Even before you launch a business venture, you need to plan. Once in business, the task of planning doesn’t stop. As your business evolves, its goals may change; your vision for its growth and profitability may change along with it.
Come Up with a Good Plan
A good plan accounts for a number of things, the foremost of which are goals for your venture. Good goal setting is a balance between being vague and simplistic versus being too far out of reach. The key is to make your goals and objectives specific, achievable, and moderately challenging.
Here’s an example. You have built a rare coin business and do most of your sales online. You are thinking of opening up a physical store location as well. That idea by itself is too vague. A specific achievable goal would be to find a good location and establish your business within it during the next six-month period. In order to do that you determine that you need about $50,000 in working capital to execute the plan.
Organize Your Human Resources
Don’t forget that no business person operated on an island. Seek out advice, opinion, and financial help from others as needed. Continuing in the example of a coin shop, check with professional numismatic organizations for people who have done the same. Visit shops in other cities to see how they run their operation. Find professional financial help as needed if you don’t have the capital your need.
Consider Your Financial Situation
An achievable goal such as opening up a brick-and-mortar store will require some funds to get the ball rolling. How are you set for that? Can you cover the rent and security that you will need? Are you planning on hiring any employees? How will you pay for your initial numismatic inventory?
Artis Commercial Capital
As your funding needs become clear, consider partnering with Artis Commercial Capital. They have a full suite of financing options for the small business person. They can suggest the best one for your business goals.