How To Write A One-Page Business Plan

If you own a new business or are just starting one, you would have probably been told that you need a business plan. While this is essential, most business plan templates call for a multipage document that is time-consuming to put together. Time that you could spend actually working on your business. And more often than not, the end result is a collection of theoretical details that most business owners hardly look at again.

So here are seven steps toward creating a one-page business plan that only requires you to spend time on the really important aspects of your business.

STEP 1: DECIDE WHAT YOU WANT YOUR FUTURE TO LOOK LIKE

What do you want your business to look like in 12 months? What annual income do you need to earn? Do you want a 6-figure business, a business that will eventually replace your income or a part time business?

This step is about creating and writing a vision that is authentic to you. One that articulates your true ambitions, desires and purpose. It is not about what you think you should want. Keep it simple, visualise freely and write your vision in the present tense as if you are already living it.

STEP 2: DECIDE ON YOUR DESIRED ANNUAL REVENUE TARGET

What would you like to earn in a year and how many clients you would like to see over that timeframe. Then work backwards to calculate your hourly value.

Say your annual revenue target is $100,000 and you would like to see 20 clients a week for an hour each. Your formula should look like this:

20 clients x 52 weeks = 1,040 clients a year

$100,000 ÷ 1,040 = $96 per hour (This figure will increase when allocating any non-revenue time such as annual leave)

If you manufacture or sell a product then work out how many products must be sold and how much time needs to be invested to achieve those same results.

Next, run a reality check. Based on the previous calculations, ask yourself whether you are prepared to work that many hours or weeks in a year. Be realistic and do not forget to schedule in recreation or vacation time.

Say you now decide you only want to see four clients a day over four days a week for one hour each in order to have four weeks of annual leave. Your formula would look like this:

$100,000 ÷ 48 working weeks = $2,083

$2,083 ÷ 16 clients a week = $130

This shows that your annual revenue target of $100,000 is still achievable if you rework your fee structure or pricing strategy.

STEP 3: DECIDE ON YOUR UNIQUE SELLING POINT

It is important to communicate to your potential client why they would want to choose you over your competitors. They must be able to clearly see a non-monetary difference otherwise they will make a choice based on price. In other words, what is your unique selling point or USP? This could range from a niche service you offer or the extent of your services to your branding or the strength of your credibility.

STEP 4: IDENTIFY THE STRATEGIES THAT WILL HELP YOU HIT YOUR TARGET

Move your focus from short-term goals to a strategic vision that enables you to choose and correct the direction of your course with ease. As long as you are clear about your purpose and future (Step 1), you will be able to write a solid list of strategies.

STEP 5: IDENTIFY WHAT YOU NEED TO STOP DOING

What activities are a waste of your time or energy, and are out of line with your new strategy? Perhaps it is certain administrative tasks, which can be assigned to an assistant whose hourly value will be lower than yours. That will free you up to meet clients. By identifying what you need to stop doing, you will also get clearer about the strategies you need drive forward.

STEP 6: QUESTION EACH NEW TASK OR ACTIVITY

Before starting any new task or activity, ask yourself this question – Is this moving my business forward or is it a distraction? Quite often we hear out about a new marketing strategy someone else has embarked on and get distracted from our own vision, strategies and plans.

STEP 7: CONDUCT A QUARTERLY REVIEW

Review the first six steps every quarter to ensure you are on track and to evaluate whether each strategy is working as planned. A quarterly review allows you to catch anything that is not working early on and make a decision one way or another.

Also remember that your business plan is a guide. It is not set in stone. Circumstances and priorities change with time and regularly revisiting your plan will help you make the necessary tweaks to keep your business on course.

Posted in Bussiness | Comments Off on How To Write A One-Page Business Plan

Interesting Facts About Running

Running or also known as track field has always been one of the best sports of all time.  This sport is so different from others because your speed, endurance and stability are being put to a test.  You have to have stamina, be focused and must be just as light as a feather for you to run so fast.  Workout and training needs to be done so you will determine how fast you could go.

Before, running was both a means of hunting and of escaping from danger and has contributed much to the survival of species.  But as of today, it has been a popular competitive and recreational sport loved by many people in all sexes and ages.  Recreationally, it is practiced mostly by adults who are interested in improving their general physical fitness levels, increasing energy levels, losing weight, lowering blood pressure and looking and feeling better both inside and out. 

