Organize Your Business For Profits
Often new entrepreneurs can be overheard to make remarks like, “This is my third year in business and I expect to finally start making profit this year.†Not! A real business should be set up to make profit from day one. Starting an unprofitable business just doesn’t add up. Let’s take a look at a sound business approach to profitability.
Situation Analysis
Head to the USA Small Business Administration website and grab your free information on how to create a business plan at: http://www.sba.gov . Work your own business plans out on paper to get a picture of your current and projected situation. Include a Financial Statement (get one from your local banker). Draft details of your 4-P’s: products, prices, place of distribution and promotional strategy. For help, head back to the SBA site links above and public library for helpful books on the topic.
Objectives
Next list your objectives - -which need to include earning a profit. No one wants to work for free! Be realistic, but do plan to reach out ahead a little more each year. Check current industry trends for projections and recent statistics. Set GOALS and review them on a regular basis. Personally, I review my goals and affirmations on a daily basis twice a day. This keeps subliminally attuned to prosperity and success.
Campaigns / Promotions
How will you advertise? List ways you will promote your company. Use a combination of online and offline strategies and techniques for maximum potential and outreach. For help, head to the public library for marketing books and industry and niche books about which methods work best and which don’t before you plunge ahead. For example, lots of people recommend advertising in the Yellow Pages. This could be a costly mistake your first few years and there could be much better methods of advertising or using those dollars instead. So do some research. A book I would personally recommend is called “The Purple Cow†by Seth Godin.
Evaluation: Test and Track
Take a regular step aside to see how you are doing. I would analyze your business quarterly and at the minimum annually. You should go over your expenses versus income statements to see where you stand. Trim expenses where possible, and keep your belt tight. If you do not treat your online business like a business, you are destined to failure.
Follow these steps and plan for profit. There’s an old saying, “Fail to plan and you plan to fail.†What are you going to do? It’s up to you!
by: Shane Wilson










