You are currently browsing all posts tagged with 'Business Idea'

Starting a Snow Boarding Business

  • Posted on March 11, 2011 at 9:26 am

For a while I have been considering starting a snow boarding business and really do think it is something that will have a lot of potential. In my area there are two slopes near by and there is no local businesses that service us snow boarder’s needs. What I would like to do is start a snow boarding business that sells snow boarding clothing and snow boarding equipment and of course boards themselves. For years I have been trying to think of a business idea and I really feel that incorporating my love for snow boarding with my love for business would be a great idea. I done a degree in business however since achieving this degree I have yet to actually go out there and give it a try in the real world on my own. I am currently a business consultant for an accountancy firm, and although I enjoy my job my true desire is to go out and do it on my own, and for myself.

What I will need to do is get a business loan at first from the bank and buy a property and stock. I was thinking that one of the best ways to ensure that I get business is to position the shop as near to the slopes as I can possibly get. I was also thinking that I could reach agreements with the slopes under which they could effectively drive customers to my shop. In order to do this, I intend to organise a meeting with the managers of both slopes separately and decide on what they think is the best way that we can work together.

I now realise that the next step is going to be to put my business idea into writing and create a business plan. This is something that I do for my customers, and I am now going to have to go out their and do it for myself. I am also going to consider ways that I can market my business on the internet. From speaking with my clients I have noticed that very few actually achieve much success from their online marketing and there is a multitude of reasons why this is. The first thing that strikes me is that although they were willing to invest in a website they were completely unwilling to invest in online marketing. What I tell my customers is what I intend to do myself. I want to incorporate marketing online into my business plan and hopefully I can benefit from my attempts to gain business from a global audience. At the moment I am aware that there is a lot of competition online, however with a carefully articulated online marketing plan I am sure that there is success to be had online.

I am also hoping that in the coming weeks that I can meet with a supplier and hopefully get a better idea of the kind of profit margins that I can be looking towards. I have been told that in order to attain the best results I am going to have to meet minimum order requirements and then the supplier will give me the best prices. I see this as being a very realistic goal, as I am sure that I will be able to think of ways that I can meet the minimum order requirement. Firstly, I could collaborate with another supplier and we could buy in stock together. This is something that several of my clients do, and it results in cheaper rates that both of the buyers can benefit from.

So I have everything planned but I just have to go ahead and actually do it! The thing is that I am also going to have to try and stick with my job for as long as I possibly can. If I decide to leave my job too early then I will spend a period without a wage, however I should really inform management of my intentions.

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How to Build A Successful Business?

  • Posted on December 3, 2010 at 9:26 am

Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. There is not enough vision and there is not enough done to strengthen the business properly from the ground up.

If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don’t. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).

When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world – you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).

Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.

The successful business owner has build up a cash reserve or can borrow money from bank securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.

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