of the Business Development Agency, explained that while having a positive attitude is important, new business owners are often over-confident about their potential and under-prepared for the harsh reality of the world of business. Although careful planning was not an absolute guarantee for success, Graham admitted, it was essential to properly assess a business opportunity before jumping on board.
Graham, a 30-year veteran business owner, pointed out some of the key factors that must be considered before starting an enterprise:
Is Your Business Idea …show more content…
Graham declared that you must have enough initial working capital to keep your doors open in the first few months, as it will take some time to generate enough sales to meet your bills. "Even if you have a winning idea, if the business is under-capitalized, it will not succeed."
How Will You Generate Sales?
"The days of putting up a store sign and waiting for customers to show up are gone," Graham asserted. "You must have a properly designed strategy of how you are going to attract your customers to buy." Once you are clear about your target market, you can use the most appropriate marketing media to directly reach them, she explained.
It 's important also to have a sales plan to meet your operational expenses and income targets. "For example, if you know it costs you $80,000JMD each month to pay all your bills," Graham illustrated, "then you will need to calculate how much of each product you need to sell to produce that amount of profit."
Do You Have A Written Business
As soon as she received her final pay cheque, Camille turned her attention to setting up an upscale eatery that rivalled the bistros found in South Beach, Florida. Awash with cash, she spared no expense in creating the right décor and an enviable menu. Excited at the prospects of her first business venture, Camille opened her doors with a flurry of promotions and pizzazz.
Fifteen months later, Camille is singing a different song. Gone is the optimistic …show more content…
"After a while, the stress of trying to manage inventory, deal with staff issues, and constantly attract customers became too much to handle." The business has wiped out her nest egg and she is now desperately seeking an exit solution.
Camille 's painful experience is an oft-repeated story recounted by many disillusioned entrepreneurs. Unfortunately, people who exhibit the right qualities to win in business can still end up losing the entrepreneurial race, because they are not aware of all the rules of the game.
Andrea Graham, CEO of the Business Development Agency, explained that while having a positive attitude is important, new business owners are often over-confident about their potential and under-prepared for the harsh reality of the world of business. Although careful planning was not an absolute guarantee for success, Graham admitted, it was essential to properly assess a business opportunity before jumping on board.
Graham, a 30-year veteran business owner, pointed out some of the key factors that must be considered before starting an enterprise:
Is Your Business Idea …show more content…
Graham declared that you must have enough initial working capital to keep your doors open in the first few months, as it will take some time to generate enough sales to meet your bills. "Even if you have a winning idea, if the business is under-capitalized, it will not succeed."
How Will You Generate Sales?
"The days of putting up a store sign and waiting for customers to show up are gone," Graham asserted. "You must have a properly designed strategy of how you are going to attract your customers to buy." Once you are clear about your target market, you can use the most appropriate marketing media to directly reach them, she explained.
It 's important also to have a sales plan to meet your operational expenses and income targets. "For example, if you know it costs you $80,000JMD each month to pay all your bills," Graham illustrated, "then you will need to calculate how much of each product you need to sell to produce that amount of profit."
Do You Have A Written Business