The only key to undertaking a running program is to begin slowly and cautiously.  If you are new to the sport track field, do not immediately run otherwise you will startle the muscles and the different nerves in your body.  As you can see, many beginners make the mistake of overexerting themselves creating fatigue, irritability and injury.  Stretch your muscles first and practice breathing techniques so you will know how to properly breathe while running.  Other than stretching and practicing effective breathing techniques, you also need to equip yourself with the right running shoes to protect your feet and for you to easily run as well.

You probably think that in the sport track field, no injuries can be acquired.  Well, fact is, there are injuries.  That is why perfect and the best running shoes are required to prevent the feet from acquiring bruises, calluses and other injuries the same as when you choose among the many best stun guns in the market that really offers nothing but quality protection.  Warm up exercises such as stretching of the major leg muscles and a cool off period is a part of the normal training or work out by most runners and including other athletes as well. 

The absence of such activity results to injuries such as muscle straining, cramps and other musculoskeletal illnesses.  Some runners who fail to do some stretching sustain an injury that prevents them from running for a long period of time.  The situation is just similar to that of when you have failed to know the different uses and features of your phone stun gun.  You might injure yourself especially when you have mistaken the device as your cellular phone.

The injuries acquired during running occur mostly among the beginners and those who are out of shape and who do not utilize proper training techniques.  Individuals at the age of 35, those who smoke and are overweight are required to undergo physical examination before starting a running regimen.  This is to prevent them from experiencing health illnesses. 

You can get a lot of health benefits when you try this sport out.  One of the major advantages that track and field gives is that it promotes muscular strength and endurance.  Weight loss or weight control is also achieved due to the fact that running helps burn excess calories.  Psychologically, it reduces stress and releases anxiety and tension.  Positive feeling of relaxation is achieved as well. 

So if you decide to run and try this competitive sport out, make sure that you are equipped with the best running shoes and will perform warm up exercises before hitting the road.  

Posted in Recreation | Comments Off on Interesting Facts About Running

Book Review: The Eating Well Healthy in a Hurry Cookbook by Jim Romanoff

When I first received this book I was delighted. I thought, this just might be one cookbook I'm actually going to use and not just read and set aside! Six weeks passed and for once, my prediction proved accurate.

Since the day "Healthy in a Hurry" arrived in the mail, every week's meal plan has featured at least two recipes from this book. The "Healthy in a Hurry" concept is a great one for modern mothers struggling to prepare wholesome meals with little time to spend in that short window between the end of the workday and the 6:30 pm soccer (or whatever) practice. As the book's subtitle states, the recipes are appropriate for quick and simple everyday suppers. There isn't much here that you'd want to serve for special occasions, but the book features an almost endless variety of tasty weekday meals that can be whipped up in minutes.

Author Jim Romanoff – editor of EatingWell magazine – takes his inspiration from a wide variety of culinary traditions. Meals are inspired by Southwestern, Thai, Japanese, Korean, Middle Eastern, Italian, Indian, Greece and North African cuisines. About two thirds of the 150 recipes are accompanied by beautiful full-color photos. Each recipe provides prep and cook time and nutrition information, as well as stating whether the recipe is high in fiber, low in carbs, or appropriate for a "healthy weight" lifestyle. "Nutrition Bonuses" are provided for recipes that contain 15% or more of the daily value of specific nutrients such as vitamin A, folate or iron.

"Healthy in a Hurry" features more than just recipes. The book is divided into helpful sections that can be useful in meal planning such as stocking your pantry, seasonal menu suggestions and vegetarian meals. Three sections provide ideas, not strictly recipes, for sauces, sides and desserts "in a hurry." Special indexes help you to select recipes for kid-friendly, healthy weight and 30-minutes-or-less meals.

A few of the recipes we have enjoyed are: Adobo Pork & Potato Packets, Vietnamese-Style Beef & Noodle Broth, Grilled Eggplant Panini, Turkey with Blueberry Pan Sauce, Chipotle Flank Steak Tacos with Pineapple Salsa and Tangerine Veal Medallions.

