Checklist for Starting a ATM Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a ATM business. This will allow you to predict problems before they happeen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
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A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your ATM business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to Apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
How to Open a Store
Basic Considerations and
Requirements
This guide will walk you step by step through all the
essential phases of starting a successful retail business. To
profit in a retail business, you need to consider the following
questions: What business am I in? What goods do I sell? Where is
my market? Who will buy? Who is my competition? What is my sales
strategy? What merchandising methods will I use? How much money
is needed to operate my store? How will I get the work done?
What management controls are needed? How can they be carried
out? Where can I go for help?
As the owner, you have to answer these questions to
draw up your business plan. The pages of this Guide are a
combination of text and suggested analysis so that you can
organize the information you gather from research to develop
your plan, giving you a progression from a common sense starting
point to a profitable ending point.
What Is a Business Plan?
The success of your business depends largely upon the
decisions you make. A business plan allocates resources and
measures the results of your actions, helping you set realistic
goals and make logical decisions.
You may be thinking, "Why should I spend my time
drawing up a business plan? What's in it for me?" If you've
never worked out a plan, you are right in wanting to hear about
the possible benefits before you do the work. Remember first
that the lack of planning leaves you poorly equipped to
anticipate future decisions and actions you must make or take to
run your business successfully. A business plan Gives you a path
to follow. A plan with goals and action steps allows you to
guide your business through turbulent often unforeseen economic
conditions.
A plan shows your banker the condition and direction of
your business so that your business can be more favorably
considered for a loan because of the banker's insight into your
situation.
A plan can tell your sales personnel, suppliers, and
others about your operations and goals.
A plan can help you develop as a manager. It can give
you practice in thinking and figuring out problems about
competitive conditions, promotional opportunities and situations
that are good or bad for your business. Such practice over a
period of time can help increase an owner-manager's ability to
make judgments.
A second plan tells you what to do and how to do it to
achieve the goals you have set for your business.
In making your business plan, the first question to
consider is: What business am I really in? At first reading,
this question may seem silly. "If there is one thing I know,"
you say to yourself, "it is what business I'm in." Hold on and
think. Some owner-managers have gone broke and others have
wasted their savings because they did not define their
businesses in detail. Actually they were confused about what
business they were in.
Look at an example. Mr. Jet maintained a dock and sold
and rented boats. He thought he was in the marina business. But
when he got into trouble and asked for outside help, he learned
that he was not necessarily in the marina business. He was in
several businesses. He was in the restaurant
business with a dockside cafe, serving meals to boating parties.
He was in the real estate business, buying and selling lots. He
was in boat repair business, buying parts and hiring a mechanic
as demand rose. Mr. Jet was trying to be too many things and
couldn't decide which venture to put money into and how much
return to expect. What slim resources he had were fragmented.
Before he could make a profit on his sales and a return
on his investment, Mr. Jet had to decide what business he really
was in and concentrate on it. After much study, he realized that
he should stick to the marina format, buying, selling, and
servicing boats.
Decide what business you are in and write it down -
define your business.
To help you decide, think of answers to
questions like: What do you buy? What do you sell? Which of your
lines of goods yields the greatest profit? What do people ask
you for? What is it that you are trying to do better or more of
or differently from your competitors? Write it down in detail.
Planning Your Marketing
When you have decided what business you are in, you are
ready to consider another important part of you business plan.
Marketing. Successful marketing starts with the owner-manager.
You have to know the merchandise you sell and the wishes and
wants of your customers you can appeal to. The objective is to
move the stock off the shelves and display racks at the right
price and bring in sales dollars.
The text and suggested working papers that follow are
designed to help you work out a marketing plan for your store.
Determining the Sales Potential
In retail business, your sales potential depends on
location. Like a tree, a store has to draw its nourishment from
the area around it. The following questions should help you work
through the problem of selecting a profitable location.
In what part of the city or town will you locate?
In the downtown business section?
In the area right next to the downtown business area?
In a residential section of the town?
On the highway outside of town?
In the suburbs?
In a suburban shopping center?
On a worksheet, write where you plan to locate and give
your reasons why you chose that particular location.
Now consider these questions that will help you narrow
down a place in your location area.
What is the competition in the area you have picked?
How many of the stores look prosperous?
How many look as though they are barely getting by?
