business tips

The Areas Of Your Business That You Can’t Afford To Neglect

Things are always hectic when you’re a business owner, and since March 2020 it feels like “hectic” is a bit of an understatement.

Things are always hectic when you’re a business owner, and since March 2020 it feels like “hectic” is a bit of an understatement. We have all been rushed off our feet working around the clock to make sure that we can keep our companies running in such a challenging environment. We have been doing our best to stay flexible, to anticipate the next challenge before it arises, and as a result it feels like some of the core practices may have been a little neglected. As we moved into autumn and winter, you need to make sure that your business is protected. Here are a few areas that you cannot afford to neglect.

Don’t Neglect Your Security

We are sure that the massive rise in cybercrime during the pandemic has not escaped your notice. It has been truly startling to see the statistics around everything from major ransomware attacks to run of the mill email and text scams since March 2020. If you have been lucky enough to escape any serious threats so far, that does not mean that you can afford to be complacent. Talk to an IT security expert to find out how your company could be at risk and talk to your employees about steps that they can take to keep themselves and your business safe.

Don’t Neglect Your Payroll

A good payroll system is so important to any business, regardless of size. You need to know that everyone is getting paid on time and that everything from taxes to pensions are being considered. If you are unhappy with your current payroll software, then it is time to switch.

A better payroll software system doesn’t just save you the headache of double checking every little thing, it helps your employees to feel like their needs are being met. However, before you switch, you need to make sure that you have a clear idea of what it is that you need and that you have done your research. PayCaptain has put together a checklist for switching payroll companies that will help you to make the right decision.

Don’t Neglect Your Relationships

Every business has been through the ringer during the pandemic. We have all been focused on our individual needs and making sure that we have a way out of every issue that COVID-19 threw at us that it has been easy to let some good habits slip. The relationships that we have with our suppliers and our partners are so important, particularly when times are hard.

With supply disruption due to Brexit and Coronavirus hitting hard, you are going to need to know that you can rely on your external partners to tell you when they are anticipating problems. Similarly, with such a chaotic marketplace, you may find yourself in a position where you have to ask for some patience and understanding whether it’s for a late payment or a cancelled meeting. Now that things are a little calmer, use this time to check in and work on these relationships.

What to think about before moving your business out of state

While moving your business to another state may in the long run be the best decision to make for you and your employees, it is also crucial that you take many different factors into consideration before going ahead with your plans. Since there can often be hidden costs and other factors that may not present themselves initially, careful planning needs to take place before you make your move. To help with this, here are some things you should think about before moving your business out of state.

Rules and Regulations

Before you move your business to another state, always make sure the rules and regulations of that state are business-friendly. Whether it’s incentives given by local governments for economic development or having an easy time creating new legal agreements for partnerships or other business dealings, knowing what to expect beforehand can eliminate unpleasant surprises.

Moving Costs

Depending on the size of your business and the volume of equipment, furniture, and other items that will be making the move, always consider the moving costs that will be incurred along the way. If you want to reduce these costs, it is usually best to work with corporate movers who specialize in helping businesses move from here to there, since you can often get discounts on various services and make the move with fewer hassles.

Taxes

Before you ever completely commit to moving your business to another state, always examine various tax rates in great detail. If you are not careful, you may find yourself paying much more in taxes than you are now in your current location. Also, if the sales tax or other taxes are high in the state you have under consideration, many of your best employees may balk at relocating, which could weaken your company’s ability to stay competitive.

Conveniences

Last but not least, take into account the conveniences that will be available in your new state. For example, look around and decide if there is sufficient commercial space available should your business ultimately outgrow its new location. Also, if you have employees who will be relocating, make sure the housing market is good and that they will have access to affordable housing and other amenities.

While you may look back on your move to another state and realize it was the best business decision you ever made, doing some careful planning prior to the move can make it much easier for you and your employees.

How to launch a business from scratch

Do you have a solid idea for a startup business? If you want to succeed with your new business idea, follow these steps.

