Business Chanel IGA: February 2017

Wednesday, February 15, 2017

4 Steps to Starting a Business While Working Full Time

Do you dream of owning a business but need the income of your full time job? Developing a company while keeping your day job actually offers several benefits. You can try entrepreneurship on a part time basis to see if it suits you. The transition period also allows you to update skills and establish business contacts from work. Even though creating a business in your spare time may seem daunting, the key is time management and planning. You must take one step at a time.

STEP 1: Select a Business

Choosing your business might be the toughest decision in this endeavor. Do you want to develop a business as an extension of your full time job or create a company based on a hobby? Remember to pick a business that fits your personality. If you like social interaction then staying on the computer might not be a good fit. Other questions to ask: Can the business operate on a part time basis? Can you devote enough time outside of your work schedule? Do you need a store or office? Analyzing these factors will help you determine you dream business.

STEP 2: Write Your Business Plan

A thorough business plan serves as a road map along your entrepreneurial journey, even if you’re only working part time. Business plans have four sections:

Executive summary: Write this section last, as it highlights the main points of the business plan. Investors will read this first, so you want to present critical information here.

The Business: What is your business? Is there a need for your product/service? Who is your target audience and how will you market to them? Who is your competition? What is your experience to run this business?

Financial forecasts: How much money do you need and for what? How will you get funding? Project your income and expenses for the first year to estimate your financial needs.

Supporting data: Provide evidence for the other sections, such as more information on your target market, where they’re located, etc.

STEP 3: Goal Setting and Planning

Now that you have a blueprint for your company, the next step is to analyze the business plan and determine your goals. Then, break down the goals into the smallest of tasks. The tasks should be small enough so they can be achieved in short periods of time while you’re away from work. Setting manageable objectives will keep you motivated not overwhelmed. After establishing your goals, develop a reasonable timeline to launch your venture.

STEP 4: Choose Your Marketing Methods

It’s time to tell people about your business! To create a marketing strategy, examine your company’s purpose, target audience and competition to write a mission statement. This distills your entire business down to one or two sentences. Based on the mission, you can determine your business “personality.” The logo, business cards, website, colors, visuals and other marketing materials form your brand identity and what differentiates your company from the rest.

5 Ways to Improve First Impressions of Your Business

Make Your Outdoor Business Signage Viewable from Distance -Don’t miss out on impromptu, passerby customers. By sporting digital business signage that garners motorists’ attention long before they actually reach your business, you can capitalize on buyer spontaneity. Sign height, copy readability and letter height each play a significant role in achieving business signage that’s easily viewable from a long distance. Consequently, constructing a pylon sign atop a tall pole alone is not enough. Ensure the copy adorning that sign is simple yet effective by displaying the business name and offering in an easy-to-read font. Utilize an appropriate letter height that maximizes both visibility and readability from afar – a general rule of thumb to follow is 50 feet for every inch of letter height.
Illuminate the Night With Your Signage - Illuminated signage adds tremendous value to your business, affording you 24-hour visibility and a competitive advantage over neighboring businesses that remain dark at night. That is, of course, unless your lit signage suffers from being non-operational.Few signage setbacks inflict more damage to a brand’s image than having an illuminated sign that’s constantly plagued by burnt-out bulbs. Strive to keep your business signage fully lit so you can reap the visual benefits associated with effective illumination.
Ensure Your Parking Situation is Clear - You may not have complete control over your parking situation. This is especially true particularly if your business operates where street or shared parking represents the only options for motorists. Still, you can control the clarity of your messaging to prospective customers regarding parking. An effective wayfinding sign program can direct arriving motorists to your entranceway, and an electronic message center can provide notification that parking is in the rear of your building. Don’t miss out on customer opportunities simply because your wayfinding signage proves insufficient
Dazzle with Your Entranceway Signage - While your roadside signage prompts prospective customers to stop their cars, the exterior sign placed near your business entrance should help entice these customers through your door. Whether taking the form of an LED illuminated channel letter sign with striking colors or a simple-yet-effective wall sign, this signage serves as a mounted first impression to your business.
Say “Yes” at Your Business Doorway - All too often, the doorway to a business resonates with “no.” “No public restroom,” “no soliciting” and “no dogs allowed” – these are just a few of the negative messages greeting customers and adversely impacting their first impressions of your business.Replace “no” with “yes” at your business doorway to create a more positive first impression. Signage reading “yes, we’re open” and “yes, we accept credit cards” fosters first impressions associated with customer appreciation and a desire to establish a lasting relationship.