Just a few of the delicious recipes that I have yet to try are: Korean-Style Steak & Lettuce Wraps, Spiced Pork Chops & Peaches, Grilled Filet Mignon with Vegetable Kabobs, Shrimp Enchiladas Verde, Turkey & Balsamic Onion Quesadillas and Express Shrimp & Sausage Jambalaya.

In my extensive cookbook selection there are some books that I return to repeatedly for good recipes for Sunday supper or special occasions. Others I just love to read, dreaming over the time-consuming recipes featuring expensive or exotic ingredients that I'd love to try … someday. But there are very few that I use regularly for my weekday dinners. "Healthy in a Hurry" has proved to be one of them and as such I recommend it as a valuable addition to anyone's collection.

Posted in Health | Comments Off on Book Review: The Eating Well Healthy in a Hurry Cookbook by Jim Romanoff

The Many Benefits of Attending Yale University

Yale University is one of the most famous schools in the United States, with a long history of service and an alumni list that reads like a “Who’s Who” of successful people.

Yale University is the fulfillment of a European vision of intellectual freedom that is aimed at the service of the community and country. It has championed over history and survived the most destructive calamities such as the American Revolution. Since then, the university has continually grown and progressed to a center for high quality education that is recognized by the global community.

The university is considered one of the oldest institution of higher education in the US. It was founded in 1701 and is a proud member of the prestigious Ivy League.

Degree and Non-degree programs

Yale University is a gateway for higher education. Students may opt to concentrate in any of the following fields:

1. Architecture

2. Art

3. Biomedical Science

4. British Studies

5. Comparative Literature

6. Computer Science and Psychology

7. Dermatology

8. Drama

9. European Studies

10. Electrical Engineering and Computer Science

11. Immunobiology

12. Latin American and Iberian Studies

A list of other major and minor courses from A-Z is found at the Yale .edu website.

Admission

Direct admission is applied at Yale University wherein the interested applicant applies directly at the college or school he or she wishes to obtain a degree in. Undergraduates fall under the jurisdiction of Yale College while graduate students must secure application forms either from the Graduate School of Arts and Sciences or one of the various professional schools listed below:

· School of Art

· School of architecture

· School of drama

· Faculty of Engineering

· Divinity School

· School of Forestry & Environmental Studies

· School of Public Health

· School of Medicine

· School of Management

· School of Nursing

· School of Music

· Law School

· Institute of Sacred Music

If you can gain admission to Yale University you will be among some of the top scholars in the nation.

Posted in Home Design | Comments Off on The Many Benefits of Attending Yale University

Where Are the Women in Tech?

According to the National Center for Women Information Technology (NCWIT), the US Department of Labor estimated that 1.4 million computer related jobs would be available in the US between 2010-2020. At current graduation rates for Information Technology, we can expect to fill only 32% of those jobs with US Information Technology graduates. The NCWIT further states that although women hold about 57% of professional occupations in the US, only 26% of computing occupations are held by women. Even worse, only 3% of those jobs are held by African-American women, 5% by Asian women, and only 2% by Hispanic / Latino women.

The computing industry is failing to attract women to the field and sadly retention is poor. Women are leaving the industry at staggering rates, according to the NCWIT. Overall, the number of people graduating with computer or information science degrees has been steadily decreasing since 2004. There is a severe shortage of talent in IT. Salaries for.net programming and other popular technologies are the highest ever and the need for developers is rising. Companies are in near crisis mode as they fight to retain and attract IT talent. American women with computer science degrees can help fill some of these gaps.

Personally, I have been a woman in IT since the late 70's when I graduated with a business degree and the MIS Manager at the company I worked for noticed I had programming on my resume. At the time, I was only making a summer pit-stop before pursuing further education in interior design. Struggling with a shortage of programmers even at that time, I was made a very lucrative offer as a full-time programmer, which I accepted. I never thought I would stay in the field, but as the years wore on I realized I was destined for a career in IT. Oddly, it wasn't my passion but the money was good and the opportunities were like none other for a woman in the 80's.

The software development career path led me to work with managers and co-workers in a highly male dominated field. Even from a client perspective, all upper management and power lunches that I was included in featured a roundtable of suited men with one petite suited woman – me. I never actually thought much about it. My opinions and work were always highly respected. The knowledge of software and the creation of highly necessary business programming provided a "20 something" woman with opportunities that I could have never had in most other fields. Besides being highly compensated, the work was challenging and I worked with business executives at the highest level.