Do you have a solid idea for a startup business? If you do, you’re likely wondering if it’s possible to launch a business from scratch.

The good news is that you can start your own business even without a ton of experience. The first steps should be all about research and planning.

If you want to succeed with your new business idea, follow our steps below.

It Begins With Your Business Idea

Before doing anything else, you must come up with a good business idea. Doing so includes researching consumer needs and trends in the market. Keep an eye on local events.

Would your product or service be able to address these customer needs? How much competition would you face?

You also need to figure out what you’re capable of doing on your own. Start with your skill set and determine what you can handle and when you might need someone else to perform certain tasks. For instance, you may need to hire a marketer or a web design company to make a professional business website.

Follow a Business Plan

Creating a business plan is vital for startups as it outlines your objectives and how you plan on meeting those goals. In short, a business plan will help to keep you on track.

You’ll need a solid business plan if you’re going to seek investment. Not only does having one make you look more professional, but it helps solidify your goals and tells investors you have a plan and a strategy for success.

Finance Your Business

There are multiple ways you could finance your new business. Each option has its pros and cons, and you may want to consider combining different financing methods for the best outcome.

Here are a few to consider and research:

Bank loans
Crowdfunding
Friends and family
Angel investors
SBA loans
Personal savings

If you’re strapped for finances, you might want to consider bootstrapping. This method involves using only your personal savings and working hard to make your first sales. Once you have some money coming in from sales, you can put that back into your business.

During this step, you also want to make a budget. When you launch a business, you may need to cut back on other expenses, so be prepared.

Get a Business Coach

There’s no doubt that launching a startup company is tough work, and it’s always easier to make your business succeed with help. If you don’t have a lot of experience running a business, you should consider investing in a business coach.

Take a look at this Business Made Simple Coach to get started. With help from a certified coach, you’ll get the clarity and guidance you need to take your business from an idea to a successful company.

A business coach can walk you through planning, marketing, creating mission statements, and more.

Learning More on How to Launch a Business From Scratch

While these tips are only the beginning, they should help you on your journey so you can launch a business successfully.

You’ve taken the first steps, but that doesn’t mean you should stop learning! Now is the time to keep researching and refining your skills. To learn more tips on how to build a business, check out some of our other resources on the site.

The five questions everyone needs to ask themselves before starting their own business

From admin duties to self-check-ins, here are some of the most important things to get squared away.

Starting your own business is always an exciting moment. For many people, this is the point at which it feels like you have taken control of your own destiny, setting out on the path of what you really want to do without anyone standing in your way or trying to dictate the way you do things. It can be a tremendous moment of self-affirmation, of seeing that you have the skills and the fortitude it takes to make your own way with your own ideas.

However, before you get started there are several things that you will need to make sure you’ve taken care of. From admin duties to self-check-ins, here are some of the most important things to get squared away.

Are You Ready For This?

Before you embark on the journey of self-employment and/or business ownership, it’s really important that you are clear that you are doing this for the right reasons and that you are pursuing a business that is both something that you have the skillset for and something that you are passionate about. If you’ve got the skills but not the passion, then it’s going to be a long hard slog through the challenges that will inevitably arise.

Remember, the buck stops with you when you’re self-employed, so if you can’t motivate yourself with how much you love what you do, you might not make it through the first few months. It’s also important to be brutally honest about the skills that you have. There are a lot of areas to cover when you’re setting out on a solo journey like this, and if there are any areas where you don’t feel like you’re fully equipped, it may well be worth bringing someone else on board. However, we’ll come back to that later…

Have You Done Your Market Research?

It’s one thing to have a great idea, but it’s quite another to make sure that there’s enough demand for it out there. Whether you’re setting up your own copywriting firm, opening your own store or starting your own legal practice, it’s always important to make sure you have a good idea of what else is already out there by doing your market research. Not only will this help you to decide whether entering into this marketplace is a viable business option, it could also help to identify potential gaps in the market that you can exploit.

Are You Comfortable Looking After The Business Finances?

