The marketing plan is effectively the roadmap for your start-up journey – it stops you from wandering too far off-course and getting side-tracked. A marketing plan is also used for benchmarking purposes so that you can evaluate your success in achieving various objectives and is an important component of the business plan. Marketing is always closely linked to business objectives and how you plan on achieving them.  

Things to remember:  

• Your plan needs to revolve around the product or services you will provide
• It should focus on ways of stressing the benefits they would provide to potential customers
• It should describe your current situation including the location of the business, any assets you own and the overall business environment
• Identify the target market you are hoping to reach and provide a complete profile of the key demographics and their buying habits
• Examine your competition in detail with a competitor analysis – this will help you uncover your competitive advantage and identify the things that your rivals are doing right or wrong
• All objectives you establish must be clear, measurable and achieved within a set period of time
• Consider the Marketing Mix – otherwise known as the ‘Four P’s’ - Product, Price, Promotion and Place (distribution)
• Devise a detailed Action Plan that will examine how the objectives will be met
• Ensure that all of this is very carefully budgeted
• Measure how successfully your plan is working at regular intervals (usually every quarter)
• Completely re-examine your marketing plan annually and update or alter it to reflect changing market conditions

For the previous stages of this checklist look here 

This checklist will give you some ideas that could aid you at startup.  

1. Use Technology – Keep an eye out for new technological solutions that could save you time and make your work life easier
2. Learn about Marketing – Brush up on marketing techniques so that you are better able to sell yourself and your business
3. Do your Homework – Conduct on-going market research to better understand your customers and target market
4. Get Advice – Don’t be reluctant to seek the opinion of an expert when making big decisions or need help
5. Form Partnerships – Use the power of networking to create alliances with companies that share your goals
6. Be Flexible – If an exciting new opportunity emerges, don’t dismiss it just because it doesn’t fit into your plan for the business
7. Use the Internet – There are a myriad of ways in which the Internet has made life easier for SMEs
8. Delegate Responsibilities -Know your weaknesses and be prepared to delegate or outsource tasks e.g. bookkeeping
9. Manage your Finances – Be sure to keep close track of your cashflow with a financial plan
10. Enjoy Yourself! – If you are not getting a level of satisfaction from your own business then you are doing something wrong

The process of financial management is always important, but it is particularly so to a new start-up due to the unpredictability of the first year of business. It is essential for you to know at all times what amounts are coming in and going out of the company so that you do not overstretch your resources.  

Things to remember:  

• Decide before you begin trading whether or not to manage your own financial records or whether to get someone else to do it for you. This could involve hiring someone part-time or out-sourcing parts of the process.
• Bookkeeping is a necessary part of financial management. A bookkeeper will be responsible for day-to-day accounting operations such as recording transactions and entering them into the system.
• Some accountants provide bookkeeping services, but their main function is to analyse the data in your system and offer expert advice that will save you money.
• A financial plan and budget are an essential part of keeping track of finances. You also need to be able to produce a number of financial statements such the balance sheet and cashflow forecast.
• Minimising risk is an important aspect of financial management. Insurance is needed on all aspects of your business – property, equipment, stock and employees.
• Avoid cash shortages by keeping in close touch with your customers and offer them incentives for paying their invoices quickly.
• Keeping your finances in order will make your business a more attractive proposition to investors and also to potential buyers.
• The accounting module of OnlineOffice is excellent free software-as-a-service (SaaS) that will provide all the functionality you need to manage your finances. It can be accessed from anywhere in the world as long as you have an Internet connection.

For the previous stages of this checklist look here 

This checklist will hopefully give some guidance to people who wish to sell products using mailing lists.  

1. Choose a Product or Service – Your first step is to decide which product or service to sell. It is advisable for you to select something which is unique, but also has a large enough market to be successful.
2. Price the Product – Decide on a reasonable price to sell your product at. Work out an amount that covers all your costs and provides a sensible profit.
3. Find a Supplier - You will need to locate quality suppliers whether you are simply re-selling products or intend to manufacture something using their parts. Look in trade magazines and catalogues to find them.
4. Legal Issues - Deal with all relevant legal issues relating to the business and the products you will be selling.
5. Plan your Business - Make sure you have a Business Plan written, even if it is just a basic guide to the path you wish your business to take. It is more vital for a mail order business to have a comprehensive Marketing Plan because you must fully understand your target market and how to reach them.
6. Order Filling – It is vital that you have a flawless system in place to ship orders to customers
7. Build on your Successes – Use the experiences that you gain from the process of start-up to improve your business

Being organised enough to keep good financial records can be just as important to the success of a company as having the creativity to come up with a unique business idea. Problems often arise in successful start-ups because the most creative people are the ones least concerned with bureaucracy and recordkeeping - something they soon regret not taking an interest in when they are subject to a tax inspection or need to apply for a loan.  

