JohnAnDeva

Determining Your Business Objectives

This can be the most exciting part in planning a business.  In this stage, you can let your mind roam and see yourself five (5) years after you have set up your business.  Of course, you would not want to imagine that your business  will be gone by then.  You can be as wishful as you want to be at first.  Write an essay of what you want to happen to your business and how you can make those things to happen.

1. Write it Down After you write the essay, you can read it and try to analyze which is realistic and which is not.  You can also ask yourself how hard you will work and how far you will go to make your business succeed.  Your determination is very important for you to achieve your goals.  Ask yourself if you are willing to invest time and money, make sacrifices until your business is established - this can take a year, a few years or several years.

2. What if it Doesn’t Work Out.  Another important thing to ask yourself is what will happen to you when your business does not work.  Do you have any back-up plan in mind in case your business fails? 

3. Number of Employees.  In case you succeed, how many employees will you have in a year, in two years, or in five years? 

4. Your Market.  Think about your market: how much will your market share become in that time frame?  Are you planning to sell a variety of goods and services or do you want to concentrate on a specific niche? 

5. Local or Global? Are dreaming about capturing a global market, then how do you want to go about it?  Do you want to have multiple local branches at first,  open branches in different areas or expand in different countries? 

6. Management and Other Tasks.  Once you business has grown, it may be harder for you to manage it alone.  By that time, do you think you can be comfortable delegating tasks to others?  Decide what tasks you can delegate and what tasks you want to do yourself. 

7. Financial Sources.  You can have a partner or other co-investors, or you might want your company to remain independent and privately owned.  You can also go public.