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Alex Ritchie. Starting a Business in 7 simple steps
Contents
Step 1. KNOW YOUR BUSINESS
Five ways to succeed
Five ways to fail
Your passion, skills and experience
Got a few ideas – now what?
Idea 1: Artisan bakery. Pros:
Cons:
Is there a need for your business?
Vision
Aims
Choosing a name
Product- versus service-based business
Business to business or business to consumer
Setting up an online business
Networks and networking
Networking tips
Money to get the business up and running
Savings and personal finance
Family and friends
Banks
Lending circles and crowd funding
Business angels and venture capitalists
Registering the business name
Company structures in the UK
Corporation tax
Value added tax
Key take-aways
Step 2. FORM A BUSINESS PLAN
Five ways to succeed
Five ways to fail
The all-important executive summary
Description of the products or services
Your target market
Market research
Qualitative
Quantitative
PEST analysis
Political factors
Economic factors
Social factors
Technical factors
SWOT analysis
Competitive analysis
The 4 Ps of marketing
Product
Price
Place
Promotion
Sales forecast
Profit and loss account
Balance sheet
Key take-aways
Step 3. CREATE YOUR IDENTITY
Five ways to succeed
Five ways to fail
A logo is not a brand
Identifying the personality of your business
Giving your business an identity
The logo
The strapline
Road-testing your brand
Trademarks and copyright
Trademarks
Copyright
Getting started with a website
Search engine optimization
Using social media
Social networks for your business
Facebook
Twitter
Social networks for you
LinkedIn®
Blogs
Apps
Using content platforms
Pinterest
YouTube
Vimeo
Marketing materials and collateral
Don’t go collateral crazy
Getting your business cards right
Key take-aways
Step 4. SELL YOUR PRODUCT OR SERVICE
Five ways to succeed
Five ways to fail
The pitch
The sales experience
The introductory email
Cold calling
Trade shows and pop-up events
Preparing for your presentation
The pitch
Going in alone
Going in with a team
Dealing with different personality types
Addressing objections
Sounding Pro: The pitch
Key take-aways
Step 5. SET UP YOUR OFFICE AND STAFF
Five ways to succeed
Five ways to fail
CRM systems and tools to track sales progress
Cash flow
Working with an accountant and bookkeeper
Accountants
Bookkeepers
Invoicing
Setting up retail-tracking processes
When to employ
Planning for your staffing needs
Casual or temporary staff
Freelancers and contractors
Interns
Apprentices
Employing the right people
The job description
The selection process
How to get the best out of people
Key take-aways
Step 6. GROW YOUR BUSINESS
Five ways to succeed
Five ways to fail
Growing up
Growing out
Organic growth
Attracting new customers
Taking on experienced hires
Incubators and accelerators. Incubators
Accelerators
Raising investment for growth
Targeting new markets
Diversification
Franchising
International expansion
Expanding online
Online services
CrossFit Inc
Apple Inc
Key take-aways
Step 7. REVIEW YOUR BUSINESS AND PROGRESS
Five ways to succeed
Five ways to fail
Leadership
Understanding the culture of a business
Reviewing the effectiveness of your business networks
Reviewing expenditure
Increasing productivity
Finding a mentor
Sounding Pro
Finding a business coach
Self-coaching
Key take-aways
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About the Authors
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