One of the best reasons for a business to succeed is an effective business plan. Without such a plan in place, all the hard work and commitment that you bring to your business is lost. So if you have been considering starting a home based online jewelry store, then one of the first things that you need to focus on is constructing a business plan.
What is a business plan?
In simple words, a business plan is a detailed outline of your business with respect to the following –
· Finance/ Capital required
· Material/ Resources needed
· Researching the market
· Outlines cost/expenses
· Clearly defining business and marketing goals
· Shaping a pricing strategy
· Creating distribution channel for your products/services
· Shaping an effective marketing plan
· Foreseeing the future of the business
Once you have addressed these aspects you will have a clear understanding of how to go about setting up and running your business.
You might wonder of course if a home based online jewelry store requires such detailed attention. However what you need to keep in mind is that the size and scale of a business has no bearings of the importance of having a business plan. And contrary to popular belief you don’t have to seek professional help; a quick search over the internet will pull up unlimited resources and templates on how to build and create a business plan.
Business Basics for the new business owner
Starting a business is never an easy task even if you have thought you have all the avenues covered. Here are a few simple pointers to keep in mind while you go about planning your online jewelry store –
Business name – There are two things that you should consider when naming your business; first the name should be easy and simple to pronounce as well as remember and secondly it should embody or reflect the spirit of your work in some manner.
Bank account for your business – Irrespective of how large or small your jewelry business might be, a separate business account is always advisable. Never mix your personal finances with your business account.
Identify your business USP – Remember the jewelry business is saturated in a lot of ways, and if you plan on making a mark and beating the competition then you need to identify your business USP and market it aggressively. It can be the material that you use or the methodology of creating your designs or even the prices you set; whatever you think sets you apart from your competitors is the USP of your business.
Realistic business/marketing goals – It is will do you a world a good if you can keep your business and marketing plans and goals as realistic as possible right from day one. One of the biggest mistakes that most new business owners make is that of building up false and unrealistic goals and plans. Remember this is a volatile market that is subject to constant change, and being grounded about what you can and cannot do can make or break your business.
Build an online presence – In your exuberance to reach out to the retail and whole sale customer; do not forget that today there is a significant shift to online markets as well. Most businesses these days have an online presence. A lot of customers in fact prefer scouting the internet for goods and services in a bid to seek out better deals or quality, prices etc. before they actually go ahead and make a purchase. So do you need a website for your business? Absolutely yes!
Address your strengths and weaknesses – A good businessman should be aware of his strengths and weaknesses at all times. So while you might be good at making jewelry, your business skills might not be up to the mark. Instead of trying to make it work, and in the process making mistakes, see if you can enlist the help of family and friends to help you out. Alternatively, you could also seek professional help if need be.
Tax deductions are applicable even if you run a small home based business – Tax deduction is a fantastic money saving tool for every business so don’t overlook it. If you incur an expense that is deductible, then use it. As a small or home business owner, every penny counts.