Facebook strategies That Work, use facebook right, and you'll boost your small business image - and your profits. Start your Own Business in College. Many people know that google and Facebook were started in dorm rooms. But a business doesn't have to be a household name, or even a dot-com, to make real money. Enterprising students are learning that the best, and most lucrative, jobs on campus can be the ones they create themselves. And they're doing it in ever-increasing numbers.
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All of your potential lenders or investors will want to understand as much as possible about how your business will work before deciding whether to back it financially. The Importance of Financial Forecasts, predicting and planning your business finances can show potential investors that your business idea will fly. But preparing financial forecasts is a good idea even if help you don't need to raise start-up money. The discipline of developing financial projections for your business plan, including an estimate of start-up costs, a break-even analysis, a profit-and-loss forecast, and a cash flow projection, will help you decide if your business is worth starting, or if you need to rethink some. In other words, a good business plan will convince you that you're doing the right thing subluxation - or not. As any experienced businessperson will tell you, the business you decide not to start because a financial projection doesn't pencil out can be more important to your long-term success than the one you bet your economic future. To learn how to perform a break-even analysis - the first step in projecting your business finances - read. Will my business make money? For information on creating a business plan, see. Business Plan Basics, or get, how to Write a business Plan, by mike mckeever (Nolo). Business structures, cash flow, funding, business resources, time off.
A business plan contains a description of your business, including details about how it will write operate, a section on market research and marketing strategies, an evaluation of your main competitors, and several financial forecasts. Reasons to Create a business Plan. Writing a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. A good business plan can help: determine whether your business has a chance of making a good profit provide an estimate of your start-up costs, and how much you'll need to invest or finance convince investors and lenders to fund your business provide a revenue. If you need to raise money. If you need to raise funds for your venture, it goes without saying that you'll have to write a solid, formal business plan. Business owners who want to borrow money or attract investors will be successful only if they have well-written, well-researched business plans.
Additional Resources Check out books on the subject of starting a small business, perhaps available from your state government. Talk to the local chamber of commerce, visitors bureau, etc. Contact any small business associations in your location. This series of worksheets and information was originally written by Eleanor Ames, a certified Family consumer Sciences professional and a faculty member at Ohio state University for 28 years. With her husband, she ran the Bluemont Bed and Breakfast in Luray, virginia, until they retired from innkeeping. Many thanks to Eleanor for her gracious permission to reprint them here. Some content has been edited, and links to related features on this site have been added to Eleanor's original text. Just as a builder uses a blueprint to ensure that a building will be structurally sound, the process of creating and writing a blueprint for your business - called a business plan - will help you determine whether your business will be strong from the. Without a business plan, you leave far too many things to chance.
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Inventory and depreciation record keeping. Bed and breakfast standard operating procedures (with assignments). Image building: logo, stationary, signs, etc. Sales strategy: uniqueness, quality, price, location, etc. Promotion strategy: type of advertising, agencies and organizations.
Action Plan, prioritized bed and breakfast goals (most desired results within six months to one year). List tasks required to accomplish your goals. Evaluate needed report resources: money, time, labor, etc. Prepare an action calendar (with task start dates and completion deadlines). Evaluate your progress periodically and update your plan. No plan is static. Call on professionals for assistance: an attorney, accountant, insurance agent, a bed and breakfast organization director, and others you may know.
Consider distances and routes to specific targeted areas close to your bed and breakfast. Look at the anticipated trends in socio-economic status for your region. Educate yourself about trends in the preferences of b b guests. Competition/Comparisons, study the quantity and quality of similar bed and breakfasts and attractions in your location. How profitable are other local inns?
What are the trends? You might not be able to get this information directly, but talk to the Chamber of Commerce to see whether b bs in the area are stable businesses or if they seem to come and. Where do your competitors advertise? Management, record-keeping for tax purposes, as well as to give yourself plenty of data to analyze as you work to improve your inn. Start up and maintenance costs (facilities, equipment, supplies and services). Pricing bed and breakfast facilities and services.
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What sort of business structure - sole proprietorship, partnership, corporation or other - will work best for you? A consultation with an attorney may be in order. Market Analysis, make notes regarding the socio-economic characteristics of your targeted guests. Consider what about you prefer and/or you will most likely attract. Estimate the number and location of potential guests. How far will they come to stay at your inn? Does your area draw a lot of tourists?
Requirements, learn what's needed in the way of licenses and permits in your location (local, county, and/or state zoning, building and housing codes, health regulations, tax collection, etc. Obtain an estimate on the cost for liability and other insurance. What are the tax requirements - local, state, federal, etc. that you'll need to meet? It may be useful to meet with a cpa or a tax preparation specialist.
You should first prove to yourself that running a b b will be a worthwhile venture for you and your family. Some elements of the plan will also be useful if you need to borrow money for the business in the future. Your bed and breakfast home and grounds - its character, period and/or style, location, facilities, and activities both on the premises and within the community, seasonal or year-round. Do you have enough time to operate the a bed and breakfast? Family members, b b-related skills, dispositions, and interests. Available capital for bed and breakfast startup and ongoing costs. Goals, why are you considering opening a b b?
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A thorough business plan will help you prepare for the life of an innkeeper, hopefully making it an enjoyable and profitable life. Since everyone in your family will have to live with the decisions, everyone should be degenerative involved in making them. The planning process will include a lot of research and study. Be realistic in evaluating what you can offer potential guests. Ask yourself what potential guests want and how you can bring your wants and their wants together. Don't hesitate to contact your local or state. B b organization for some pointers. The, professional Association of Innkeepers International also offers resources for aspiring innkeepers. Plan Outline, consider each of the following points as they apply to your situation.