New Business Strategy
Essay by review • December 27, 2010 • Study Guide • 664 Words (3 Pages) • 1,634 Views
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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