If you’re going into business as an independent financial advisor, then you might be able to skip this section. For everyone else, you’re going to have to get up to speed pretty quickly on everything from taxes to expenses. If you’re employing anyone, you’re going to need to make sure that their payroll information is all squared away too. You’re also going to need to budget for and manage your expenses.

If you’re at all unsure about this, then it will make sense to bring on an expert. For example, did you know that a solo defined benefit plan can help you save on taxes while you’re contributing to your pension? Saber Pension specializes in helping self-employed business owners reduce their taxes while making retirement contributions, and they will always go the extra mile for their clients.

Do You Need A Business Plan?

Now, this one may not be applicable to everyone, but if you’re looking for people to invest in your business, then you’re going to need to show that you’ve done your homework. You’re going to need to be able to break down the structure of your business from top to bottom, the finances that you already have in place, and the financial projections for the year ahead.

Your market research will also be a crucial cornerstone of your business plan, as investors are going to want to see that they are backing the right horse. You are also going to need to demonstrate to anyone who is thinking about putting money into your business that you have a plan to attract customers, which brings us to…

Do You Know How To Reach Your Audience/Customers?

Over the course of the last year, the online marketplace has become vastly more competitive. Big businesses and local stores have all turned their attention away from the high street and the mall to try and maximize business, and if you’re just starting out, you are going to be battling for the same customers and clients with people who have a lot more resources than you do.

As a result, it’s going to be absolutely vital that you know where to look in order to drive business. Are you targeting the right social media channels? Are you maximizing your existing contacts to leverage their potential connections? Is your website both welcoming and informative? Remember, engagement is particularly important when you’re just starting out, so make sure that you can be easily reached.

What to do if your business is hit with storm damage

To ensure all goes well for you and your business following a storm, put these steps into place at once.

While one day everything is fine with your business, the next day could be something entirely different should a storm pass through your area. If it does and your business is hit with damage caused by high winds, hail, or other forces of Mother Nature, it is imperative you know the steps you should take immediately. To ensure all goes well for you and your business following a storm, put these steps into place at once.

Photograph the Damage

As soon as it is safe to do so, always photograph the damage done to your business. Since you will need proof of the damage to ensure your insurance company will compensate you for the amount you deserve, always have evidence of the damage you sustained.

Contact Your Insurance Company

Along with having the photos of the damage to your business, contact your insurance company as quickly as possible to get the claims process going for your business. By doing so, an adjustor can come to your location, assess the damage, and determine how much compensation you will need for standing seam roofing.

Make Safety a Priority

Depending on the extent of damage your business suffered, try to create an environment in and around your business that is as safe as possible for your employees and customers. For example, if your business is able to remain open, try to ensure all broken glass and other sharp objects are picked up. Also, it is best to contact a damage restoration company to make arrangements to get your business up and running again.

Inquire about Disaster Assistance

Along with getting financial assistance from your insurance company, you should also try to find out as much as possible about whether or not your business would be eligible for federal disaster relief from such agencies as FEMA. In many cases, businesses that sustain storm damage are eligible for low-interest loans and even grants.

Start Right Away

Finally, although you are certainly upset at what happened to your business, try not to procrastinate about getting the cleanup and financial process started. The longer you delay, the harder it may be to get the help you will need from your insurance company and government agencies.

Though having significant storm damage can greatly impact even the strongest of businesses, taking charge of the situation and knowing the immediate steps to take can make the process of rebuilding much easier and far less stressful.

How a small business can keep hold of employees

Retaining staff members is critical to success for a small business.

Retaining staff members is critical to success for a small business. It is impossible to be consistent and to take the company forward when you constantly have to recruit and train staff (it is also expensive). However, it can be hard for a small business to retain the top performers because the larger companies are likely to offer a bigger salary and may have prestige. It will be difficult, but there are ways that you retain your best employees, which will help your business to stay competitive while also allowing you to build the right atmosphere at work. Here are a few ideas.

