Preparing a Business Plan

A business plan is a formal statement of a set of business goals. It contains the reasons why the goals are believed to be attainable, as well as the intended plan for reaching those goals. It may also contain background information about the organization or the team attempting to reach those goals.

EDL Consulting Services can help you to draw up a formal business plan. This can be one so effective that you will be able to base your business principals and daily regimens on it; and you will be able to present it to any potential funding provider as a reference for financing requirements.

In preparing a business plan you will need to ascertain whether there is a niche market for the product or service that you intend to offer. If the market exists, you will need to know how much of a demand there will be and whether you can command the price that you would need in order to make the necessary profits to sustain and grow your business. A good business plan will show how your product fits into its industry and what its growth potential would be. You would need to provide a plan on dealing with the competition in order to show how you intend marketing your product differently, making it superior to the rest. Additional factors such as financing requirements must be shown in a business plan. Costs such as launching the new company; training staff; and initial advertising schemes need to be taken into account.

A comprehensive and well-prepared business plan will essentially provide a detailed outline of your product; its marketing scheme; the expected costs in getting that product / service to market; and then, obviously, the expected returns that must be viable enough to ensure profitability, sustainability and growth.

Your business plan should describe briefly if your business is a new business venture, expansion of an existing business or the purchase of an existing business; the type of business activity in which you are engaged (manufacturing, wholesale, retail, food processing, service, high technology, etc.); your product or service and its uniqueness; the market to be served; your advantage over the competition; the main objectives of your organization; your management background; the project time frames involved. It should also explain whether it is a sole proprietorship; partnership or corporation.

It should describe the products to be produced or the services to be provided. What makes your productor service unique, or, how is your business different from others in the industry? What are the features or advantages that will entice customers to buy from you (i.e., convenience, service, performance)? Will you offer any product or service guarantees or warranties?

EDL Consulting Services can help you in making the necessary assessments and in undertaking due diligence. These discoveries will create a business plan that will prove to be effective and insightful. We are equipped to identify your needs and to advise of the correct steps to take in order for your business to start off on the right footing. We are a business consulting firm that can take you to a new level of growth; creating greater expectation of success; all starting with the effective and comprehensive preparation of a business plan that can be relied on.

My name is K. Enis Davis-Lewars and I have been in the legal field for over 30 years. In particular, I have been a litigation law clerk for over 21 years. I have been in business for over 20 years as a business consultant.At EDL Consulting Services we help start, build and grow your business.

How To Negotiate Your Business Debt

No businessperson ever wants to be forced to admit defeat and have to declare bankruptcy. Yet in the current economic climate, more and more business owners are having to do just that. If your business is currently facing mounting debt problems that seem inescapable, it may seem like there’s no hope. Your profit margins keep shrinking while your bills keep piling up and creditors are calling nonstop. What can you do in this situation? One option is to try and negotiate your business debts.

There are two ways to go about this. You can either try to perform your own business debt negotiation, or you can hire a corporate debt negotiation service that will negotiate with creditors on your behalf. The first option may sound more appealing – and cheaper – but it may not be as easy as it sounds. Creditors can be pretty tough to deal with. After all, they don’t want to lose out on the money they’ve lent to your business.

If you want to try and go the do-it-yourself route, then here is how you get started. The first thing to know is that you should strive to be honest with your creditors. Trying to get a business debt reduction after you’ve continually lied to your creditors about your financials is probably not going to end well for you. You want to be up front and honest, even though it can be embarrassing to admit that you’ve bit off more than you can chew. Ultimately, most of the time they will appreciate your candor and be more willing to work with you, at least for a time.

Next, you want to try and suggest a business debt negotiation agreement that is amicable to both parties. That means that your creditors get their money, and you keep your business on its feet long enough to start being profitable again. You may be able to convince them to lower your payments or settle your debt for a smaller amount if you can present compelling evidence that you can turn your profitability around. Basically, the logic is that if they keep hounding you, your business will continue to fail and they’ll never get paid. Try and convince them that by helping you out, they increase their chances of getting paid in the long run.

That may sound simple, but it’s really recommended that you work with debt consulting services when dealing with creditors. While they do charge a fee, they are often able to get you much better deals than you could get on your own, since they are skilled in negotiation and understand the needs of both your business and your creditors. They can also help you work out a cash-flow plan that can keep your business growing even as you work your way out of debt. Contracting a business debt negotiation firm is often your best chance at getting out of debt without declaring bankruptcy or losing the business you’ve worked so hard to build.

Eric Kaplan has been involved in the business debt reduction industry for over 25 years and has helped thousands with their business debt negotiation. His first recommendation is to find a reputable, debt consulting firm with references and proven results.

Turning Your Hobby Into A Business

Do you enjoy painting? Do you make quilts in your free time? Do you dabble in woodwork and create unique designs? Maybe it is now time for you to turn that hobby into a business and we are here to show you how. Make a start by selling your creations at craft fairs and small shows. This will give you an opportunity to find out if your artwork is good enough to set up as a successful commercial business. At these events, you can find new customers, advertise your business and assess the viability of starting off your own venture. The best part is that it involves little cost and no overheads! Local shows typically charge just a few hundred dollars for a booth and you can make profits that don’t need to be shared with a gallery or store owner.

But a word of caution, making money at small scale events isn’t as easy as it seems. Like everything else, it requires research and planning. Only if you have what it takes, should you plan to upgrade your hobby into a business. Follow these 5 tips to success.

1. Is your work ready to be displayed? First things first, you need to find out if your work is good enough for people to buy, and by people we don’t mean your relatives. Assess your own quality objectively by attending a few shows and comparing your work to that which is being showcased.

2. Do you have the right venue? Ask other artists who regularly participate in such shows. An indoor art show might right for paintings, but an outdoor craft fair is just fine if you’re in the jewelry business.

3. Have you done your homework? And you thought turning your hobby into a business was all fun and games? No way! It takes plenty of grunt work, which also means that you have to understand your future customers. Find out who attends such shows, what kind of turnout is to be expected and how much it will cost to exhibit there. Apart from the cost of booth space, you need to factor in costs related to travel, shipping and display. Depending on the city or state the show is in, you may also need a license or permit to sell.

4. Have you controlled costs? While you’re establishing your reputation and building a fan following, keep your expenses at a minimum. You could start off by renting or borrowing a booth from another artist instead of buying your own. Another option is to share a booth. It is better not to invest a lot of money tying to turn your hobby into a business until you’re sure it’s going to work.

5. Have you reached out to customers? A smile on your face and willingness to answer questions will go a long way in bringing in new clients. Be willing to talk to people and allow them to handle the merchandise – let them see for themselves the quality of your work. Shows are a great way to develop your customer database. Collect mailing and email addresses and send invitations for your next show.

Do not be disappointed if your first show doesn’t end up making lots of money. Remember, you have met a lot of people and generated interest in your work. That is the first step to building great clientele for your business. And who knows where this might lead?

Hi, I’m Akhil Shahani, a serial entrepreneur who wants to help you succeed. If you like to work smart, check out http://www.SmartEntrepreneur.net. It’s full of articles and resources to help you start and grow your business successfully. Please visit us & download our special “Freebie of The Month”

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