Last week, I went over the first five sections crucial to a financial plan. The next four sections are just as important and include fundamental information you will need to present when you meet with potential investors. Remember a financial plan is necessary when you want to attract outside funding but it is also an adaptable [...]
There are a lot of sources out there that will tell you how to start a franchise and eventually how to run one. So, how do you start your search? Too much information almost makes decision-making worse. Here we’ve outlined some resources for those looking to open a new franchise. 1. Ask your friends. You’ll be [...]
In entrepreneurship, the only thing that never changes is change; curve-balls occur all the time: a focus group may end up hating your packaging, a new competitor may emerge in your market, or things just simply may not be “clicking”. In all cases you need to be on your feet and reiterate to adjust to [...]
The sales and marketing section of your business plan is especially crucial because it determines how you’ll plan on generating profit and describes how you intend to create exposure to best sell your product. It’s in this area of your business plan that you’ll hone the key elements of your marketing strategy. The actual implementation [...]
Every business needs a plan of action; at the very least a 12-month roadmap of where you’re going. Now, if you’ve got a great idea and you’re just getting the business up and running then a plan is even more essential. The value of a business plan has been debated but the skinny is that a good [...]
So far this year, the trend in starting new businesses by developing smartphone applications (a.k.a apps) continues its ascent. The proliferation of location based technology and the stratospheric rise in the use of smartphones, whether it’s the Blackberry, iphone, Android or one of the many other options continues unabated. As an avid iphone user, I’ve downloaded [...]
I was recently giving a talk to some aspiring entrepreneurs when a young woman- let’s call her Christine- who wanted advice on the viability of her business idea. When I asked Christine about her idea, she went silent. The kicker was that she wouldn’t tell me (or the rest of the class) what her idea [...]
Every business needs a plan of action; at the very least a 12-month roadmap of where you’re going. Now, if you’ve got a great idea and you’re just getting the business up and running then a plan is even more essential. The value of a business plan has been debated but the skinny is that a [...]
…at least not right away. Many aspiring business owners often think of a great idea, then immediately focus all their energy into looking for funding. This is the wrong move. While funding is a CRITICAL step in launching any new business, it’s not the first thing you should consider when you startup. I’m a corporate [...]
With Facebook valued at $65 billion, you might be wondering how you can get in on this action. Maybe you’re ready to tap into the world of entrepreneurship to create or partake in the next billion dollar idea. So, what exactly does it take to get to this level? There isn’t an exact formula, and [...]