Happy New Years – Now Plan Your Business
I would like to personally wish everyone a Happy, Safe and Prosperous New Years in 2008.
Now down to some business, I have had several emails over the past month with questions from people looking to get into the Automated Video Store or Video Vending Business. The main questions on every bodies mind is, where do I begin, followed by what dispense or machine is best. Well let me take the most important question first!
Q: Where do I begin to get into this business?
A: As with every any any business a “Business Plan” is a must, now I am not talking about a business plan in your head, I am speaking of a “Written Business Plan”, one that you can read over regularly. “How do i do this”, you ask, well the website and people from Score.org are a great place to start. Here is a except from them on a 60 second Guide to writing a Business Plan:
60-Second Guide to Writing a Business Plan
No two business plans look alike—nor should they. While many
small businesses launch without a plan in sight, if you are bent on seeking
funding, whether from a bank, angel or venture capitalist, you’ll need a
business plan. This task can be agonizing to some entrepreneurs—who fancy
discussions about the big picture—and liberating for others—who spend too many
wakeful nights counting sheep. To grow and survive, strategic thinking is
essential.
In just 60-seconds, we’ll show you how to plan for your
business’s future without overplanning yourself out of existence.
0:60 Think Before You Act
In the reactionary, frenetic pace of entrepreneurs, doing is usually much more
important than thinking. Taking weeks or months researching and reflecting on
your business idea will help you face some tough questions—ones often overlooked
amid all that doing. This means gathering data, evaluating your concept,
assessing the market for your product or service and studying the competition.
If you’re thinking about outsourcing these tasks, stop right there. It’s best to
do it yourself.
0:43 Get Help from Others
Involve your management team (if you’re an existing business owner),
professional consultants, other small business owners and anyone you trust
enough to take a look at your plan. And, don’t forget to Ask SCORE for help.
Some of the best and most unexpected ideas come from discussing your plans with
others.
0:38 Get Personal
There is no one template to follow when creating your business plan. While many
entrepreneurs start with a software package or template to cover the basics, be
sure the plan works for you and meets your needs. But there are a few rules you
should follow—be clear, concise and brief. Your plan should not be more than 20
pages.
0:23 Present Facts & Evidence
It’s crucial that your financial projections and sales estimates are based on
thoughtful research and evidence. A potential funder will see right though it if
you are padding the numbers. So make sure you can back up your assertions. Avoid
using jargon and don’t make unverifiable statements—they will be challenged.
Disclose any bad news yourself, rather than risk an investor finding out on
their own.
0:11 Make the Plan an Oral Presentation
Be sure to structure your business plan to make it easy to present the
information to potential investors or lenders. It may be helpful to consult with
your intended audience as the planning process moves along. Listen carefully to
their advice, so that when the time comes you’ll make an informed presentation.
Brought to you by SCORE “Counselors to America’s Small Business.” See more 60-Second Guides.
Okay now that your on the road to a written business plan, please let’s keep some things in mind. Be realistic with realistic goals! Yes this is a automated vending business, but that does not mean it does not require time or work. Do not envision yourself on the beach, in 6 moths, watching the money roll in on your laptop, just because you own a automated video store — Folks if you believe that then there is a guy in Brooklyn ready to sell you a bridge. You business plan and goal should be realistic – can I make that any clearer. You will need to order, program and stock your machine WEEKLY, yes weekly, just like every other successful video store you will need the newest weekly DVD’s in your machine “every” Tuesday. No matter is you only carry the most popular titles or movies that produced over 25 million in the box office, or what ever strategy you use, be faithful to your customers, and your business plan!Well that is enough for today, since it is New Years Day 2008 – I am off to spend time with my family! I will post again in a day or so with a article entitled “Automated Vending – Your Next Step”
