Question I am wanting to start a small fence and deck repair company, what are all the small details that I need to know and or be aware of?
Answer LUKE,
The list below is meant to remind you of the tasks you may have to perform to start your business.
• What will you sell? [ MAKE A CLEAR DEFINITION OF YOUR SERVICE]
• Is it legal? YES.
• Who will buy it and how often? [ HOME OWNERS, SCHOOLS,CLUBS ETC]
• Are you willing to do what it takes to sell the SEVICE? YES
• What will it cost to produce, advertise, sell & deliver?
• With what laws will you have to comply? [ local laws to be complied]
• Can you make a proflt?
[ do a feasibility report - is it commercially viable]
HOW long will it take to make a profit?[ 2 OR 3 years ]
Write a business plan .
Choose a business name.
Verify right to use the name.
Reserve corporate name if you will be incorporating.
[ sole proprietor or partnership or pvt Ltd co ]
Register or reserve state or federal trademark. [ your company name ]
Choose a location for the business or make space in the house for it.
File partnership or corporate papers.
Register business name and get a business certificate.
Get any required business licenses or permits.
Have business phone or extra residential phone lines installed.
Check into business insurance needs.
Find out about health insurance if you will not have coverage under a spouse
Apply for sales tax number.
Get tax information such as record keeping requirements, information on withholding taxes if you will have employees, etc.
Call Department of Labor to determine labor laws if you have employees.
Apply for employee identification number if you will have employees.
Find out about workers' compensation if you will have employees.
Open business bank account(s).
Have business cards and stationery printed.
Purchase equipment or supplies.
Have sales literature prepared.
Get adequate business insurance or a business rider to a homeowner's policy
Send out publicity releases.
Place advertising if yours is the type of business that will benefit from paid advertising.
Call everyone you know and let them know you are in business.
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OUT OF THE LIST, THE IMPORTANT ONES ARE
1. NAME OF THE BUSINESS.
2.INCORPORATE AS A SOLE PROPRIETOR OR PARTNERSHIP.
3.TAX NO.
4.BANK ACCOUNT.
5.INSURANCE FOR YOU [ to cover accidents etc]
6.THIRD PARTY INSURANCE [ in case , the customers claim damages].
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BUSINESS PLAN.
A Business Plan is a document that describes in detail how your business is set up. Business plans cover your business structure, your products and services, your market research and marketing strategy, and your complete budget and financial projections for up to five years. Both startups and existing businesses require business plans. Developing these documents requires a lot of research and number-crunching.
You need a business plan for two primary reasons. First, spending the time to do this work clarifies your thinking, provides you with information previously not considered, and gives you a workable strategy to follow for the period covered by the plan. Your business plan is your blueprint to success -- it outlines the steps to move from business idea to business success. And if your research reveals that your idea isn't destined for success, then better to know it now then a year from now when you have lost thousands of dollars. You can spend your time planning another idea that could have a better future.
Secondly, if you are hoping to raise funds through a business loan, a venture capitalist, an angel or an incubator, don't even consider approaching these moneylenders unless you have a thoroughly researched business plan in your hand. Experts estimate that it takes approximately six weeks to develop a business plan, so whipping one up the day before your appointment with the banker won't work.
what the main points of the bplan ?
This is an outline of a complete business plan:
Summary
Business Concept
Current situation
Key success factors
Financial situation/needs
Vision
Vision statement
Milestones
Market Analysis
The overall market
Changes in the market
Market segments
Target market and customers
Customer characteristics
Customer needs
Customer buying decisions
Competitive Analysis
Industry overview
Nature of competition
Changes in the industry
Primary competitors
Competitive products/services
Opportunities
Threats and risks
Strategy
Key competitive capabilities
Key competitive weaknesses
Strategy
Implementing strategy
Products/Services
Product/service description
Positioning of products/services
Competitive evaluation of products/services
Future products/services
Marketing and sales
Marketing strategy
Sales tactics
Advertising
Promotions/incentives
Publicity
Trade shows
Merchandising
Sales operation
Distribution planning
Channel planning
Operations
Key personnel
Organizational structure
Human resources plan
Product/service delivery
Customer service/support
Facilities
Supply chain planning
Creating the financials of the business plan
Assumptions and Comments
Starting Balance Sheet
Profit and Loss Projection
Cash Flow Projection
Balance Sheet Projection
Ratio's and Analysis
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IT CAN BE A SIMPLE BUSINESS PLAN,
WHICH WILL HELP TO DETERMINE YOUR CASH FLOW.
IF YOU GO TO THE BANK FOR A LOAN,
THE BANK WILL ASK FOR THE BUSINESS PLAN.
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YOU ALSO NEED A SIMPLE MARKETING PLAN
WHICH WILL SAY
-how you are going to generate sales.
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