2/2020 | £$€¥ > ₿ | Writing a new Business Plan
Greetings, Art lovers.
series Eternal Thinking
Today I am making the best of my day off work to create a new project plan,
I am structuring my writing around the outline of a Business plan because ultimately that's what I am aiming to achieve.
Meantime I am writing here from my personal point of view and experience of what I think useful to start up a business.
Internet presence or physical shop, in my opinion, begins by looking into the costs of keeping the shop floor running / the internet platform running.
These are the expenses you cannot hide from, for most of these expenses you will be bond by contract.
Usually, business plans templates recommend to start with writing down your idea, your dream.
Then, the name of the business, who is your target, age of your target and a bunch of other
things which in my opinion, are a dispensable aspects of a business when it's still at ground level.
Don't get me wrong all these things are important but against all suggestions, I start by adding numbers.
This is not just the beginning, it is what it is; you will be budgeting between expenses, stock taking and sales on a daily basis.
If you have what it takes, this is the bullet point for you to prove it. Practical and realistic, plenty of time to visualize later.
The internet is your biggest competitor.
Whether you are an online business or an high street business, the internet won't let you forget about its presence, so,
you have to be prepared to build up both - very time taking.
Now, I am drafting (or choosing) a name for my project.
Choose wisely, your business name comes with fees attached if you need to change it once is registered (subject to laws).
Also, is about professionalism, establish a brand and trust with your costumer.
Advertise it!
Ask yourself: what is your strong hold. How to advertise it? Paper, internet...
I must admit, conventional advertising did little for my business.
To check the turn out of your advertising make it a coupon.
Ultimately, reliability and good service should advertise for your business.
Remember the expiring date on the coupon!
Last but not least: Pricing
If you are a retailer you will have a RRP (recommended retail price) as guideline.
If you are a maker: how much does an hour of your time cost? Let's say £$€¥ 10 per hour
Material, how much did you spend to make the product? Let's say £$€¥ 5
10 + 5 = 15 (one hour plus material)
15 x 2 = 30 (this is your markup as wholesalers)
30 x 2 = 60 (this is your markup as retailer)
The first mark up of 30 is your profit, you should/could think of it as re-investment.
The second mark up of 60-30=30 is your income / wage / saving.
Standard retail price usually multiply the wholesaler's price (tax excluded) by 1.8602 so
10 + 5 = 15 (one hour plus material)
15 x 2 = 30 (this is your markup as wholesalers)
30 x 1.8602 = 55.806 (this is your markup as retailer)
The first mark up of 30 is your profit, just like the previous example.
The second mark up of 55.806-30=25.806 is your income / wage / saving.
Internet price (•ิ_•ิ)??
10 + 5 = 15 (one hour plus material)
15 × 1.8602 =27.90 (this is your markup as wholesaler)
27.90 × 1.8602 = 51.90 (this is your markup as retailer)
The first mark up of 27.90 is your profit,
The second mark up of 51.90 - 27.90 = 24.00 is your income / wage / saving.
The business plan structure has the purpose of making the investor aware of potentials and of flaws of a project.
Virtual shops like swiftdemand are already up and running but how and when would this business plan translate into a virtual business with cryptocurrency for the average retailer/craftsman?
Sure one can save on the overheads!
Do you know any other platform where you can sale goods for crypto?
Thank you for your time.
Looks like you are planning things well and in advance. I'm sure you'll do well! 🤗
🔱 Thank you
for the encouragement @trincowski.
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