Flexible & Remote Working

The days of 9-5 in the office are disappearing and being replaced by flexible and remote working. Offering these can keep staff happy and allow them a better work-life balance while also showing that you are an employer that cares, plus in many cases, you will find that it can increase productivity too.

Relaxed Atmosphere

Having a relaxed atmosphere in the office where people can communicate freely will help to boost morale, allow staff to build relationships with co-workers, and bring fun into the office. Of course, you must be careful when creating a relaxed atmosphere because you do not want productivity to dip, so you need to make sure that work always comes first.

Social Benefits

Following this, you should also encourage socialising outside of the workplace. People spend an enormous amount of their time with colleagues, so if they can develop friendships, it makes it much more likely that they will stay while also helping to create the relaxed atmosphere described above. You cannot force people to spend time together outside the office or be friends, but arranging social events will certainly help.

Perks

While you may not be able to match the salary that they command elsewhere (but it should at least be competitive), you can encourage employees to stay with various perks and incentives. These might include:

Bonuses
Birthdays off
Staff discounts
Team holidays
Gym memberships

Support Through Change

Periods of any type of change in the workplace can be unsettling and difficult for staff. Places like inpulse.com allow you to survey staff before, during, and after change so that you can carefully monitor morale and provide support to staff members that need it. This should help you to keep each individual team member happy while showing that you care and are also successful in implementing the change.

Promote From Within

Most employees will be looking to advance their career and will start to look elsewhere when the time is right if this is not possible within your company. This is why you should always look to promote from within so that you can keep hold of top performers and show to other employees that they are able to progress without moving organization.

It can be a struggle to keep hold of staff as a small business, but it is important to realise that it is not always all about money, and these strategies should help you to keep hold of your best workers.

Great startup business tips and strategies for launching a new brand

Taking a look at some of the top strategies and startup business tips for new entrepreneurs.

So, you’re looking to build a startup and follow in the footsteps of greats like Steve Jobs, Elon Musk, and Michael Dell. Great choice!

But before you go about making the world a better place and filling your pockets, you’ll want to get some advice.

90% of startups fail, after all, so the right startup business tips can keep you from making these same mistakes. Keep reading to find out how you can prepare for success!

Don’t Chase Trends, Solve Problems

There’s money in chasing trends. However, that money dries up quickly once people move on to the newest flavor of the week.

For your startup to have longevity, you should aim to solve customers’ problems. How can your product or service make the lives of your customers easier?

If you can manage to make people’s lives a bit more convenient, you’ll find yourself with repeat customers, and thus, stronger revenue.

Set Your Business Apart with Custom Packaging

The more ways you can set yourself apart and stand out, the better. Custom packaging is an often overlooked way to help your company stand out.

Think about it: if you were in a room full of packages, you’d be able to suss out the Amazon package in a matter of seconds thanks to the logo on its shipping boxes and its custom tape.

You can use the same strategy for your business! Once you have a logo you’re satisfied with, order labels online and customize your shipping boxes. That way, customers will get excited about their order before evening opening the box.

Know When to Outsource

Even if you’re an expert multitasker, there’s never quite enough time in the day. But don’t think you have to tackle everything yourself.

In fact, doing so might be detrimental to your business.

Instead, consider outsourcing certain tasks that either take up too much time or require too many resources.

Let’s say you’re looking to market your company. Instead of dedicating hours to learning the ins-and-outs of managing a campaign, subscribing to services, and carrying out the task yourself, you’d be better off hiring a dedicated marketing company.

While it might cost a bit more upfront, you’ll ultimately get better results since you’re working with a team that knows their stuff.

Research Tax Tips

69% of startups are headquartered in the founder’s home, continuing the long tradition of home-based businesses like Apple, Amazon, and Google.

It’s a smart move, as working out of your home can save you tons of money on rental space. But did you know that you can write off the office space in your home for a tax bonus?

Small business taxes are killer, and you’ll need every tax cut you can get. Keep track of your expenditures, whether it’s a chair for your office, a hotel room for a conference, or even your Internet service.

