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Starting
a new business is an exciting time.
To get off to a good start, check
these key points:
First, estimate
your revenues and costs for Year
1. Customers usually are slower
to find your business than you expect.
Make sure that you can survive a
worst-case scenario. Build in a
contingency fund of at least 10%.
And include a a detailed Year 1
marketing project plan, with specific
costs for specific activities plus
(and this is important) your expected
results - how many customers or
dollars of revenue do you expect
in exchange for investing in these
activities?
Second, remember
that lack of execution kills more
businesses than lack of planning
does. Yes, you need a big-picture
business plan with financial projections.
But it's usually not helpful to
spend lots of time and energy on
topics like complicated market segmentation
or national health trends. Your
time is better spent actually promoting
and operating your business than
sitting at your computer inventing
elaborate business plans.
Focus your plan on the specific
details of YOUR business - then
get on with it.
Last, stay true
to your vision. Sure, you'll find
that you need to make mid-course
corrections as you go along.
But you can't be everything to everybody,
either. Play to your strengths:
remember what you're passionate
about and focus on that.
Here's an example of how we can
help you start a new business, compiled
from the experiences of several
Radial clients:
Starting a new healthcare business:
NewDay's story.
Here's how Radial can help
your business succeed:
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