How To Write A Mission Statement

Writing A Mission Statement

When you are starting a business, one of the most important things you can do is to write a mission statement. A mission statement is very important when you are writing a business plan, and a business plan is essential when you want to have a successful business with investors. A mission statement explains what your business is all about to customers, those in the community, employees and suppliers. The mission statement should cover all aspects of your business, the products you offer, the service, position and growth potential of your business as well. It clarifies the business you are in, the objectives you have and the goals of your business.

To write a good business plan, you should at least ask yourself these questions:

1. What do I want for my family, my customers and myself with this business?
2. Why am I in business?
3. Who are my customers going to be and how is my product/service going to enrich the lives of my customers and lead to their own success?
4. What kinds of products and services will I be giving to my customers and what is the nature of the product/service?
5. What levels of service will I provide to my customers and do most companies offer these types of services or products?
6. What roles within the company will I play and my employees play?
7. What separates my company from the other companies that provide the services and products?
8. How will I use strategy and technology to reach the goals that I have set for myself in the company?
9. What are the values that guide the company?

Now, you are going to have to write up your mission statement by answering these questions. If you have others in the company with you, talk with them and get their ideas for the mission statement. It is important that when you are picking people to help you with the mission statement, you pick those who will be positive and supportive to your goals. You do not want any naysayers bringing you down.

It is going to take you a few hours to do a mission statement because it is not something you do quickly. Make sure you set aside the time for the mission statement to ensure that it is done right. It is important that you prepare yourself for the task of putting together the mission statement. Brainstorm and make sure you have all the information you need in front of you so you can get right down to the business of writing the business statement.

One of the most important things you can do is to constantly revise your mission statement until it is right. You want your mission statement to fit exactly what you think your company means and you do that by reworking the mission statement until it is right.

Once you have completed your mission statement, put it on your company web site, on business plans, company cards, brochures and more.
First Published: Sep 12, 2010 entrepreneurjourney.com

What Business Location Is Right For You?

Selecting a Business Location

There are many different locations you can have for your business, and choosing the right one will go a long way in determining how successful your business will be. Your location has to suit you and your business, while at the same time not costing you too much. So, what type of location is going to be best for you? Here is a list of different business location types, and what they can offer you.

1. Retail: If you are selling retail products, then allowing customers to reach you is of paramount importance. You can have your retail location in a wide variety of places including a mall (enclosed or strip), shopping centre, shopping district or multi-use facilities. You can reach many customers this way without having to advertise, but the rent can be quite high.
2. Home: If you can, a home-based business location is the best. Not only do you not have to pay rent for the location, but also you can write off part of your rent/mortgage because you are using a portion of your home for your business. You can use a spare bedroom, garage, kitchen table, attic or anywhere that suits you in your home. The only problem is that the growth of your business is limited at times, and you will have to manage your home life with your business life.
3. Commercial: If retail is not enough, a commercial location may be the best. You get office space, parking and more in business parks and office buildings. You can be downtown, on the outskirts of town, or in a suburban area. One of the great things about a commercial space is it looks very professional with a place for a receptionist, offices for employees and more. The only downside is that it can be very expensive and that can cut into your bottom line when you are just starting out.
4. Mobile: Rather than have a fixed location, you can work directly out of your vehicle, going to your customers rather than having your customers come to you. You can write off part of your car payment and the gas, while not paying any rent for your business location. It is a great option if you are just starting out and can work in a mobile environment.
5. Industrial: If you have a business in an industrial sector, then having industrial space is very important. You typically will get large spaces, yards and more, which allows you to showcase what you are selling, or to serve as a distribution centre if that is what your business is in. The type of industry you are in will determine if you are in a light, medium, or heavy industrial area of the city.

Location, location, location is what they say about business and if you don’t choose the right location, you may not have a successful business. That is why you must do what you can to choose the right business location type.

First Published: EntrepreneurJourney.com Sep 6, 2010

| How To Know Your Business Will Be A Success |

Tips For A Successful Business

Many new businesses fail within their first two years. Either the person running them is not working hard enough at being an entrepreneur, or the business is just in the wrong market, or has too much competition around it. This can cause a lot of people to worry about starting a business because they do not know if it is going to be successful or not. So, how do you know if your business is going to be successful? How do you ensure that when the time comes to start a business as an entrepreneur, that the business will be successful and profitable for years to come?

The problem is that there really is no way to know. You can’t say for certain that your business will be successful because there are too many variables. The man who created the pet rock may not have thought his business would be successful but it made him millions. On that same note, many who thought their dot-com business would be successful found that the opposite was going to be true.

The first thing you need to look at is your passion for what you are doing. Do you love what you do? Do you want to succeed at it? If you are not ready to put in the long hours needed, then maybe you should look elsewhere for a business because you must love what you do in order to succeed.

What is the competition like in your area? There is a misconception that no competition means that there is a guaranteed chance of success. For example, if there is no air conditioning supplier competition where you are and you live in the Arctic, well that does not mean you are going to sell air conditioners. It means there is no market for it. You should have a bit of competition, but not too much and you should be able to offer your customers something different from other competitors.