One of the best things about software development is that you are filling a business need. To sit across major players at top companies and work with them to develop software that will make their business better is an amazing experience. Further, technology is exciting to work in because there is always something new to learn and some new development perspective to take.

I encourage developers to take a field trip to visit users that are performing their daily tasks utilizing the software that the developer wrote. There is no better feeling than watching people doing their jobs or playing a game using something that you made. Further, if you work for a national software manufacturer, there are people all across the nation in many companies and offices or homes using something that you produced. It's like a song that people listen to everyday and enjoy. As a software developer, you can create a program that is utilized daily and enjoyed.

Software developers create tools that make the world more efficient. Companies rely on software to cut costs and increase revenue and profitability. The career path for software developers is wide in range and offers a host of benefits, including some of the highest salaries. The field of IT is broad and there is a need for IT Managers, Designers, Team Leads, Programmers, Testers, and more.

Although I am a woman in IT, before analyzing some of the statistics, I never realized that there was such a lack of diversity in the industry. Even in my own company, we have a 4 to 1 ratio of men to women in the development role. That statistic is even worse when assessing incoming job applications.

There are solid reasons for women to consider roles in development. First, unemployment statistics are favorable for jobs in IT. Also, tech companies are generally profitable which means some extra job security. The work is very interesting, challenging and always changing. You can get creative. Job growth is steadily increasing. Highly competitive salaries are standard issue. There is no variance in pay between men and women in IT (for comparable experience, education, and skills). This was confirmed by a salary survey performed by Dice.com®.

Why aren't there more women in tech? Good question. Working in IT can be life changing, and the first step for a woman conquering a development role is making the need for women developers known. Let's get that pipeline flowing. College students should explore the field, talk to tech companies, and find out more about how coding is cool. The future of IT depends on it.

Posted in Education | Comments Off on Where Are the Women in Tech?

5 Simple Steps to Endless Motivation and Power

When you think of motivation, what thoughts cross your mind? Maybe a marathon athlete determined to make it to the finish line. What about a college kid barreling through their final exams before graduation? The exact definition of motivation may vary from person to person. No matter what your personal interpretation of motivation is, its piece in the puzzle of success is vital.

Motivation is the strengthening force behind life change. It is the magic that happens when you know exactly what you want and possess the burning desire to do what is necessary to get it- the substance that keeps your dreams on track. With motivation, you possess the potential to continuously touch you dreams. Without motivation, where would our power be to outlast the tough times?

There is nothing like the intrinsic energy that constantly propels you forward in pursuit of your dreams. The ability to set goals, work hard and go after your passions is an enjoyment that can never be taken from you. If achieved, once achieved, your desire to consistently complete goals can become addicting. You may ask yourself “How can I continually reproduce my motivation to pursue my passion and achieve my dreams?” Here are 5 simple steps to endless motivation and power:

1. Be Visual with Your Vision

Create a vision board and fill it with images of your desired goals and dreams. The luxury car you want to drive (or have driven for you), the mansion you want to live and the amount of money you want to have in the bank will understandably be on your lists. However, don’t just stop at surface level; dig deeper. Really spend some time to meditate and think deeply. Think not only on the things that you want to have but the person that you want to become. Include the character traits that you want to model and the reputation that you want to have. Don’t forget the goals that you want to accomplish. Be sure to write them down. Include pictures of family and friends, potential travel destinations, and anything that creates an emotional response and makes your heart beat. When reviewing potential pieces of your vision board, think “What inspires me passionately?”

Time is one of the most valuable, non-refundable resources we have. You can either fully use, or forever lose it.

2. Have Time Value

If you are not already, start appreciating the value of time. Time is one of the most valuable, non-refundable resources we have. You can either fully use, or forever lose it. If your ultimate aim is to create change, you are going to have to invest a great deal of time to make it happen. You can start by reducing the time you spend on things that are superfluous to your goals. Be mindful of your time spent on activities such as watching television, spending weekends at the mall, excessive partying, traveling and even spending copious amounts of time visiting family and friends – For these things may bring you short-term joy in the present, but won’t help you get what you want or where you want to be. Remember that time is a non-refundable resource, and you should not so easily allow excessive activities to swindle you of something so precious. You may be wondering, “How can I use all of this time more effectively?” The answer is, by reinvesting it in yourself and your goals. Don’t forget to remember this: No one knows the exact amount of time they have here on earth. However much it is, the number is fixed. What counts, is not how much time that you have, but how you choose to use it. The contrast is will you will you let time pass you by, or will you make the most of the valuable resources that you have?

