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Mistakes will  Cost your business MONEY.

Mistakes will Cost your business MONEY.

 

When we began this adventure just a few years ago, we never imagined all that God would do with us and this company. We have made mistakes, and learned from them. Mistakes cost us money.  Often times artists and small business owners will contact me for advice as they begin their journey. I love doing so !

Our expansion in Orlando has been an incredible journey. We have seen our business go in directions that surprised even us.

Being an entrepreneur is a tough road, But its awesome! I believe God is honored when we pursue and live our dreams.

Here are my three tips that cost our company some hard earned cash.

– Budget every penny that entered the company.

– Factor in your time as a business owner your time is very important.

–  Do not undercharge. At times when our goal was to grow our clientele we worked around our clients budget and needs.

we are now in a position where we have set our prices depending on time, resources and the financial strategy of the business. These fees are non negotiable. Clients respect your fees, those that do not will always find alternatives.

Following your dreams to be an entrepreneur means living life like others do not want to for a short period of time, placing the companies needs before yours and respecting your values so you can live a life like others desire.

 

What’s stopping you from pursuing your hearts desires?

 

Download our free business plan sample and start working towards your dreams !

 

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The Importance of a Business Plan


One of the biggest mistakes we’ve seen small business’ make is the lack of a business plan . This is not something that needs to be complicated. Make it simple. What follows are a few steps that can take you and your business to the next level.

Growth-PlanBrief history of the business

Talk about your dream and what inspired you to pursue it! There are so many people who have dreams are where you once were.

-Your vision and mission statements

What is your vision? Is it to create something new or help enhance something already out there?

What do you want your company to be known for? What is the culture you hope to promote in the community?

The products and services   

What are you offering that no one else can? You have seen a need for your product or service.

– Description (range of products / services) include price list.

This is usually difficult for start ups who may offer do a wide range of services. Include price points. Research similar companies and reach out those who have been around longer than you have. Understand what competitive pricing means. Take into account all the variables that go into what you are offering. You are worth the price people are willing to pay. Do not underestimate this!

-Why are you different?

-What is unique about your business? This ties into the statement above. Have confidence in your concept and ideas. There is a reason why you feel this product or service is needed.

Target customers

Make a list of your target clients at least for one week.

Marketing strategy (how you will find those target customers)

What is the target demographic of your business? How do you best reach them?

Finance

Summarized forecasts for the year.

– How will you have cash flow on slow days/ weeks/ months.

What kind of partnerships will you consider to help get your business off the ground?

 

All this is important to consider and think through. The plan may change as your vision and idea grows into reality. But taking the time to plan your dream out can help make it a reality. That is what is most important. Dreams can become reality.