Fundamentals of Having a Business Plan

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If you have a business plan, idea, or model and you want to pursue it, now is the time to do it. Startups are the new black meaning that these smaller, newer businesses are popping up faster than a Starbucks on a busy street corner. More and more cities across the world are becoming “startup friendly” and inviting smaller businesses into their communities via investor opportunities, remote offices, and even financial support. Also, you’ll need ideas to promote your products & services at low cost.

Things to do before starting a business

Find an investor that is also a partner

Be on the lookout for investors that can really add something tangible to your business beyond just money. An investor who can help make your business stronger—whether through advice or industry connections and knowledge—will ultimately serve you better than an investor who has money to offer and nothing more.

Get financial backing

Money is the main thing that will make or break your startup’s success. Make sure you have the right finances before even taking this step. Find local investors in your area and pitch your idea to them.

Find experts in the industry

Even if you know everything there is to know about your business, find others who can contribute expert knowledge as well. The more you know, the better off you will be.

Avoid Following the crowd

Remember, chances are these investors are interested in many other startups, so to attract the attention of an investor, make sure your product solves a real problem. Many entrepreneurs simply try to reinvent the wheel, so avoid being one of them with a unique idea. Look at Edible Arrangements. They OWN their market. There is very little competition when it comes to what they do and they are smart about their business plan. The offer coupon to those who may think their price point is too high, and always change up their inventory. While flowers are still a great way to show people you are, Edible Arrangements have made it more fun (and delicious!) to send or receive some extra love.

While these are just some ways to ensure your startup is successful, you should always do some extra research on your own, talk to others who have already launched a successful business and go with your gut when you can’t make up your mind.