3. Get Emotional

Not happy with the position you are currently in? Wanting to change your situation or surroundings? Get emotional about where you are. How anxious are you about your position in life right now? Do your actions and emotions model challenge and change, or conformity and comfortability? Check your attitude towards change. Is it biased and intolerant to change, or does it model motivational mannerisms? So ask yourself “Why do I want to change?” Is it because you’re TIRED of feeling UNFULFILLED? Do you feel BORED and UNACCOMPLISHED with your life? Are you SICK and TIRED of repeating the same cycle day in and day out? Do you feel INSPIRED to get more out of life? Are you UNCOMFORTABLE enough to change? If not, got uncomfortable, get emotional and get moving!

4. Have Self-Compassion

Sometimes, we can be our own biggest critic. Give yourself a break for goodness sake. You’re wondering why you are not normal or if you are normal. The answer is, “yes!” Normal people make mistakes. Normal people fall short… Normal people get back up, dust themselves off and keep going after a mistake or misstep. A wise man once told me “It’s not how many times you fall that counts, but how many times you get back up afterward and keep going.” So let me ask you, what makes you think that your road to success is paved with perfection? The road that you drive in real life isn’t perfectly paved, and sometimes, you may hit a bump in it. Will you let that bump define your character, or keep your eyes on the prize as you strive for your future? Having compassion for yourself will let go of the past experiences, learn lessons from them and make room for you to grab a hold of your future.

5. Face Your Fear(s)

Face your fears, plain and simple you. Fear is the subjection that is determined to stop you where you stand and deprive you of your dreams. It’s the ever-being obstacle with the potential to veer its head at any time, no matter how many times we have dealt with it in the past. Are you going to allow this pernicious imposter to crush your dreams, steal your joy and defer you from your destiny? Imagine this lingering thought haunting your final days: “I didn’t accomplish my goals and dreams because I was too frightened to live”. Will the thought even matter, or by then will it be far too late to conquer fear. Affirm that you will not permit fear to spoil your spirit and initiate taking action to confront your fears- now!

5 Common Fears:

· Fear of Failure

· Fear of the First Step

· Fear of Actual Success

· Fear of Incompetence

· Fear of the Unknown

With the feelings you get when you accomplish your goals, there is no wonder why you would want to repeat the process again. Just like the marathon runner who wins the race, you want to touch success time after time. As your burning desire increases, implementing these simple steps will increase the size of your puzzle piece of motivation. You will retain the strength to face your fears, forgive yourself for your failures and live a life where you consistently achieve your goals. With new endless motivation and power, what fresh goals and dreams will you set and accomplish?

Posted in Marketing | Comments Off on 5 Simple Steps to Endless Motivation and Power

What Is a Financial Advisor and How Do You Hire One?

What is a Financial Advisor?

A Financial Advisor is a professional who provides specialized financial services and advice to individuals, businesses, and governments. These services can include investment advice such as pension planning, portfolio review, and asset allocation. They can also include insurance sales, estate planning, and retirement plan administration.

This financial professional is simply someone who helps the investor meet their financial goals and obligations. Unless the investor provides the advisor investment discretion, the investor will maintain control of assets at all times. Most advisors are bound by a legal fiduciary responsibility to act in the best interest of the client at all times.

Financial Advisors will use investment vehicles such as stocks, bonds, mutual funds, options, and futures to help meet the needs of the client. The types of investment services provided are based around the risk tolerance, financial history, income requirements, and other determinants that the client specifies.

These professionals are compensated in a few different ways. The growing trend in compensation includes fee-only advisors. A fee-only investment advisor charges a percentage of the assets that the client has managed. So, for example, if a client wants the advisor to manage $100,000 and the advisor charges 1% of assets, then the fee would be $1000 per year. Other advisors are known as fee-based advisors. This is an older way of compensation which includes both fees and commissions.

How to Hire a Financial Advisor

Just like anything else, all advisors are not created equally. Follow the steps below when hiring a new professional for the first time.