Things to remember:  

• Recordkeeping allows you to keep track of your financial situation and measure your progress towards set objectives
• Estimate your start-up costs and work out how much money you will need for the first year of business. If in doubt, estimate higher rather than lower
• Set up a ledger to record all transactions. This can be easily managed using the accounting function in OnlineOffice
• Make sure you have systems in place to manage cash transactions i.e. numbered sales invoices
• Use a calendar to remind you about important deadlines such as tax dates or payroll schedules. This feature is also present in OnlineOffice
• If you have employees, bear in mind that there are certain mandatory records that must be kept. These range from keeping a log of accidents they suffer through to keeping a full history of their personnel details and tax records
• You will need to keep your receipts, purchases and various expenses as proof for a number of years.  By scanning copies into the Document Store of OnlineOffice you could keep a permanent record of financial documents

For the previous stages of this checklist look here 

It can be easy to neglect risk planning when you first open your start-up. However, it is very important to attempt to assess the levels of risk involved in your business activities in order for you to try and come up with ways to reduce them. This article will mainly cover general risks involved with business, although your enterprise may have additional specialised risks related to the industry you are in.  

Risk management is a process of continuous analysis of your business practices and a lot of communication at all levels of your organisation. You also need to identify potential hazards and a ‘worst case scenario’, and then work on devising contingency plans in case they ever occur. If something goes wrong it can be very reassuring to have a plan to work from to restore the status quo.  

Business insurance is an integral part of risk management in order to make sure that you are compensated or protected if something goes wrong. You must first consider what needs to be insured (e.g. equipment / inventory / property / vehicles / employees / liability or business interruption) and decide upon a realistic amount that it is worth. It is then possible to decide what you wish to insure each item against (e.g. fire / theft / accident / everything). Make sure you get multiple quotes and choose the best one.  

Things to remember:  

• Identify Risk – If you are unsure about this, a good place to start is reading through your business plan
• Measure Risk – There is computer software that can calculate risk well, in addition to specialised risk consultants
• Decide how to Limit Risk – Brainstorm some solutions to the risk issues which are identified
• Implement Solutions – Put the solutions in place e.g. install a fire alarm
• Monitor Risk – Review the situation at regular intervals

For the previous stages of this checklist look here

This checklist will hopefully give you a guide to some of the stages involved in starting up.  

1. Choose a Business Type – Once you are clear about what your start-up will be, try to also think about an appropriate catchy business name
2. File a ‘Doing Business As’ (DBA) Form – This form (also known as ‘trading as’ in many countries) will allow you to open a business bank account
3. Open a Business Checking Account – Look around for a bank that is sympathetic to the needs of a small start-up
4. Write a Marketing Plan – It is useful to have a strategy about how you plan to promote your business once it launches
5. Brush up on Accounting Techniques – You can use the free accounting software within OnlineOffice
6. Contact the Small Business Administration – If you are in the United States , the SBA may be able to assist you by providing advice or even a loan
7. Consider Further Education - If there are some areas of business you are unsure about, you may find it helpful to attend classes at a local college
8. Visit a Bookshop – It can be handy to collect a library of business books over the years to inspire you or as a source of reference
9. Create a Business Plan – This will not only aid you in borrowing money from banks but also exists as a road-map to keep your business on track
10. Decide Long-Term Goals – Think about where you want your business to be in five or ten years from now and keep these goals in mind when you make strategic decisions

You must first decide whether your business will need to have a physical presence somewhere or will it exist only in cyberspace. For the majority of small business start-ups today it is unnecessary and counter-intuitive to pay for office space when it is easier and far less expensive for you to work from home instead. Regardless of where you decide to base your workplace, this checklist will be useful.  

Things to remember:  

