Now you’ve got an idea and you are ready to develop your business. This is the part where you have to work out the details. So, pull up a chair and grab a pencil, you will be writing everything down.
Make sure that you always know where to find this paper in case you need to reference it later. The following are details that will need to be worked out:
- Skills and Training: Be good at what you do. Do you have the skills you need? If not, how can you acquire them?
- Supplies: Make a list of all the supplies you will need for your job. Ensure that you have everything or know how and where to get them.
- Money: How much will it cost to get all the tools you need? How will you get the money to purchase them? Will you need to borrow money or supplies from anyone? Who? If so, how long will it take to pay them back?
- Time: Know how much time you are willing to put into your moneymaker. You have school, homework, and other activities. Consider all these thing as your work out your time management.
- Other: Transportation? Partners? Anything else? Write it down.
- Advertising: Make sure other people know about your business. Do this by advertising. Write a list of ways you’ll advertise. Consider fliers, posters, business cards, signs and T-shirts. Anything that gets your business out there.
- Pricing: What will you charge for your product or service? Make sure that you’re getting profit, but too high prices turn customers away.
Once these are done, write a plan for your money, like this:
What you will charge for your business: _______
How much you plan to sell in a month: _______
Total income: __________
All expenses (make a list): ______
Total expenses: _______
Income – expenses = profit: ______
Repaying loans, sharing with partners, and so forth: ______
Those expenses – profit = your final monthly income: ______
I’d love to hear about your businesses and your plans to further develop them. Leave a comment in the Talk Back box on this page and tell me about your idea!« Make Your Own Business: The Idea Make Your Own Business: Divide the Work »
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