How to complete a SWOT analysis
A SWOT analysis is used to help fine-tune your business strategy by examining internal and external factors that may help or hinder your business. Identifying and understanding the strengths, weaknesses, opportunities, and threats – that’s what SWOT stands for – allows you to address them and make smarter decisions moving forward. A SWOT analysis will […]
Break-even analysis
The break-even point is the point at which your company makes enough money to cover its costs. Past this point, the company starts to make profit. Finding the break-even point through the analysis of costs is one of the most useful processes an entrepreneur can undertake. It helps you answer questions such as: What volume […]
Calculating start-up costs – how much money do you need?
Before you start a business, you need to know exactly how much money you’ll need, and where it’s coming from. You’re out of business fast if you fall short before you’ve started. Why you need to plan ahead If you want to see your new business start-up succeed, you can reduce some of the financial […]
Do you have what it takes to run your own business?
Getting your business up and running and making a profit is usually much more difficult than it sounds. This article focuses on the skills you’ll need to make it happen, either by acquiring these yourself or consulting professionals to help you out. What it really means to be your own boss Being your own boss […]
Eight management priorities when you start your business
1. Put together a strong advisory team Starting a business can be a lonely process and thinking you can do it all yourself is the road to extra stress and pressure. Study successful business owners and you’ll find they have surrounded themselves with a strong group of advisers. A typical core team would include an […]
How much money do you need when starting a business?
Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at all. What you need to do is prepare an estimate of capital costs you will […]
How to start a business on a limited budget
So you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could put a squeeze on your business plans. A growing number of entrepreneurs are using creative […]
Seven revenue priorities when you start your business
1. Generate sales as quickly as possible Your first priority when you launch your business is to gain some traction in the market as quickly as possible. Some tips: Ensure you have a compelling point of difference Build and promote your credibility Work for free or less than the normal rate in return for endorsements […]
Seven ways to tell if your business idea will succeed
Document the positives in your business plan to persuade both yourself (the most important person) and stakeholders such as lenders, investors, suppliers and potential customers that your business idea is sound. 1. Your idea has a strong point of difference To survive in business, you need a compelling point of difference. Period. Something that clearly […]
Will your business idea work?
Coming up with a new idea is exciting, and you probably want to jump straight in and make it happen. But before you invest too much time and money, you need ensure your idea is feasible and likely to give you a reasonable return on investment. Obviously, there are never any guarantees that a business […]
