Small Business are the life blood of any economy these small businesses make up to 80% of the marketplace and employ the most people the advantages of having your own small business are enormous No boss and you work your own hours....but there's a catch more bills and taxes of course that's the extra cost of running your own business and you need to focus on your marketing strategy and entrepreneur skills.
Good planning before you start can set you up for a good run a good small business plan is compulsory with everything costed out including your own marketing plan and the exposure that will bring in the projected business revenue.
You need to work out what your salary will need to be so you can pay your own personal expenses and have enough money for your family if you are not generating enough income you might need to spend more on marketing or other products therefore reducing your salary therefore adding your salary requirement into the mix will give you your overall business plan.
Business planning has many aspects and takes considerable time to find therefore considerable research needs to be done in areas where there might actually not be much information available especially if it's a new niche product and a new market so understanding demographics will help in gaining a picture of where your customers will come from.
If you are considering digital products your potential customer base could be from all over the world or you could be a fix it person (niche) who gives instruction on a particular product via online so this means mostly people with that problem and product would use your instructions and information.
Do you need a physical store with the advantage of online sales this could be an interesting concept so this would need to be costed and here we would have two marketing plans being one for the physical store and the other for the online store also more employees. So understanding the parameters of how you are going to achieve and implement all these factors need to be costed into your business plan.
By over delivering on your business plan and market fact projections you can get funding if needed and support from interested parties for your Startup company and products this process can take a while to get off the ground. Market timing is also critical as with many other things around us there is a business cycle 8 -10 years and then there is a downturn so this has advantages and disadvantages that need to be factored into the business plan and market timing.
Understanding you business operating costs and projections helps to build a business plan and the viability of your new small business. Seasonal demand plays an important part for some business types like are most of your busy times periodic? maybe call some other businesses in your local area to see when they are most busy what months are real busy and work this into your business plan.
Determining keys points and parameters of your concept niche business are vital in the early stages try to talk to other similar business people and find out where they really struggled. Making a list of hurdles your niche business will have to jump over and planning for will help reduce stress and building confidence. Many government agencies offer free information and statistics on small business and market demographics.