Checklist for Starting a Duck Farm 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 Duck Farm business. This will allow you to predict problems before they happen 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 Duck Farm 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
What is your banking plan?
What will be the location and type of
bank accounts opened for the business. A word of caution, keep
business accounts separate from personal or family accounts.
These vital records will be necessary for future tax and
accounting purposes. Describe your banking plan:
__________
How Is Your Credit Rating?
There may be several partial answers
to this question. All will be of importance to the future of the
business. First, what is your personal history of paying debts?
To establish a credit rating, it is
necessary to secure credit with a number of businesses and to
use it. Your rating will be based upon your record for paying
for goods and services based upon the agreed terms. If your
prior credit rating is poor discuss with your lawyer accountant
and banker options for improvement before seeking and being
refused business credit.
Operational Plans Summary
The purpose of this section is to
summarize from previous sections, the various operations of your
business and link them to the finance section of your business
plan. In addition you will want to summarize the advantages and
disadvantages of a home based business operation. Refer to your
earlier checklist. Write your summary here:
__________
The Financial Plan
Clearly the most critical section of
your Business Plan Document is the Financial Plan. In
formulating this part of the planning document, you will
establish vital schedules that will guide the financial health
of your business through the troubled waters of the first year
and beyond.
Before going into the details of
building the Financial Plan, it is important to realize that
some basic knowledge of accounting is essential to the
productive management of your business. If you are like most
home business owners, you probably have a deep and abiding
interest in the product or services that you sell or intend to
sell. You like to do what you do, and it is even more fulfilling
that you are making money doing it. There is nothing wrong with
that. Your conviction that what you are doing or making is
worthwhile is vitally important to success. Nonetheless, the
income of a coach who takes the greatest pride in producing a
winning team will largely depend on someone keeping score of the
wins and losses.
The business owner is no different.
Your product or service may improve the condition of mankind for
generations to come, but, unless you have access to an unlimited
bank roll, you will fail if you don't make a profit. If you
don't know what's going on in your business, you are not in a
very good position to assure its profitability. Most home based
businesses will use the "cash" method of accounting with a
system of recordkeeping that may be little more than a carefully
annotated checkbook in which is recorded all receipts and all
expenditures, backed up by a few forms of original entry
(invoices, receipts, cash tickets, etc.)
If your business is, or will be,
larger than just a small supplement to family income, you will
need a something more sophisticated. Stationery stores can
provide you with several packaged small business accounting
systems complete with simple journals and ledgers and detailed
instructions in understandable language.
Should you feel that your accounting
knowledge is so rudimentary that you will need professional
assistance to establish your accounting system, the classified
section of your telephone directory can lead you to a number of
small business services that offer a complete range of
accounting services. You can buy as much as you need, from a
simple "peg-board" system all the way to computerized
accounting, and monthly profitability consultation. Rates are
reasonable for the services rendered and an investigative
consultation will usually be free. Look under the heading,
"Business Consultants", and make some calls. Be sure to let them
know the size of your business so you get to the ones who
specialize in home based operations. Many of them are home-based
entrepreneurs themselves and know what you will be going
through.
Let's start by looking at the makeup
of the Financial Plan for the business.
The Financial Plan includes the
following:
1. Financial Planning Assumptions
- these are short statements of the conditions under which you
plan to operate.
Market health:
Date of startup:
Sales buildup ($):
Gross profit margin:
Equipment, furniture and fixtures
required:
Payroll and other key expenses that
will impact the financial plan:
2. Operational Plan - Profit and
Loss Projection - this is prepared for the
first year broken into twelve individual months. It should
become your first year's Budget.
3. Source of Funds Schedule
- this shows the source(s) of your funds to capitalize the
business and how they will be distributed among your fixed
assets and working capital.
4. Pro Forma Balance Sheet
- "Pro forma" refers to the fact that the balance sheet is
before the fact, not actual. This form displays Assets,
Liabilities and Equity of the business. This will indicate how
much Investment will be required by the business and how much of
it will be used as Working Capital in its operation.
5. Cash Flow Projection
- this will forecast the flow of cash into and out of your
business through the year, It helps you plan for staged
purchasing, high volume months and slow periods.
Whether you manage a factory, wholesale
outlet, retail store, Service shop, or are a builder, you will
have to sell. However great
your product is, no matter what
consumers think of it, you need to sell to endure.