Create the Next Big Thing with These Startup Business Tips

By following these startup business tips, you should have a strong foundation for your business that allows you to save money, time, and manpower. Now all that’s left to do is put your plan into action!

Don’t forget, we’re here for you! Keep checking back with our blog for more great startup tips.

14 Things no one tells you about starting a start-up

We asked 14 young entrepreneurs what the one thing no one told them.

We all have ideas about how starting a company will be. You’ve heard about the hardships, are aware of the perks, and are ready to tackle the challenges.

Like anything, though, there’s always going to be things you won’t know until you get your feet wet.
But what if we could get an inside glimpse? To learn the less-common things to be prepared for, we asked 14 young entrepreneurs what the one thing no one told them – the thing they wished they’d known – was when they started. Here’s what they had to say.]

1. There Are Incredible Highs And Lows

Running a startup is truly like riding a roller coaster that doesn’t stop. I’ve had some of the highest highs and the happiest moments I could remember while running my business. But it also comes with some of the lowest lows, and I’ve endured many sleepless nights. Rarely are there any feelings in between, but I think it’s important to celebrate even the smallest of victories. -Ross Cohen, BeenVerified

2. Networks Are Critical

I started off as a solopreneur with a small freelancing gig. For the first six months, things were very slow. However, when I joined my first official mastermind networking group, the business took off immediately. Surrounding yourself with the right people from the start (ideal clients, business mentors) will help you tremendously both when you’re starting up and down the road. -Patrick Conley, Automation Heroes

Also Read: 7 Things I learned from my first startup failure

3. Camaraderie Is Important

I wish someone had told me to be prepared for the feeling of isolation at times as an entrepreneur. On a daily basis as an entrepreneur I am faced with new challenges, many of which I must tackle alone. I have since brought in others to assist in building the business. Knowing that you are going down the path together definitely brings a feeling of camaraderie to the company. -David Schwartz, EMMDeavor (DBA Qruber) and Wireless Watchdogs

4. Mentors Are Necessary

Having someone who has walked the path as an entrepreneur is vital. You can gain wisdom from your mentor’s experience and discover insights that you would never have had before. I’ve missed out on so many opportunities to build my ideas because I didn’t have someone to shine a light in the right direction. Having a mentor is imperative. -Rob Fulton, Matikis

Also Read: 15 quotes which will motivate you to follow your dreams

5. There Is No Set Path

You have a big dream and you know exactly how you are going to get there—until it all changes. It’s great to have a business plan and a strategy, but I wish I had known that it is totally OK if you have to change directions. In fact, that’s good business! -Vanessa Van Edwards, Science of People

6. There’s No 4-Hour Work Week

Don’t get me wrong – I love that book. But no one ever told me that I would be trading my 50-hour work week for a 100+ hour work week when I first started my company. The one piece of advice I would give new entrepreneurs is to plan on investing all of your time and then some if you plan on being successful. It’s worth it in the long run! —Roger Bryan, Enfusen Digital Marketing

Also Read: 12 Signs that you need to grow up and stop ruining your opportunities for success

7. Everyone Has Unsolicited Advice

No one told me just how opinionated others would be about my business. People will come out of the woodwork with what they believe to be sage advice, when they’ve never even been in my shoes. People who have had corporate jobs all their lives will tell you exactly what you should be doing to run your business. Just nod and smile. -Maren Hogan, Red Branch Media

8. Early Success Is Temporary Luck

When you start a new business and achieve some early success, you need to be disciplined to always keep your ego in check and keep your starting vision in mind. I learned this lesson the hard way when I divided my team’s focus early on in favour of building an unproven product. Avoid the same mistake by staying focused. The best entrepreneurs are paranoid and never believe their own press. -Matthew Ackerson, Petovera

Also Read: 8 powerful tips for entrepreneurs to excel as a public speaker

9. Advisors And Consultants Are Useful

When starting up, I bootstrapped in every sense of the word. While this enabled me to propel my company forward, it was the hours of consulting and advising from industry experts that truly helped me make positive, long-lasting business decisions that continue to have a strong impact on my company and its success today. -Zach Cutler, Cutler Group

