Formulating a business plan

Discussion in 'Starting a Business' started by Larissa Frith, Dec 14, 2018.

  1. Larissa Frith

    Larissa Frith
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    Hello everyone, I am looking for a way to grow my business. I want to find ways to price my goods, looking for wholesale items, um affordable equipment. I just to put more brains into the operation rather than winging it. I want to know ways to save money when running a business.
     
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  2. fisicx

    fisicx
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    What is your business?

    Difficult to make any suggestions without knowing what it is you do.
     
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  3. Larissa Frith

    Larissa Frith
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    I bake pastries from home. But I want to be more efficient. I want to learn how to manage a business for growth. And certain that I should be familiar with
     
  4. Helena1990

    Helena1990
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    ok, so let's presume you have already the company or sole trader business incorporated. So, paper, accountng or legal stuff are in order.
    You need to grow your business. How many / what type of pastries do you sell now and to whom?
     
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  5. Larissa Frith

    Larissa Frith
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    Okay I don't know much about business but I don't tell anyone how I make my money. But I can use a hotdog stand as a substitute? Let's say that I am located in an area frequented by tourist. I sell chilli and cheese dogs to the tourist, who are the main targets but I have more locals supporting me than tourist. I sometimes offer specials on certain days, lets say on Monday the slowest day of the week in order to boost sales. I can only make $150 a day because I am limited by lack of speed and man power. Hot dogs are $3-$5, and the special with a drink and chip is $5-$7, prices vary because of toppings
     
    #5 Larissa Frith, Dec 15, 2018
    Last edited: Dec 15, 2018
  6. Helena1990

    Helena1990
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    My advice is to hire someone. You will pay more as wages, but grow your business. Hire someone from locals, if you say you are more supported by locals. Then, train how to do hot dogs. You will in time double your production of hot dogs (because you are now two), You can even slow down your own a little, as to try see from a higher perspective: maybe you need a machine to automate your work, or maybe in hot / warm time you might get some ice cream from supermarket and only sell to the tourists without to spend time and man power to do hot dogs, I don't know what else you could see as a better and wise investment that gives you a much more money per dollar spent.
    Good luck!
     
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  7. Larissa Frith

    Larissa Frith
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    Thank you lady thanks alot yes you are making sense. Thank you. I will be thinking about investing in restaurant equipment and looking for a reliable dealer that sells second hand equipment.
     
    #6 Larissa Frith, Dec 15, 2018
    Last edited: Dec 15, 2018
  8. VITS USA

    VITS USA
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    Before start any business, business knowledge and planning is very important. According to study 95% business fail within 1 year due to lack of business knowledge, learnings and latest updates of market. The success rate is 5% because they work according to plan and fixed their initial goals to identify success of business.

    Firstly you should define your business goals and target of every year. When you will create business plan then you can easily understand how many ways to save money.
     
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