Direct selling approaches are through private sales efforts,
Advertising and, for many companies, display - including the
styling
and packaging of the product - in windows, in the
establishment, or both. Establishing a good reputation with the
general public
through anyhow and special services is a
direct method of selling. While the latter should never be
disregarded, this short
discussion will be confined to direct
selling methods.
To establish Your Company on a business
footing requires a great deal Of competitive personal selling.
You might have established
competition to conquer. Or, if
your thought is fresh with minimal or no competition, you've got
the additional problem of
convincing people of the value of
this new thought. Personal selling work is almost always
essential to achieve this. If you
aren't a good salesperson,
seek an employee or asociate who's.
A second way to
create sales is by advertising. This may be done Through
newspapers, shopping newspapers, the yellow pages section
of
the phone directory, along with other published periodicals;
radio and television; handbills, and direct mail. The media you
choose, as well as the message and style of presentation, will
depend upon the particular customers you would like to reach.
Plan
and prepare advertising carefully, or it will be
unsuccessful. Most media will have the ability to describe the
characteristics of
their viewers (readers, listeners, etc.).
Ever since your initial planning described the characteristics
of your potential
customers, you want to match these
characteristics with the media audience. If you are selling
expensive jewelry, do not advertise
in high school
newspapers. Should you repair bicycles, you probably need to.
Advertising can be quite costly. It Is a Good Idea to
place a limit upon An amount to spend, then stay within that
limitation. To
help you in determining how much to spend,
study the working ratios of similar businesses. Media
advertising salespeople can allow
you to plan and even
prepare ads for you. Be sure to tell them your budget
limitations.
A third Way of sparking sales is successful
displays both in Your place of company and outside it. If you
have had no previous
expertise in display work, you will want
to study the subject or turn the task over to somebody else.
Observe screens of other
companies and read novels, trade
magazines, and the literature supplied by equipment makers. It
may be smart to employ a display
expert for your opening
screen and unique events, or you may get the services of one on
a part time basis. Much is dependent upon
your type of
business and what it takes.
The proper number and types
of selling effort to utilize vary from business to business and
from owner to owner. Some companies
prosper with low-key
revenue attempts. Others, such as the used-car lots, flourish on
aggressive, hoop-la promotions. In any
event, the
significance of successful selling cannot be over-emphasized.
On the other hand, don't Eliminate sight of your Key
objective - to Make a profit. Everyone can produce a large sales
volume
selling dollar bills for ninety bucks. But that will
not last long. Keep control of your expenses, and cost your
merchandise
carefully.
Record Keeping. 1 essential
element of business management is the keeping of adequate
records. Study after study indicates that
many supervisor
failures can result from insufficient records or the
proprietor's failure to use what information was available .
Without documents, the businessperson can't see in advance that
way the business is going. Up-to-date records may forecast
impending disaster, forewarning you to take steps to prevent it.
While extra work must maintain a decent set of records, you'll
be
more than repaid for the effort and cost.
If You
Aren't prepared to maintain adequate records - or have somebody
Keep them for you - you should not attempt and run a small
business. At a minimum, records are needed to substantiate:
1. Your returns under tax legislation, such as income tax
and social Safety legislation;
2. Your request for credit
from equipment makers or even a loan From a lender;
3.
Your claims about the business, should you would like to market
it.
But most important, you want them to run your
business successfully And to raise your profits. Having an
adequate. Yet easy,
accounting system you may answer these
queries as:
How much business I doing? What are my
expenses? Which seem to be too large? What is my gross Profit
margin? My net gain? How much
am I collecting on my charge
business? What's the condition of my working capital? How much
money do I have on hand? Just how much
in the bank? Just how
much do I owe my Suppliers? What is my net worth? That is,
What's the value of my ownership of The
enterprise? What are
the tendencies in my Receipts, costs, profits, and net value? Is
my financial situation improving Or growing
worse? How do my
resources compare with what I owe? What's the Percentage of
return on my investment? How many cents out of every
dollar
of Earnings are net profit? Answer these and other questions by
planning and studying balance sheets and profit-and-loss
statements. To do this, it is Important that you record
information regarding trades as they happen. Maintain This data
in a
comprehensive and orderly fashion and you'll be able to
answer the above questions. You will also possess the answers to
such
other vital questions About your business as: What
products or services do my clients like best? Next best? Not at
all? Can I
carry the product most often requested? Am I
Qualified to render the services they demand most? Just how many
of my charge Clients
are slow payers? Shall I change to cash
only, or use a charge card Charge plan?
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