Managing the Set-Up Like a Project
No matter what you undertake in life, a very basic principle is good planning. You should treat the creation of your new business as a project. That means you should create a project charter to describe the goals and objectives of the project (i.e., to build a company), a requirements document to define what the project will succeed in accomplishing, and all the necessary and relevant project management forms that accompany that undertaking. For example, a work breakdown structure to determine what needs to be done, what forms need to be filed, what documents need to be written, and so forth.
This will do a number of things for you and your business. First, it will give you practice undertaking a project of challenging proportions. Second, it will help prepare you for the difficult work ahead and give you a structure within which to track the numerous activities you will need to do in order to achieve your goal. Third, the creation of these documents may serve you well later, particularly in the event that you should seek to achieve investors or loans. For example, one of the items in your work breakdown structure will be a business plan.
Your Business Plan
A business plan is a document that describes what your business will be. It will include your business goals, the strategies you will employ to meet those goals, possible pitfalls or challenges you may encounter along the way, and ways to solve them. It will also include information about the organizational structure of your business. If your business requires capital, it will indicate how much is needed and justify these capital investments.
The first thing you should put into your business plan is your business concept. This section is essentially a description of your business. This section will explain what your business will be, what aspects of graphic design it will focus on, what the targeted customer base is, and where it will operate out of. It will also offer a compelling vision for the company, explaining how this company may fit into the market. For example, it may indicate that this particular company will offer services specializing in logo design for a corporate identity.
The second thing you should include in your business plan is an analysis of the marketplace. A good way to proceed when creating this part of your business plan is to treat the business concept section as a solution to a problem. In other words, your business concept should explain why there is a need for your business and how your business will address that need. Keep in mind that if there is no need for your business – that is, if there is no demand – then you should rethink your business concept. Without demand, your business cannot be successful.
The business plan should also define its finances. This section will outline a financial strategy for the business and will provide analysis of the costs and potential returns associated with your business.
You can break these down into smaller components to help give you an idea of what the resulting format will be: a cover page, a table of contents, an executive summary, a business description, a definition of the market, a description of your proposed products or services, organization and management descriptions, marketing strategy, financial management, and appendices or related resources.
In short, developing a realistic and measurable business will notably help you maximize your sustainable opportunities for success while minimizing your risks for failure.
Be smart and be encouraged,