Starting a new business

Discussion in 'Starting a Business' started by Damir, Sep 26, 2010.

  1. Damir

    Damir
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    Hi! I wondered if anyone can give me some advice, I'm starting a company along with my business partner, We are starting a transport company for music bands, and concert promtions, it would be very helpful if someone can give me a few pointers because I'm new in business, How can I make a business plan? Any idea is welcome!
     
  2. Fergal

    Fergal
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    Hi Damir, thanks for joining and posting your business questions. The best way to start a business plan is by using a template and inputting your own info there. When writing the plan, focus on writing it for yourself, in other words don't write it to impress anyone else such as a potential investor. The main focus is to help you clarify how the busienss will operate, who will be your target market, how you will sell to them and how you will make a profit. There are some great business plan templates listed in the "Business Plan Templates" section of our Useful Business Resources / Links thread.

    The most important factor in the success of your new business will be delivering a service that is valuable to your customers in a way that is profitable for you. Have you spoken to potential customers, to get some feedback as to the services they would value and how you could provide those services better than the existing competition? Doing some simple initial research like this can give you a very valuable insight into customer requirements and some great ideas that can help your business succeed.

    Please post back with your thoughts and we will do our best to help you.

    Good luck with it!
     
  3. VVhite_Angel

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    Hi Damir,

    Welcome in :). Nice idea you get !

    The most important thing i think is to make a summary with pro and cons possible.
    This can be :
    Pro : Helpful for a quick organisation
    Cons : This can be hard for big or very small groups for the cost

    etc ... Try to get advices from people who can pay your services, maybe they can tell you what they need, and maybe you can solve their problems.

    Make sure that you will have enought people to offer your services. But the best advice i think is to talk, exchange with the ones who you will sell your services.
     
  4. Damir

    Damir
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    Thank You for your answers, let me clarify a bit my situation, in this business I am the sole investor, and my business partner has a lot of contacts that will be very helpful for the firm. What we are trying to do is tour management for music bands, and also try to expand on concert organisations, I live in Croatia and will have a wide range of countries ( all of Balcans) to work with. By my information there isn't such a business in these areas which is very good for expansion, so I think that my business will be the icebreaker for a few countries, and that's why I need a very precise plan for all aspects of my business, I will make a business plan and keep You posted,
    Thank You once again, Damir
     
  5. Fergal

    Fergal
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    Something else to consider Damir, is the importance of writing and signing a partnership agreement with your business partner. Partnerships can have their fair share of conflict and not everyday will be a good day. Having a signed partnership agreement will help you to resolve any issues and answer questions should these difficulties arise. The partnership agreement should include the following;

    • Your roles and responsibilities in the business
    • The percentage share each of you own
    • How profits will be split between you and / or reinvested in the business
    • Any wages or salaries
    • Partner expense claims
    • Decision making process - e.g. if you disagree on a decision that needs to be made
    • How to deal with a situation where one of you wants to leave the business
    • How to deal with a situation where one of you is no longer able to work in the business
    • How you would handle losses

    Once again, good luck with it.
     
  6. Rasha

    Rasha
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    Since you have chosen your niche ( what are you going to work for ), you need now to determine your customers. You can make a list of those customers who are interested in your niche, then you can start selling them or telling them about your updates.
     
  7. ava_camen

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    you have to come up with a thorough research about your market and how you would be able to get them to avail your services :)
     
  8. Alexishost

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    this is the easy way for you to start writing your own business plan that works for your business
    Step
    1. Consider your company's vision, the big picture. Make it relevant for its purpose,
    2 Note the mission for the company under "Company Mission." Focus the mission content with the vision and include what the business does, how and for whom does your company serve.
    3. Write "Marketing Strategies" next and describe strategies for growth, service and opportunities involving products and customers. Think of points that reflect the vision and mission as set out.
    4 List under "Financial Objectives" a one-year projection of costs and income and write what metrics you'll employ to gauge the success of the objectives with dates.
    5. Enter in "Plans" the timetable for development, hiring, fund raising, future location of the business and product rollout.
    6. That's it! Keep your business plan fluid by reading it over each quarter. Re-consider certain objectives to see if tweaking brings better success.


     

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