10. Starting Up Is Unpredictable

Oftentimes people compare their expected entrepreneurial journey to what they hear or read about from others who’ve succeeded, and assume their experience will be similar. Or, they write a business plan and anticipate it will go according to that plan. Rarely do people let you in on the secret that your plan will not be the way it looks—it will be a meandering path, not a straight one. -Darrah Brustein, Network Under 40 / Finance Whiz Kids

Also Read: 8 Obvious signs you were built for entrepreneurship

11. Partnerships Can Be Good

Partnerships can be challenging, but they can also be rewarding. If you are really going after a game-changing concept or something big, odds are a partner is a good thing. They can help carry the workload and keep the vision or dream going when things get tough. -Matt Ames, MN Pro Paintball

12. Learning From Other Entrepreneurs Is Invaluable

One of the most impactful ways that I was able to grow and succeed as an entrepreneur was by connecting to and learning from other entrepreneurs. Nobody ever told me this or mentioned this to me. Immediately connecting to other people who have been there is crucial for your success. Learning from others’ successes and failures will accelerate your growth process. -Matt Shoup, MattShoup.com

Also Read: 10 Things I wish I’d known when I started my start-up

13. Ideas Themselves Are Not Worth Much

I have seen many early entrepreneurs get excited when they think they have a billion-dollar idea. We feel that just because we thought of it, we own it. Here is the bad news: Chances are that multiple people have tried most of these ideas in some shape or form. In most cases, it’s your team and your execution that will differentiate you rather than the idea itself. -Karan Chaudhry, DropThought

14. Family Comes First

Family should always come first. You’re going to take big risks and risk almost everything, but I recommend that you never risk losing your family for your entrepreneurial adventure. It’s really not worth losing what’s most important in your life. -John Rampton, Adogy

Also Read: 6 ways to fall in your love with your work all over again

Ways to ensure a power packed start to your startup

Building a startup, you love and making it future-proof is an essential ingredient to your startup recipe. But wondering how would you ensure it?

Whether you want to start a shoe store business or want to step into the retail industry. Building a startup, you love and making it future-proof is an essential ingredient to your startup recipe. But wondering how would you ensure it? Here is what we mean for a strong start to your own startup:

1. Offer what people want and not what you want to sell. Consider this as a crash course but offer the product or service what the end user or customer is looking for. Become a solution provider.

2. Liquidity or regular cash flow is a lifeline of any startup. More so, if you want a kickass beginning to your business then it is absolutely essential to fuel the daily operation with immediate cash flows. Whether you decide to come up with private labels, loyalty programs for customers or insure same day delivery. Feeding constantly is the key to a head start of your startup.

3. Alternatives to keep the cost low – Too often, starting up is a journey that is done on a shoestring budget. In such cases, keeping the cost to bare minimum becomes imperative. So even if you are required to keep the cash flow intact, reducing the cost per item becomes equally important. Used items to furnish your office, freelancers to do you content and negotiating skills for better pricing are some of the ways you can achieve this target.

4. Sales before Branding – Several times entrepreneurs get into a branding exercise for their business without realizing the dire need to get leads and converting those leads into sales. Ideally, to run a business strongly, one must focus on marketing of one’s product/service and creating enough word-of-mouth that creates a buzz about the product in the market. Once consist sales are ensured, it will be easy for you to survive and sustain.

5. Regular monitoring – Abide by two principles. Experiment and Evaluate. It is utmost to keep a track about your tests and experiments. Throwing away money blindly over marketing campaigns or new product line will not ensure profits. While a clear vision helps you a long way, faithfully monitoring your investments is a scientific tool that helps many entrepreneurs.

6. Keep adding value to your business. Value addition to your product or service never ends. Whether you are starting up from scratch or taking over a multibillion dollar business. Rather than offering a discounted product to your customers, a product with some or greater value addition would be highly appreciated. It is also a way to build up loyalty amongst users.

