Keith Gilabert, "Five Steps Before You Start Your Own Business"
by keithgilabert, Window Shopper
- Created: March 8, 2014, 9:45 am
- Updated: March 8, 2014, 9:46 am
Here are five things to consider before you start a business: 1. If your starting a restaurant, think smaller like a cafe or pastry shop. Think about what you do best and what customers like the most of your products. Most restaurants go out of business due to food cost controls. 2. Do a breakdown analysis of how much in sales you'll need to pay for the daily operation of your business. Include rent, employees, insurance, utility bills, taxes, and of course the cost of the product. Now figure how many sales you need per day. That is now your quota. 3. Write out a business plan with projections on your profit/loss and time it will take you to become profitable. Go to a competitor of similar business and take a look and see what is drawing in customers. 4. Now find sources to fund your operation. If your serious about your business succeeding, set aside 12 months worth of reserves. 5. Ok, now your ready to market your business. Good luck, Keith Gilabert
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