How many similar stores went out of business in this
area last year?
How many new stores opened up in the last year?
What price line does competition carry?
Which store or stores in the area will be your biggest
competitors?
Say that you're the sort who is starting
new small business. You Have given focus to the overall
opportunities for success, and
have chosen the new company
you wish to establish.
What practical issues will you
face in establishing the business? How Much cash will you need
for beginning new small business?
Where can you get it? What
form of business organization will you have? Where should you
find the business? (start business tips
to follow along )
The first question you need to answer is: How much money
will I need? However, this question can not be answered until
several
other questions are answered and several decisions
are made.
To decide how much cash is needed to start a
business, enter all Of your potential income and all of your
planned expenses onto a
work sheet or form.
Even
though you may feel that this kind of planning is more than You
have to initiate a simple small business it is useful to get
started with this particular approach to management which puts
down figures in black and white. You'll find exactly the exact
same
approach valuable within an established small business.
First, estimate your sales quantity. This will depend on
the overall Quantity of business in the region, the number and
skill of
opponents now sharing that business, and your own
capability to compete for the customer's dollar. Obtain
assistance in making
your sales estimate from wholesalers,
trade associations, your banker, along with other
business-people. A number of company and
statistical books
may be useful in making sales volume quotes.
In reaching
your final quote of sales do not be over-enthusiastic. A new
business generally grows slowly at the beginning. Should
you
overestimate sales you're likely to spend too much in gear and
first inventory, and commit to heavier operating expenses than
your real sales volume will justify. As you're just beginning
you might have no sales for the first few months. At any rate
you
can expect your first few weeks to be quite low.
You must also determine what percentage of your sales will be
cash And what proportion will be sold on credit. If you estimate
that a certain portion of the earnings will be on charge then
you have to figure when you are likely to get the money for
these
sales. One month? Two months? More? Never?
In
our guide to beginning new small business, estimate how Much
cash will be paid out. Bear in mind that in starting a company
you
might be purchasing equipment, paying fees and licenses,
which makes deposits on rent, utilities and so forth, several
months
before you open the doorway. Some of those expenses
are easy to estimate. In case you've decided to rent a building
(more about
this later) then you understand what your
deposits will be and just how much you'll need to pay out
monthly. You can probably get
the expense of fees, licenses
and utility deposits with a couple of telephone calls.
Other cost figures may take a little more work to get. 1 way Is
to acquire typical operating ratios for the type of company in
which you are interested. Among the resources for such ratios
are Dun & Bradstreet, Inc., trade associations, publishers of
trade
magazines, technical accounting companies, industrial
companies, and schools and universities. The typical ratios for
your type of
business multiplied by your estimated sales
volume will serve as bench marks for estimating the several
items of expense. However,
do not rely exclusively on this
method for estimating each cost item. Verify and change these
estimates through investigation and
quotes in the particular
market place in which you intend to operate.
Do not
forget to pay yourself too. You Might Need money to live on if
You need to quit your job. If your partner is working and
may
support the family for some time you may not need to withdraw
cash from the business. The longer you can go without taking
cash out, the quicker you'll develop a solid cash position. Now
that you have estimated your money receipts and expenses, write
down the amount of money you will put into the company to start.
This goes on line 1 in the example below. Next, add lines 2 and
1
for the first month to find line 3. Then add up all the
expenses to find line 5. Subtract line 5 from line 3 to find
line 6. This
money at the end of month 1 then goes to line 1
for the start of the next month, etc.
Should you
continue this for the Whole year, very soon you will find You
have negative amounts or even a negative cash flow. About
this time you will also realize that you should be operating on
this kind with a pencil which has a good eraser.
In this
overly-simplified case, you see that by the end of June you are
minus $200 in cash. Two options can be attempted - reduce
your buys at June by $200 or begin with $200 more. You may be
unable to reduce expenses (they will probably go up as your
company
starts). That means you'll need to put in $200 more
to start with. If all you've got is 4000 then the extra $200 you
will need is
funding you must get from someplace else.
Do not be fooled by this very simple illustration. Many
small businesses Start with the 200, and try to acquire the
$4000 from
someplace else. Since a Major reason for failure
in the first stages of a business is Under-capitalization, be
very careful in
your preparation at this point. You can
Almost always aim on some unexpected expenses and a few delays
in anticipated income.
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