Ask the advisor who they are, exactly what services they provide, and exactly how they are compensated.

Ask them if they are affiliated with a Broker/Dealer. A broker/dealer will usually have less responsibility to their clients and are more interested in generating commissions. It is best to hire an independent investment advisor who has no association with anyone. This will ensure objectivity when the advisor is helping you meet your goals.

If you are interviewing a financial advisor that is both a stockbroker and investment advisor, make sure that they make it clear in what capacity you will be served. Investment advisors are held to a much higher standard. You should generally seek to be served by an investment advisor when seeking financial advice.

Ask the financial advisor about their typical types of clients. See if they can provide some general feedback about how they help their clients.

Figure out who their competitors are and in what ways they are better.

Inquire about how progress will be measured and what the goals of the advisor will be for your account.

The first place you should look when searching for a financial advisor is to your family and friends. They will provide you with the most honest feedback.

If possible, look for a financial advisor who is constantly continuing their education. Financial regulations are constantly changing and an educated advisor will provide better advice.

Where to find a Financial Advisor

When searching around for a financial advisor, it is best to search in your local area. Local advisors will understand the needs of the local community and have a better insight when providing advice.

Large corporations, while very well known, may not be the best choice for you. Lots of times they are restricted to offering certain types of advice. Other times, they may be just too busy to provide you with the level of service that you deserve.

Posted in Finance | Comments Off on What Is a Financial Advisor and How Do You Hire One?

Why an Independent Insurance Agency?

Whether you are in the market for homeowners, renters, auto, commercial, property, workers comp, life, umbrella, or any other insurance, you want the most tailored plan at the cheapest quote. As a layman though, it all seems so puzzling. Besides the complicated insurance jargon, it certainly is difficult for you to assess your needs accurately – let alone find the precise insurance source to get you the right policy at the right price.

What you need is a specialist – someone who really comprehends all the ins and outs of the insurance world – someone who will gladly take the time to review your individual situation along with any existing coverage that you may have. Moreover, you need a trusted source that will be able to configure every aspect of customized protection to your benefit.

To whom do you turn to for matters as important as protecting assets, property, business and the like? Ask anyone in the know about the industry and they will steer you to an independent agency that has rights to do direct dealings with many of the leading insurance companies. As opposed to a dependent agency or a single company representing itself, the independent agency has no ulterior motive in directing you to one insurance company over the other. Partnered with an extensive network of underwriters, this type of agency searches its set of connections to come up with what works best for you. Equipped with a list of all sorts of policies there is no reason to settle on anything but the optimum.

The Independent Agent – piecing the puzzle pieces together for the customer

An experienced independent agency has your best interest in mind as it

– Emphasizes the client’s needs above all else

– Clarifies any questions about the differing policies

– Goes to great length to locate tailored coverage with a pleasing quote

Finding the agency that looks out for the customer the way you want it also requires some research, however. This is because not all independent agencies are alike in excellence. Though any insurer may claim to harbor a close connection with any given strong insurance company, there are variances to the type of bond they enjoy. In order to gain from dealing with a truly winning broker, the customer must link itself with an establishment that has superior access to the indemnity that matches requirements. In addition, it’s imperative to find an agency that is all-rounded – from before the sale, during the sale and after the sale – willing to act as your staunch advocate even when there is a claim.

Before sitting down with an insurer, make sure you are sitting down with someone with the capability, and strong ethics that will indeed make you into a satisfied policyholder!

Posted in Insurance | Comments Off on Why an Independent Insurance Agency?

Fatal Flaws in Your Business Plan

A business plan is the blueprint that guides aspiring entrepreneurs as they build their new business ventures. From 2008 – 2010, I taught a 20-week business plan writing course at an SBA-affiliated women’s business development organization. We met for three hours each week and students wrote their plans week by week, guided by the lessons.

When evaluating a business concept, unrealistic expectations or flawed thinking could creep in and undermine the planning. Excitement about the idea might distort one’s ability to see potential obstacles. What follows are scenarios that entrepreneurs-in-the-making should beware.

Unrealistic expectations

While it is sometimes true that using yourself as the ideal customer is a smart idea, since you understand the value and availability of that product or service, you might misinterpret the size of the market and the traction that can be achieved beyond a select group of true believers.