7. Get a Mentor – The starting up avenue boasts the availability of multiple channels through which entrepreneurs can get help at every step of their entrepreneurial pursuit. Call them angel investors, venture capitalists or industry experts, all of these are disguise for an advisor. This outsider is the one who will help you with understanding the tricks of the trade besides being a guiding force.

Today’s courageous youngsters have ideas that waits to be launched in a business soon. However, success if not dependent on your idea but the ways you adopt to launch your business and run it successfully. Grow the business step by step and make a name by building a strong customer base.

Image credit: www.austrianstartups.com

20 Questions you have to answer before starting your business

Here’s a game of startup 20 questions that could get you a big payoff.

If you run a business or are just starting one, there are few questions to answer that are worth thinking about. If you have well researched answers to those questions, you will have an easier time attracting critical resources – like capital and talent.

Here are the 20 questions to answer about your business.

1. What is your business’s overt benefit, dramatic difference, and real reason to believe?

Unless it is really obvious why your product is better than anything else on the market and that you can deliver on your promises, you may not want to bother with the other 19 questions.

2. How will your business help society, the environment, and any other affected stakeholders?

Your business ought to make the world better off. You should make it clear how you’ll do that.

3. What is the mission of your business and what overarching goals is it striving to achieve?

If you want to inspire talented people to join your company, your company should have an emotionally compelling reason for being.

4. What have you learned from systematically talking with potential customers?

If you want to convince someone that people will pay for your product or service, ask 100 potential customers. If most of them ask how soon you can get them your product, you may be on to something.

5. How has customer feedback changed your view of the business opportunity?

Use customer feedback to make your company better.

6. Which groups of people are likely to be your best customers?

You’ll have more luck getting customers if you focus on the ones who are most likely to buy your product. Know the traits those potential customers share.

7. What are the revenues in the market you’re targeting?

To calculate this number, multiply the number of people in your target market by how frequently they buy each year by the price you’ll charge them for each unit they buy.

8. What product features and benefits do your customers seek?

You will be competing with other products – know which factors that potential customers compare in picking yours over theirs.

9. What evidence convinces you that customers would buy your product?

I’d be encouraged if you talked to 100 customers and many of them said that your product outperformed rivals on those factors.

10. Who are your company’s competitors and what are its competitive advantages and disadvantages?

You ought to figure out the capabilities – e.g., product development, sales, purchasing – that your competitors are using to gain market share and then take an objective look at how well you perform those capabilities compared to rivals.

11. If you sell a product, how will you distribute it? If a service, how will it be delivered?

Mostly entrepreneurs think distribution is an after-thought – customers consider it hugely important. So you should deliver quickly and correctly.

12. How much will you charge customers for your product?

Have a clear pricing strategy that will help you gain market share.

13. How much does each unit of product cost your company?

Know how much it costs your company to build, deliver and service each unit you sell.

14. Which companies will supply your raw materials or key services and what are the terms of those partnerships?

Find suppliers who will provide the raw materials you need to run your business, Make sure the suppliers deliver quality products or services, on time and at a reasonable price.

15. Are your suppliers socially and environmentally responsible?

Pick suppliers that share your sense of social and environmental responsibility.

16. How will you advertise your business and promote your product or service?

Develop a marketing strategy that gets you the maximum amount of attention among potential customers without spending too much money.

17. How much capital will you need to start your business?

Estimate all the costs you’ll incur to get your business off the ground — then double your estimate.

18. What will your income statement look like over the next three years?

Make reasonable and well-sourced assumptions to project your future income. Investors will question every assumption.

19. How long will it take your company to break even?

To find the number of units you need to sell to break even. divide the profit from selling each unit of your company’s product by its fixed costs.

20. What are the risks of this business?

Be sure you have thought of everything that could go wrong and try to run your business in a way that keeps those risks under control.

With good answers to these 20 questions, you have a shot at getting investors’ cash.

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