By Brian Hill and Dee Power
The first step is to map out how large
an area you want for your
garden (business plan) and what types
of seeds (new products) you
want to plant (launch). You might try
starting the plants indoors
(test marketing) before exposing them
to the perils of he natural
elements (retail market). Don't forget to prepare the soil before
you plant. You may need some soil amendments (new marketing VP) to
give the seeds (products) the best chance of sprouting (being
profitable). Some gardener's (CEOs) maintain a compost heap (last
year's marketing ideas and mix that into the soil; others say that
compost just gives off gas and smells bad. Fertilizer (advertising)
is a must. But how much to add (spend)?
You surely don't want to saturate the earth (market) with manure
(your commercials). In fact, successful gardening is a matter of
carefully regulating (cost controls) all the raw materials you
add-- nitrogen, phosphorous, potassium, even water.
Regulating (managing) the sun (the economy) is out of your
control, of course. Some tender sprouts (new products) require
more shade (patent protection) than others in order to survive
first few critical weeks.
Controlling pests (competitors) is a never ending problem. Some
of these fly into your garden (market) from out of state, some
simply crawl, after all they are vermin. Trouble is, the more
bountiful (profitable) your garden, the more they swarm. To rid
your garden of pests, you might try making it bigger and stronger
(grow by acquisition). The natural methods of pest control
(better service, higher quality products) are usually preferable.
A strong chemical herbicide (price war) might work temporarily,
but could do more harm than good in the garden in the long run,
and is bad for the overall environment.
As harvest time approaches (year-end), you can look over your
garden (company) with great satisfaction. Look at that yield (ROI)!
It's a bumper crop (record profits). All that toil and sweat was
certainly worth it -- right?
Now you can enjoy the fruits of your labors (profit distributions)
after you pay a few people back who helped you grow your garden.
Let's see, the garden supply store gets 20% of our vegetables, for
the tools and seeds you bought. The investors who let you use their
land (money) get 45% of the crop (investors eat more than normal
people). And the government gets 35% because...hmmmm...because they
sat there at the edge of the garden and watched you work, I guess.
Well, you get to keep the satisfaction.
Enjoy your business
Choose a business you love, because if you enjoy what you do.
you will never think you work hard.
Top 10 Ways to Create and Manage Opportunity
Instead of thinking of opportunities as just "coming along", you can actually increase the number of opportunities available to
you. There are specific principles you can use to assess whether a "possibility" has real "probability" and "profitability" for you.
Top 10 Stumbling Blocks that Prevent New Businesses from Growing
It is easy to start a business. It is much more difficult to build it, to make it
succeed. In working with hundreds entrepreneurs over 25 years, here are the mistakes I see most often. Avoid them!