Starting your first business is an exciting time that is mixed with huge responsibilities and decisions. James Buccelli is a well-respected and successful entrepreneur who has worked to establish a business empire across a variety of industries. Although opening the doors to your first business entails a great deal of work, James Buccelli states that there are tips business owners can follow to ensure the process is done with ease. Here James Buccelli offers advice to new business owners on how to successfully start their first business.
- Licensing. James Buccelli notes that new business owners should have a business plan developed that include the licenses they will need to start their new venture. Most licenses can be obtained through your local City Hall or country administration office. Additionally, James Buccelli states that the DBA will enable you to register your business name.
- Products and services. James Buccelli states that business owners should also define what industry and markets they plan on targeting in their business plan. James Buccelli recommends including how you will produce or obtain your products within your plan to ensure you have a realistic strategy developed before partaking in the business venture.
- Break-even analysis. James Buccelli recommends that all companies complete a three-year sales forecast prior to opening. James Buccelli states that you should base your forecast on the total sales in the industry, which is also referred to as your market potential. James Buccelli notes that you will also need to factor in costs that include production, labor, supplies, and equipment. From these numbers you will be able to develop a realistic break-even analysis to ensure you will turn a profit after opening.
- Distribution and location. Next, James Buccelli states that business owners should establish their distribution plan. This is how you will make your products or services available to your customers, so it is important that the area you choose to distribute in reaches your target market. James Buccelli notes that your plan should be developed strategically based on your consumers.
- Promotion. James Buccelli notes that the final step in the process is to develop an advertising and promotional plan. Business owners should establish what type of marketing they desire to use like direct mail, display advertising, the internet, etc. James Buccelli states that business owners should include how much money they plan on delegating towards each type of advertising within their business plan. It is important to have a solid advertising budget planned before initiating any marketing strategies.