Checklist for Starting a Korean BBQ 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 Korean BBQ 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 Korean BBQ 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
When potential customers are shopping around, how can
your products or services stand out? Try
these 10 tips to increase your sales.
Begin by
differentiating your services or products by who you and your
company are.
What differentiates you? More training,
more experience, better methods, a better team? Come up with
your key points.
If people can buy a similar
product or service for less, be ready to overcome that obstacle.
Agree with the potential customer that they can buy for less but
show them that they may be comparing apples to oranges.
Sell based on value.
Describe what they will
get from your product or service.
Stress the
quality of your product or service.
Point out what
you are providing for the same investment as the competitor.
Talk about dependability.
How long have
you been in business? What's your experience or background? How
about testimonials and benefits?
Have some
advantages that differentiate you.
What can you
provide that others don't? Come up with something special or
exclusive. Ask your customers what they might suggest.
Give outstanding follow-up services.
Frequently, customers complain that after the sale, there is no
follow-up. Differentiate yourself by providing a unique
follow-up service. That alone will be a refreshing change for
customers!
Offer a money back guarantee.
Great point for differentiation.
Take credit
cards if most of your competitors don't.
Target a niche that your competitor doesn't sell to.
Want to be different - just sell to people that no one else has
marketed to... it takes a bit of research but can really pay
off.
Do you create sales proposals or sales presentations to
potential clients? These 10 ten steps will improve your
effectiveness. Sales proposal template strategies:
1. Thank you.
Sounds obvious, huh? You'd be surprised how often the
words are overlooked. Be sure to thank the potential client for
the opportunity to present to them. Tell them you respect how
valuable their time is and that you appreciate them giving some
of it to you.
2. Provide an outline.
Prepare an agenda of what you will be presenting. This
gives the potential client an idea of what to expect.
3. State your expectation.
Let the potential client know up-front what you expect
they will get from the proposal. This lets them know how you
want them to respond to the proposal. You may say something
like, "after I have completed the presentation, you will be able
to see how my services give you much greater value for less
money."
4. Sell yourself along with the product or
service.
Don't be afraid to toot your own horn. Come prepared
with a resume of your qualifications or summary of your
experience or accounts you personally manage. People buy from
people and because of people - not the services or products
sold.
5. Be needs based.
Don't try to propose what the potential client doesn't
need. Be realistic and check in with the potential client.
Otherwise, don't waste your time or their time with the
proposal.
6. State the results.
Often sales people leave this step out and expect the
prospect will "get it." State the results that your product or
services will deliver. Be careful not to overstate and be honest
about the outcomes. Under promising and over delivering will pay
off.
7. Use media.
Make your proposal interesting by painting a picture of
your product or services. Do a hands-on demonstration, or use
charts, graphs, etc. Get your prospect involved and imagining
their use of the product or service during the proposal.
8. Talk about the money.
This is where salespeople get uncomfortable and
hesitate. State the cost and explain all costs. Don't keep
anything hidden. Don't be embarrassed by the pricing. Expect the
client will not be scared by the costs. Don't judge their
pocketbooks.
9. Follow up.
Don't leave the presentation without agreed upon
follow-up. Select the next logical step and get the potential
client to agree to it. It may be meeting again, visiting a
customer using the product or service, or coming to your office
for another presentation of some sort. Choose the date and time
and make a firm commitment before you walk out the door.
10. "No" doesn't mean it's over.
Some of my proposals have been rejected by the prospect
the first time. I don't pout. I just continue my relationship
with them. I keep in touch through calls, mailings, newsletters,
and invitations to seminars. You never know when the right time
may be or the mood may shift. Many initial "no's" have become
"yes" later on. Keep in touch.
Company Financial management from the small
firm is characterized, in several different instances, by the
need to confront a
somewhat different set of problems and
opportunities than those confronted by a massive corporation.
One immediate and obvious
distinction is that a vast majority
of smaller businesses do not normally have the chance to
publicly sell issues of stocks or
bonds in order to raise
funds. The owner-manager of a smaller firm must rely primarily
on trade credit, bank financing, lease
financing, and private
equity to fund the company. One, therefore faces a much more
severely restricted pair of funding
alternatives than those
confronted by the monetary vice president or treasurer of a
large corporation.
On another Hand, if small business
financial management is concern, many fiscal problems facing the
small firm are very like those
of larger corporations. By way
of instance, the investigation required for a long-term
investment decision like the purchase of
heavy machinery or
the test of lease-buy options, is fundamentally the same
regardless of the size of their company. When the
choice is
made, the funding choices available to the business may be
radically different, but the decision process will be
generally comparable.
