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Essay Unit 1 BUSS1 - Planning and Financing a Business
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Business notes that can be used for extra revision, provides extra detail and accurate information to help with business exams
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Planning and Financing a business (notes/study guide)When starting a business, there are a few things to consider. The first thing is
that you can not get time back, so taking as much action as possible as
quickly as possible is necessary. Many people don't think outside of their own
box, but one of the best mindsets to have when running a business is “how
does this make me more money?”, or “can this person help make me more
money? Why and how?”.
Some of the most important things that people don't talk about when it comes
to business are assets, people, and a successful network. All three of these
things are key to considering when starting up a business that you want to
thrive. The faster you get things done, the faster you make more money and
have the ability to make more money, and more opportunities. However, this
doesn't mean that you do it in a way that the quality is bad, you also make
sure that the quality of your efforts are outstanding.
Many people believe that you need money to start a business, but you don't.
People spend a lot of money on products for a business that no one buys,
because they think that they need a lot of money to start. When financing or
starting a business, the most important step is that you test the liability of the
product or plan you are trying to sell. After all, you can't sell to customers who
don't want to buy from you. Also, if you invest too much money into your
business then what happens if you lose it all?
Another important business ethic is supply on demand. It can be as simple as
selling someone a pen because they need to write something on paper so
they don't forget it. In business, it is about filling a need of your customer.
Supply on demand is perfect for this, as you fill the need of an individual
through selling one of your own products.
There is another key when financing a business that not a lot of people
remember, is that family and friends are the best staff you can possibly get.
Working with your family or siblings, when running a business is one of the
most beneficial things you can do. It saves you extra effort, and a lot of extra
time too.
When it comes to customers, one of the best ways that you can make extra
money is to resell to people you have sold to in the past. This can be highly
, effective, and a lot more efficient. It saves you energy, time and builds a
genuine relationship between you and the individuals you are selling to.
Making use of your assets while financing a business, is one of the smartest
things anyone can do. Assets can be items, people who can help you make
more out of your financial situation, or items such as gold or bracelets.
Anything can be an asset if you look hard enough.
When running a business, or even financing it a lot of individuals make the
mistake of financing it incorrectly. Some people spend money into their
business, only to never get it back. The key thing to remember when putting
money into a business is, “will it make me more money?”, if the answer is no
then it is probably best to leave it until you have another opportunity to use
your money to make more money. You need a clear link to how your money
will make you more money.
One key thing that helps a business stay financed, is to invest into the right
areas. Investing into areas or assets of your business, that allow you to keep
your money into an upwards spiral. Money and business are an upwards
spiral, even if you have a fail or a negative outcome, a positive outcome is
bound to balance it at some point.
When selling products in business, selling the need instead of the want or the
product itself is the main thing. Here's an example: tired? Grab a hot coffee.
By selling what the person needs, we find a way to grab the person's attention
and make them want to purchase a hot coffee. When financing a business,
getting attention and selling people's needs are the most important things.
Another key thing when remembering anything about business, is to
remember that having a high stress tolerance is one of the best things that
you can possibly do. Having a high stress tolerance helps in so many ways,
and developing it helps you respond differently to many different problems and
this helps when trying to face or overcome solutions in your business too.
When selling products in a business, people overlook the fear of missing out
(also known as fomo) . When people feel as if they are missing out on
something, they are more likely to buy it. This is when the fear of missing out
comes into play. The fear of missing out allows you to sell more to people, and
is very popular in society today, especially when selling new products. People
hate missing out on new items, or new products that are in store so they feel
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