How does your business look from this viewpoint does

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Unformatted text preview: ing business, then you’ve probably covered old ground. Your company already has customers, operates in a known market, and has lived through the evolution of sales and costs and expenses. Still, planning is an opportunity to take a new, fresh look at the business. Change is constant. Your business is changing and your market is changing, so the regular fresh looks are important. If you’re working on a plan for a new start-up business, you’ve taken important steps towards defining your business, your financial break-even point, and your total potential market. • How does your business look from this viewpoint? • Does it make sense? • Can you make the sales you need to break even? • Is the market big enough? • Are your projections realistic? • Can you bring together the keys to success? CHAPTER 4: STARTING A BUSINESS It’s dangerous to fall in love with the idea of starting a business instead of falling in love with the business itself. Go into this with a good idea of reality. Starting Thoughts First Things First A business plan is not the most important single requirement for starting a business. Many other things are much more important. For example: • Customers: The first thing you really need to start a business, maybe even the only thing you really need, is customers. It all starts with at least one customer. • Customer needs: Your business must fulfill some type of customer need in order to be successful. Sometimes customer needs can be intangible, like security or prestige. Some customer needs seem frivolous, but they still matter. Make sure there is a market for your service or product. Your business will fail if it doesn’t address a customer need. Myths About Starting a Business There are several myths about owning and operating a business that should be avoided at all costs. These common myths cause a lot of problems: • The myth of “being your own boss”: You are not your own boss when you own a business. Your customers are your boss....
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