John Small Insurance
John Small Insurance
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Narrowing The Concept Of Your New Small Business
The excitement of owning your own business can lead you to great places. Make sure though, that you take the time to accurately assess your ideas and know what you will and will not do. Be specific. You are going to need to have a list of goals in order to design your business in a way that is viable. If you think you can make this up as you go, you may find that you get frustrated when the paperwork starts to pile up.
If you need a startup loan from a bank, you will need to write a business plan. Business plans must follow a strict format, requiring details ranging from a mission statement to financial projections. Even if you do not require a loan or a business plan, many other forms require you to narrow the focus of your business as well.
Your type of business will be coded on your business license. Performing tasks outside the scope of your license can open you up to civil liability. Your insurance company will also need to know the specifics of your type of work in order to insure you appropriately.
Taking the time to hone the focus of your enterprise will aid you in making a lot of decisions. It can help you decided where, and to whom, you will advertise. It can help you identify the needs of your customers and can help you try to find a specific niche that may give you a leg up on your competition.
Brainstorming can help you to choose a direction. Begin with your general idea, and then write down every job task or product that fit into the category. For example, your basic concept may be “painting.” Examples of specific job tasks are: faux finishing, interior painting, exterior painting, and commercial painting. Also list related job tasks. For painting, related jobs might be: carpentry, drywall installation and/or repair, and fence construction and/or repair.
Once you have generated a list of tasks, decide which ones interest you. Cross off any that are simply not in the direction you want to go. Categorize those that remain into those you wish to perform immediately, and those that you plan to offer as part of an expansion later. Your list of expansion tasks will then give you a goal to work towards, as part of a five-year plan.
With a final list of products or services that you plan to offer immediately, you can begin to shape the focus of your company. You mission and vision statements can now be decided. These short statements project volumes about your company, and should be taught to every employee you hire.
By taking the time to write down what your company does, you prevent yourself from making the mistake of trying to do things that you may not be equipped to do. As you sit and formulate your goals and ideas you may come to a better understanding of what you want to accomplish and you may find your unique hold on the marketplace. If you can identify services and products that no one else can, then you have a tremendous advantage.
About the Author
John Edmond worked for many years in insurance and finance and now writes on a number of topics including new new business plannings and online marketing
I am planning on getting back together with my ex…how do i tell my parents who HATEEEE him?
Me and John dated for 2 years and broke up about a year ago. Most of the time we were dating was in secret because my parents literally didnt allow me to date him and i was under the age of 18. Part of the reason we broke up is because it hurt me to go behind my parents back.
We finally saw each other again and decided there is no way we can stay apart. We love each other. My question is…how do i break it to my parents? I really need them to be understanding. I am almost 19 and i dont live with them, but i depend on them for my car insurance and my cell phone….small things like that.
When I say my parents hate them….it’s the type of hate where they would literally disown me. What do i do???
No parent has the right to dictate who their children see/date/marry. I am the parent of a 6 year old girl myself, and dread the day that I have to face this issue.
But in all honesty, that will be her choice and me as the parent and only do my job and be there to lend support and help out when I can or if I’m needed. You are a grown woman now and have to deal with your own life. If your parents can’t handle who you date, then they don’t have to be around them. But they shouldn’t expect you to show up either.
If you are worried about losing the money they currently provide to you, then I suggest that you find a better paying job so you don’t have to depend on anyone else for support like that.
Hope this helps and wish you the best!
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