Planning is key to starting any business and the business plan is a necessary tool in the planning process. A business plan does not need to be intimidating. Rather, view it as all conclusive plan you need to get your business off and running
The business plan starts by clearly stating what your goals are for the business. This atmosphere or climate starts with you and the business plan.
Of course any good business plan needs to have a detailed look at finances. This means one needs to take a realistic look at what the startup expenses will be along with ongoing costs of running your business. If you are not familiar with financial statements you may want to have an accountant help with this section.
When looking at the business costs one area that is often forgotten about is communications. Communications are actually an important consideration when starting a business. Every business needs to have a phone system as well as network connections for computer access. As with anything the choices are varied and the prices vary as well.
The type of business you have will determine your communication needs. Some businesses rely heavily on incoming calls while others use the phone to solicit business. Consider where you will be making calls. Most business owners underestimate the amount of calling that will be done, particularly long distance. There are many different types of calling plans available. As a business, you may be able to get some discounted rates by using a commercial long distance calling plan. There are many companies that offer telecommunication services.
Other things to consider when starting a business are rental fees. Consider the type of space you need to rent based on the type of business you have. If you have customers who will visit your business you need to have a storefront property. Take care to do some of your own market research before renting a space. Visit the area at various times of day and on different days of the week. See what the parking situation is. Determine the amount of foot traffic you will get in the area. If the area is not busy you may need to do considerable advertising to bring people to your business.
Another key area is advertising. Always include a monthly advertising budget in your plan. If you are not familiar with marketing strategies you may do well to hire a marketing expert who can guide your business to successful marketing strategies. Sometimes local advertising works well. Keep in mind that most advertising, whether print, radio or television, takes several viewing times before people respond.
Remember to include monthly recurring expenses in your plan such as utility expenses of garbage pickup, water, gas and electric. These expenses will be considerably more than residential costs typically are.
By having a rock-solid business plan that can help you get your business off to a good start, the business plan must be looked upon as the foundation. To determine if you are meeting your initial business expectations, you must consult with your business plan. Take action immediately if your goals below what you had planned for them to be.
Crowe Horwath Jamaica (www.crowehorwath.com.jm) is one of the largest public accounting, consulting, and advisory firms in Jamaica. Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. Crowe Horwath Jamaica serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world. Crowe Horwath Jamaica Corporate Office: Dawgen Tower 47-49 Trinidad Terrace Kingston 5 Tel: (876) 9292518 | (876) 9265210 info@crowehorwath.com.jm
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