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New Business Strategy

Essay by   •  December 27, 2010  •  Study Guide  •  664 Words (3 Pages)  •  1,541 Views

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Strategy for Starting the Business

Initial Startup Phase ( est. 1 month)

* Need to make up some sample parts

* Decide what types of parts we want to make and how many for samples

* Price out the material and buy it accordingly (we will pay for it between the 2 of us)

* Go into the shop on a weekend and make the samples up

* Research e-bay on the different ways in which we can post them to maximize our money

* Research any other means of posting for bids etc.

Research/Investigation Phase (est. 1 month) (based on positive results from the initial phase)

* Continue to post on the web, to keep a money flow coming in.

* Pay ourselves back for the material bought and invest in some more material

* Use the money made from initial phase to buy magazines

* Look at the different places that people advertise

* Look at the different designs of product out there

* Look at the different types of products that we could easily replicate and mfg.

* Develop a pricing and cost strategy for the parts we want to focus on.

* See if there are motorcycle shows or something where we might go to get marketing ideas and possibly handout fliers and show off samples.

* Buy up some more material and make some more parts if we are a little steady from the web.

* Investigate shipping and the associated charges of doing business.

* Look on payment terms etc.

* Do we want to use credit card machines and how accepting credit cards are handled

* Do we want to do COD

* Do we want to do cash up front

* Eventually possibly turning to doing payment terms with distributors?

* Look into the web to see any value in a website.

* What are the benefits?

* What are the drawbacks?

* Look to see where else we could get our product out there (possibly through a distributor)

Compile/Startup Phase (est. 1-3 months)

* Continue to post on the web and making parts to fill orders and to keep some money coming in.

* Based on the results gathered from the previous phase, make a determination on the best way to progress.

* Determine if we want to do a mailing to distributors

* Determine if we want to start a business

* Determine a company name, logo, mission, and vision statements.

* Do the research on what needs to be done and complete all the necessary transactions to get a company started.

* Start a checking account

* Write up an agreement we both agree upon with regards to the business

* Determine what investments we need to help the business run

* Software and computer products

* Paper

* Ink

* Envelopes

* Stationary

* Evaluate our printing capabilities

* Business software (Quick Books)

* Shipping software

* Web page design software

* 2 line

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