3rd June, 2015
The making of a business begins with getting the recipe for success right and in the correct measure. In the set-up stages of making an omelette you need to plan the meal, ensure you have all the ingredients, the quantities required and know the order in which they should be mixed and cooked. Starting a business works in the same way which also requires a similar plan of action and in many cases supported with advice from someone more experienced who can help to avoid the newbie pitfalls.
1 The recipe
The first thing to consider is the formula for your particular business omelette and if it has been done before. If it has, the information gained can be invaluable to help refine your recipe and speed up your version.
If your omelette is unique or sprinkled with your particular style of creativity then you will greatly benefit from testing the market and seek consumer opinion of your product or service recipe, solicit opinion, gauge reactions and even offer samples for consumption in order to get the most reliable results before using your expensive ingredients and valuable time in the exercise.
With the evidence and confidence of market demand you will be ready to document the perfect recipe and execute the grand master plan.
2 Good dose of operational management
Off course to make a great omelette you need the necessary tools and resources in order to produce the business delights we now know people want. This will include having good suppliers that offer ingredients that are affordable, that you have the necessary people, skills, equipment and premises to achieve the scale and quality of craft or service you are aiming to deliver.
3 Liberal shot of sales & marketing
Now that you have produced your lovely new omelette you will need to spread the word as liberally as possible and make sure the people who will potentially buy your omelette become aware of how wonderful it is and that it is worth every penny. The variety of promotional tools and methods at your disposal are vast e.g. social media, internet, leaflets, advertising, word of mouth, recommendations etc. This is a good time to look at similar successful businesses or people again and see how they have done it successfully. Also to critically review your own skill levels, the need for further training and tap into available advice & professional support.
4 Level cup of budget control
It is great that you are now selling lots of omelettes at the standard your customers expect and is accessible when they become peckish. Hopefully the potentially award winning recipe is costing you a lot less to produce than it is selling for. If not, something is going wrong.
To head off any problems and loss of control of your finances it is a good idea to have a clear and organised system for keeping track of your expenses and accurate records of income stream to avoid cash flow problems. This should help you to stay in profit, legally compliant and most importantly in control of your budget.
5 How to start your business?
Starting your business omelette doesn’t always come with a recipe for success and this article opens the way to understanding the benefits of planning yours. You can also access further support for more in-depth information; training and most importantly 1-2-1 consultations with a business adviser who will help you to get the mix right when starting your own business.
Written by Fardad Amirsaeedi, NBV Enterprise Solutions
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