How much money do you need to start your business? If you can start the business out of your home with minimal investment, then you will have a higher chance of success. The reason for this is that the less you pay initially, the less in debt you are and the less you have to make to earn a profit. However, if you have to borrow $500,000 to start your business, well even if your business is not making money, you have to make payments on your loan. That may cause you to fall behind in your payments, which will then cause your business to suffer. It is just not the best idea to borrow large amounts of money unless you know your business is going to be successful.

Sometimes you just have to take the risk and hope your business will be successful. That is what being an entrepreneur is all about, risk and adventure, but that does not mean you should just go into business without thinking about it first. Planning ahead can make things easier for you down the road.

First Published: EntrepreneurJourney.com Aug 8, 2010

How to Find Investors for Your Business

How to Get Investors for Your Business

Sometimes when you are going to be an entrepreneur, you need to raise money for your business. If you are opening a store, need equipment, or have to buy a shop, then you need money and that is where investors come in. In order to get investors, you need to do a few things, which will show investors that you know what you want and you are willing to show them how you are going to achieve success. Here is a quick guide for how you can get investors for your business.

1. The first thing, and most important thing, to do is put together a business plan. A business plan is very important because it shows your investors how you are going to make money. They want to know how you will make money because if you do not know, then you probably will not make money. Your business plan needs to have items in it that includes a mission statement, a list of your management team, a market summary, a description of your business concept, who your competition is and what your objectives are for the company. In addition, you need to put in financial documents to show how you are going to make money, what you expect to make and what you want to do with the money that you get.
2. At this point, you should look at joining business networking groups so that you can begin to network with people who will either invest, or know who you can invest with. You want to create relationships with people because the better people know you, the more of a chance they will want to invest with you. In addition, you can look at investor groups as a way to gain cash, but you have to be very prepared with these types of groups.
3. Practice makes perfect, so prepare your talk by talking to the mirror. If you go to the meeting and you do not know what you are talking about, or you are very nervous, then investors may not be as keen to invest with you. They want confidence; they want people that are sure of themselves, so you need to really practice what you are talking about before talking to investors.
4. When you go to your meeting with your investors, act as if you already got the investment and dress for success. By doing this, you show you are confident, that you are a professional and that you are taking the fact that you are asking for money very seriously. You want to show them that they are taking a chance on you and you will not let them down. That is what something like dressing in a suit and tie can do for you.

Remember, you may not get the first investors you go with, but don’t give up. You just need to take your time and work until you get investors. Someone will believe in you and then you just have to ensure that you do not let them down.

First Published: EntrepreneurJourney.com Aug 2, 2010

The Most Successful Entrepreneurs in History

Successful Entrepreneurs in the World

Every field has those who excel, and entrepreneurship is just a further example of that. There are those who do well as entrepreneurs, and then there are those who do amazingly well. They are the ones who excel at what they do, and move forward in life to greatness. So, who are these entrepreneurs and what did they do to make themselves so successful?

• Richard Branson: One of the most famous men on Earth, he is known for his adventures just as much as he is for his business. Branson dropped out of school at the age of 16 and began a magazine called Student Magazine. From there, he went on to form Virgin Records, which signed some of the best bands of the 70s. Moving forward, he then created an entire Virgin brand that has 360 companies within it, including an airline and the world’s first space tourist service.
   
• Coco Chanel: Growing up as an orphan, Chanel worked as a seamstress to make ends meet. She had a strong drive that pushed her to try new things and learn new things, and that allowed her to create fashion ideas that would revolutionize what people wore. These days, she is known as much for her perfume, Chanel No. 5, as she is for her extremely profitable business.
   
• Michael Dell: Starting with $1,000 from home, Michael Dell dropped out of college and created PC’s Limited, which would become Dell Inc. From there, he created through drive and determination, one of the most successful computer manufacturing companies on the entire planet.
   
• Bill Gates: The richest man on Earth from 1995 to 2006, Gates dropped out of college and began Microsoft with a friend. With revolutionary new ways for users to use computers, Gates not only helped start the computer revolution, but helped to change the world in the process.
   
• Henry Ford: Speaking of changing the world, Henry Ford started off small as an apprentice when he was 16 and would go on to found the Ford Motor Company. Through his amazing concept of assembly line production, Ford not only changed how people made cars, but he made them more affordable for the masses and his concept of assembly lines changed the world in everything from clothing to food.
   
• Walt Disney: His name is known to all of us, and this high school dropout started off as just an animator who created a company that has become iconic. Thanks to starting off making cartoons with a mouse named Mickey, Disney and his company have gone on to create theme parks around the world, while making an estimated $30 billion a year.

These are just a few of the most successful entrepreneurs in history. If you want to be successful, it would be a good idea to learn their story and see how they were able to find such immense success in the working world. If they can do it, so can you.

First Published: entrepreneurjourney.com July 3, 2010