Today I have some big news, we will be publishing our first ever Guest Post. Todays post comes to you from Axis Partnership and is about the stages of running a business.
In the future you will be seeing a lot more guest posts here at Looking to Business. Our goal is to provide you with the best, timeless advice about living a great life available on the internet.
If you run a blog or want to publish a post on Looking To Business, please contact us using the form on the contact page aboce.
The Life Cycle of a Business
Every business starts off small, perhaps just one person with an idea, and goes through developmental stages. Not every business will go through the stages mentioned here, and this does not necessarily equate with failure or success. Once you understand the lifecycle of a business you can prepare for any eventualities that you may identify.
Deciding to go into business is a big decision that can affect your entire lifestyle, not only the money that you earn, but also how much time you’re able to spend with friends and family. It takes entrepreneurial ability, drive and skills to make your business work. You should think about whether the skills you have are suitable for the industry that you want to go into, and whether you have the necessary business skills needed to make it work. Do you feel confident in the thought of running your own business, or do you not know the first thing about it? Consider a course so you can close the skills gap, or perhaps a job in the right industry.
This is the planning stage. After deciding that your business idea is possible and you’ve been brave enough to go ahead, you need to create and craft your business plan. Good planning is essential, and many businesses don’t get much further than this stage. You need to think about marketing, tax, insurance, premises, any legal aspects and intellectual property. If you’re buying a business or a franchise, you need to find the right one to suit your needs and interests.
Managing Your Business
This is the make or break stage. The business will begin by growing very slowly; making negative profit, but with the right management it will break even and eventually make profit. Managing your money effectively will mean good business, but conducting business in a transparent, ethical way will mean that you don’t exploit anyone, anything or the environment. Honesty and integrity are the best ideals to manage your business with.
Growing Your Business
This requires planning and preparation. Expansion means having more customers, but also being able to supply those customers with what they want. Your business must be secure and there are no doubts of its survival. You could think about franchising your business to offer your business in a different location, as well as exporting or importing products to expand the services that your business offers.
Exiting a Business
Every owner of a business will at some point have to at least face the prospect of leaving the business. Depending on your business structure, you will be obliged to think about the entitlements of your employees, legal and tax procedures and authorities that will need to be notified. You can plan for a successor, sell your business or shut the business down for good.
Axis Partnership can give you advice on selling your business as it can be a very difficult procedure to navigate.
If you want to learn more about how to make your goals reality, join our email newsletter “Your Path to Your Dreams” and you will receive tips and advice, and even a free copy of our e-book “How to make Selling Easy” and “The Beginners Guide to Success”.