4 Things To Know Before Starting a Business
You have a great business idea and you have the money for capital. The combination is good but not quite enough to start a business. You have just as much to lose as you have to gain. Here are 4 things you should know before starting a business.
Know the market
MKS&H is good at strategic investment motivated by market research. Our staff can tell you who will be interested in what you are going to sell as well as those whom you have to reach out through marketing for them to get interested as well.
Have a budget
In business, there are fixed costs and variable costs. Simply put, there are things you have to pay regularly and others you pay that occur based on the amount produced/hours worked. A fixed cost may involve office or store rent or regular staff. Variable costs include raw materials and seasonal help. As a business owner, you must decide a reasonable budget for all of these possible expenditures. If you try and find that coming up with a sound budget is harrowing, MKS&H will ease you into it. Our professional staff has a vast experience with cost calculations for startups and can even follow through with the business budget that we have made for you later.
Schedule the R.O.I
You have a great business idea and you’re confident that it’s going to work. Just how confident are you? You can answer this by addressing another question. When is the return on investment (R.O.I) going to happen? Before you even start, you might as well have a scheduled date for it. First, have the appropriate tools like spreadsheets and software for sales tracking. MKS&H can train you and your staff to be efficient with these instruments. We provide training for QuickBooks on a schedule that is most convenient for you. They can also help you out with financial statements. Only with the numbers within your reach can you tell that your business is actually earning.
Woo potential investors
If you don’t have enough money for your potential business, you might just need a partner or two. But where parting money is concerned (even if it’s for a possibly great cause), people are generally wary. Thus, you should learn how to pitch your idea by offering a credible business plan to someone who might be impressed enough to be an investor. That plan must show realistic data like projected earnings. MKS&H with its knowledge of accounting, auditing, financial planning, and can help you present a business plan with sound business math. Yes, you can sell someone a dream. But, that dream must make real financial sense.