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Business Startup Planning Tips

Poor planning and estimation at business startup are the major causes that most businesses fail. While planning is important, it must be accurate and must be based on right things. While startup plans vary with companies and industries, here are some things to consider for better business startup planning.

• Plan your business according to your major goal – are you looking for continuous profit or living costs, financial independence, to showoff your skills and knowledge or for creative freedom.
• Determine and consider things like, financial sources, money flow channels, and expected intensity of to and fro money movement, expected time period for full functionality, technical knowledge and support, previous experience, marketing ability, ability to convert theory into practice, etc.
• Also consider things like, the product(s) you are offering, customer demography, the need of product to customers, the industry competition, your technical advance, your advantages over others, the expected quality of your service, etc.
• Also consider the legal matters like the papers/contracts you have to sign, the peoples you can and you can’t interact, the marketing practices you can’t follow, tax issues, employee liabilities, insurance needs, recording keeping requirements, etc.
• Also include code-of-conduct for employees, customer service guidelines, negotiation guidelines, code/tactics for buying/hiring materials/services from suppliers, offering discounts to customers, tactics for overcoming competition, using various business management systems, etc.

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