Insufficient information

Confirm the need for your products or services when you research and verify the number of potential customers who have the money and motive to buy from you.

Furthermore, make sure that you understand the buying process. Who green-lights the sale? What is the sweet spot price range? Lastly, where do potential customers obtain these products or services now?

Access to customers

Access to customers is everything and some industries or target customers seem impenetrable. You may identify the right customers, understand how your products or services fit their needs and know how to price and deliver. But if potential customers do not have the confidence to work with you because you lack an endorsement from a trusted source, you’ll starve.

Overestimating cash-flow

Usually, businesses won’t achieve desirable gross sales and or show a net profit in the first year of operations. Businesses that require high start-up costs especially will require long ramping-up periods. The business plan must acknowledge the potential for negative cash-flow and demonstrate how fixed and variable expenses will be met during that time. One must know how inventory will be financed, payroll will be met and office rent will be paid.

When writing your business plan, conservative financial projections are strongly advised. Customer acquisition may take longer than expected and the size of their purchases may initially be small. Moreover, it’s possible for a venture to be profitable on paper and still suffer from cash-flow problems, if customers do not pay on time.

Underestimating start-up costs

Developing a reasonable estimate of how much it will cost to get the venture up and running is essential. You must be prepared to meet the cost of all permits, equipment, inventory and staffing necessary to conduct business. If you plan to hire employees, it’s important to have a good idea of your minimum staffing needs up front (you can hire more as revenues increase).

“Magical thinking” business model

The business model illustrates how your venture will become profitable. Well thought-out interactions between marketing, financial and operations processes will promote and sustain profitability and you must map out how these will occur. The business model describes the core functions of the venture.

Likewise, the value proposition of your products or services must be articulated. The overall marketing strategy and selected tactics and resources that will promote the value proposition—intellectual property, patent rights, key relationships, or capital—will be accounted for. Sales distribution channels will be detailed.

Getting to Plan B (2009), by Randy Komisar and John Mullins, details the key business model components and advises business plan writers to segment their models into sub-headings:

  • The Revenue Model, to describe what you’ll sell, your marketing plans and how you expect to generate revenue
  • The Operating Model, to detail where you’ll do business and how day-to-day operations will function
  • The Working Capital model, meaning the business cash-flow requirements. Understanding cash-flow helps you know when money will be available to meet expenses like rent and payroll (it is distinct from revenue). A business can generate adequate revenue (sales) and still suffer from cash-flow problems.

Your business model will keep you organized and your priorities realistic. Matters such as quality control, collecting accounts receivable, inventory management and identifying strategic partners will mean much more than your number of Facebook followers, for example. Best of luck to you and your new business!

Thanks for reading,

Kim

Posted in Bussiness | Comments Off on Fatal Flaws in Your Business Plan

Codeine – What It Is, What It Does, And How To Escape It

Codeine is a fairly common drug that is generally used in the medical field to treat pain and is a cough suppressant as well. It is a narcotic analgesic that is available by prescription only, although some people manage to get a hold of it without a prescription. As a medical drug, this substance is controlled, due to the ability to be addictive. It is used recreationally as well and can be extremely addictive.

About Codeine

Codeine comes in a variety of preparation, including pills and liquid form. Many users use it because it gives a feeling of euphoria. Although this drug requires a prescription in the United States, in Mexico and other countries it is easily acquired without a prescription. Many people use codeine with alcohol, and whether it is abused with alcohol or used alone, it can cause a variety of bad effects upon the body.

Effects of Codeine Abuse

While codeine abuse can give a feeling of euphoria and happiness when it is used, it has many negative effects as well. Some of the effects that occur with codeine abuse include confusion, lack of motor skills, dizziness, and restlessness. In extreme cases and when people overdose on this drug, it can depress the respiratory system, cause kidney damage, and it may even result in death as well.

Getting Help with Codeine Addiction

Unfortunately, many people find themselves addicted to Codeine. Not only is addiction to Codeine a physical problem, but it is a psychological one as well, and if you are addicted you will need professional help to overcome this addiction. It is important that you understand that your addiction is truly a problem, and then you need to make the choice to get help. You can find a variety of different drug rehab programs that are available to you for free, where professionals can help you overcome your addiction to Codeine.

Posted in Recreation | Comments Off on Codeine – What It Is, What It Does, And How To Escape It