• Office Space – Whether you are working from home or in an office, it is important to feel as if you have enough space to get your work done comfortably. A poorly designed workspace will hamper your productivity and stop you from performing to your potential. Think carefully about the design of your office and experiment with different layouts in diagram form. The best offices are often ergonomically designed to create a streamlined workflow. If you opt for premises outside your home, choosing the best location will be a big decision to make. Consider your needs at work both now and in the future.
• Home-working – It is important to separate the work space in your house from the living space if possible. Noise may be an issue if you have pets or small children so make sure you can close off the workspace if you need to make phone-calls or avoid distraction. If you do not have space for a home office, consider some form of collective shared workspace with other individuals that you may know who do not need a large office to themselves.
• Office Equipment – Make a list of all the office equipment needed in order to ensure you will have all the tools to be successful. Although it may be tempting to buy cheap equipment when you first start out, you may end up spending more in the long-term if it is unreliable. Having said this, it is easy to overspend when equipping your office so try to allocate an acceptable budget in the beginning and stick to it. Make sure your equipment is insured to protect against damage and theft as this will reduce downtime if something goes wrong.
• Production Space – If you intend to produce a physical product yourself then consider the space you will need to do this. Some businesses will need both an office and an additional space – for example, if you are running a gardening business you will need somewhere to deal with paperwork and have a secure location for your tools.
• Production Equipment – The same rules apply for production equipment in that you must weigh the cost against the benefits of the money you will spend. If purchasing a new machine will significantly increase your production then you can justify the expense. Maintenance of production equipment is even more crucial than your office equipment because it will effectively close down your business until the problem is sorted, whereas if office equipment fails you can probably keep working.
• Daily Tasks – It is helpful to have a list of the workplace procedures that must take place at the end of the day such as cleaning tools, backing up hard drives or locking doors and windows. These are small things that can easily be forgotten but could make you lose work or even invalidate your insurance.
• Suppliers – You will likely need to have some form of supplier relationship, even if it is just with your Internet Service Provider and website host. You may also require stationary supplies or even parts if you assemble a product yourself. Compile a list of potential suppliers through research and narrow them down – you will likely be able to find reviews online. Once you decide on the best supplier for you, keep the details of the best alternatives in case you are disappointed by your current supplier or they go out of business.

For the previous stages of this checklist look here  

A common barrier that a lot of people feel prevents them from starting their own small business is how to generate enough capital to get things up and running. A large number of SME owners end up working two or more jobs because they cannot afford to give up their previous employment whilst their new business is in its infancy. Although this is a necessary evil, it can only harm the performance of their start-up if they are unable to give it their full attention.  

These are the most common methods of financing a start-up:  

• Personal Savings – The majority of entrepreneurs finance the bulk of the cost from their own savings. This has the benefit of needing no repayment but also could leave them without any further money to inject into the business
• Banks – Nearly half of all start-ups take some form of loan from a bank. In recent years, banks have been handing out money very easily but this looks set to change in the current economic climate. Borrowing money is probably best avoided at this time, but if you decide to then think carefully about which bank to choose. A bank will probably expect you to risk some of your own funds before they give you anything. A strong business plan will be crucial in securing a loan
• Friends and Relatives – Almost a third of start-ups have some contribution from family and friends. This group of people are - for some entrepreneurs – the only people who will have enough faith in you succeeding to actually invest. Their contribution may come in the form of a loan or possibly for some share of ownership. The main disadvantage to this sort of arrangement is that if your business fails it could also damage your personal relationships
• Individual Investors – There are people who are willing to take a gamble and invest in promising start-ups. About a tenth of new businesses have had contributions from outside investors, usually in exchange for some percentage of ownership. These agreements can sometimes be very flexible depending on the individual and may need only last for a fixed term i.e. until the money is repaid
• Government Loans – Although hard to get in the UK , it is common practice in many countries for Government’s to provide small business loans and grants to start-ups. This helps nurture the development of industries or can help re-vitalise one that is flagging
• Venture Capitalist Firms – A very small amount of new start-ups opt to receive financing from venture capitalists. They are unlikely to invest unless they are guaranteed a big return and will be extremely demanding

If you are still unable to generate capital through any of these methods it can be helpful to attend a business school. At the school you will get to know like-minded people and they may be interested in going into business with you. In addition, most schools run business plan competitions that award funding to the best entries. 

For the previous stages of this checklist look here 

Deciding upon the price of your goods or services is definitely one of the most important decisions you will make at the start-up of your small business. It will be essential that you sell at a price which is attractive to your target market or else you will really struggle. You must also make sure that the price you decide upon is adequate enough to cover the combined total of all the costs you incur (e.g. production and labour) or else you will lose money over the long-term.  

Things to remember:  

• The first step in deciding upon a price is calculating your break-even point – this is the price at which you would not lose or make money when selling your product
• Conduct a break-even analysis to work out your fixed costs (figures that will not change greatly such as rent, insurance etc.) and variable costs (figures that will vary based on output, such as having to pay extra wages to staff for the additional hours needed to finish a big order on time)
• Use this method to work out the minimum price you can charge without losing money on a sale
• Sometimes businesses sell products at below the break-even point for a short while in order to damage competitors
• With products that cost a large amount of money to develop and bring to market, the common practice is to charge very highly for them initially to re-coup the development cost whilst demand is high
• Some business owners (such as venture capitalists) may have a desired return on investment and will price their products accordingly to reach that profit level
• Use what your competitors charge for their products or services as a rough guide
• Be prepared to lower prices or offer discounts as part of your marketing efforts
• If you are selling a product with high perceived value such as luxury goods then your target market will be prepared to pay over the odds for it because they are purchasing a status symbol – this is known as the “price the market will bear”
• You can raise the perceived value of your company over an extended period of time by excelling in various aspects of your business, from the packaging of your product through to the attitude of your salespeople

In general, the best price for your product or service will fall somewhere between the break-even point and the price the market will bear