In Laguna Beach, California! A few blocks from quiet beach with a nice swimming pool, luxury linens, and Bougainvillea plants climbing on the walls in shades of fuchsia, pink and deep lavender.
How do you start a new business?
Write a good business plan that will help you determine who your competition is and who your potential customers are and how to reach them. It will help you determine if there is growth in the market or if you will struggle to get the business going. A business plan will help you determine the pricing structure for your new product or service. A business plan will also help you determine the trends for your Industry and help you put into words what your dreams are and how to achieve them. It will also help you define goals and objectives in your pursuit to become an independent business owner.
Find a zen spot within your soul of what you are passionate and creative about and ask yourself, self? Do you have the expertise and background to make the dream a reality? Do you have an education or business background that will help you manage the business or do you have some one that could come in as a partner to provide that expertise?
- Determine the amount of competition in your potential business and if there is potential for you to enter and take market share
- Find the right location that’s attractive to your potential customers
- Save money to use as seed capital
- Apply for a loan or capital funding depending on the business type
- Purchase or lease the property, furnishings and inventory
- Obtain any licensing and an Employer ID number from the Internal Revenue Service
- Create a good marketing plan including advertising, discounts and website development.
Will I ever have a Bed and Breakfast in Laguna? I don’t know…I do make the best scones that you have ever eaten! That’s a start, right?
What is your dream business?
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