1 area of Special concern for the
smaller business owner lies in the successful management of
working capital. Net working capital
is defined as the
difference between current assets and current liabilities and is
frequently considered as the"circulating
capital" of the
business. Deficiency of control in this vital area is a primary
cause of business failure in both small and large
firms.
The business Manager must always be alert to changes in
working capital accounts, the cause of those changes and the
consequences
of these changes for the financial health of the
corporation. One convenient and efficient system to highlight
the key managerial
demands in this area is to view working
capital in terms of its important components:
Cash and
Equivalents. This most liquid form of present assets, cash and
cash equivalents (usually marketable securities or
short-term
certification of deposit) requires constant supervision. A well
planned and maintained money budgeting system is
essential to
answer crucial questions like: Why is your money level adequate
to meet current expenses as they come due? What are
the
timing relationships between cash inflows and outflows? When
will peak cash needs happen? What will be the magnitude of bank
borrowing required to meet some cash shortfalls? So when will
this borrowing be required and when will repayment be
anticipated?
Accounts Receivable. Virtually all businesses
are required to extend credit to their customers. Key issues in
this area include:
Is the amount of accounts receivable
reasonable in relation to sales? On the average, how quickly are
accounts receivable being
accumulated? Which clients are"slow
payers?" What actions should be taken to speed sets where
required?Inventories.Inventories frequently constitute 50
percent or more of a firm's current assets and therefore, are
worthy of close
scrutiny. Key questions that must be
considered in this area include: Why is your degree of stock
reasonable in relation to sales
and the working features of
the small business? How quickly is inventory turned over
compared to other companies in the exact same
industry? Is
any capital invested in dead or slow moving stock? Are earnings
being dropped as a result of inadequate inventory
levels? If
appropriate, what action ought to be taken to increase or reduce
stock?
Accounts Payable and Trade Notes Payable. In a
company, trade credit often provides a major source of financing
for the company.
Key issues to research in this category
include: Why is the sum of money owed to suppliers reasonable
concerning purchases? Is the
firm's payment plan such it will
enhance or detract from the company's credit score? If
accessible, are reductions being taken?
Which are the timing
relationships involving payments on accounts payable and set on
accounts receivable?Notes Payable. Notes payable to banks or
other creditors are another significant source of financing for
the business. Important
questions in this class include:
what's the quantity of bank borrowing employed? Is this debt
amount fair in regard to the equity
funding of the firm? When
will interest and principal payments fall due? Will it be
available to meet those obligations in time?
Accrued
Expenses and Taxes Payable. Accrued taxes and expenses payable
represent obligations of the company as of the date of
balance sheet preparation. Accrued expenses represent these
items as salaries payable, interest payable on bank notes,
insurance
premiums payable, and related items. Of main
concern in this region, especially with respect to taxes
payable, is the magnitude,
timing, and availability of funds
for the payment. Careful planning must insure that these
obligations are met in time.
As a final Notice, it's
very important to realize that even though the working capital
accounts above are listed individually,
they must also be
viewed in complete and from the point of view of the
relationship to one another: what's the overall trend in
net
working capital? Is this a healthy trend? Which individual
accounts are responsible for this trend? How can the company's
working capital position relate to similar sized companies in
the business? What could be done to fix the trend, if necessary?
Of course, the Questions posed are a lot easier to ask
than to answer and there are several"general" answers to the
issues raised.
The guides which follow provide suggestions,
techniques, and guidelines for successful management which, when
combined with the
expertise of the individual owner-manager
and the unique requirements of the specific sector, may be
expected to enhance one's
ability to handle effectively the
fiscal resources of a business enterprise.
There's one
Easy reason to understand and observe business financial
planning on your company - to avoid failure. Eight of ten new
companies fail primarily because of the lack of good financial
planning.
Business Financial preparation affects how and
on what terms you will be able to pull the funding required to
establish, maintain,
and expand your business.
Financial Planning determines the raw materials you can afford
to purchase, the products you will have the ability to produce,
and
whether you will be able to sell them efficiently. It
affects the physical and human resources you'll have the ability
to get to
operate your business. It'll be a significant
determinant of whether or not you will be able to make your hard
work profitable.
This segment Provides an overview of
the vital elements of financial planning and management. Used
wisely, it is going to make the
reader the small business
owner/manager - comfortable enough with all the fundamentals to
have a fighting chance of success in
today's highly
competitive business environment.
A clearly Conceived,
well recorded financial plan, establishing goals and such as the
Use of Pro Forma Statements and Budgets to
ensure financial
management, will Demonstrate not only that you know what you
wish to do, but you know how To accomplish it. This
demonstration Is Vital to attract the capital Required by your
company from lenders and investors.
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