Ribbon can be the basis for a lucrative business.
Starting a business is a feat that many attempt. Creating a business around the sale of ribbon can be done if you put the time and dedication into turning a profit. Create a solid business plan and execute it following some simple guidelines.
Instructions
1. Plan your finances. Create a budget that will include start up costs, recurring overhead, unexpected expenses and expenses to sustain your personal income. Starting a business is an expensive adventure. Be sure to plan enough financing to cover everything that you may need to spend money on. Add your start up costs together. This is a lump sum that you will need to have before you open. Include such items as equipment, rental space, inventory, licenses and resources. Figure out a monthly figure that it will take to keep the doors open. This number will include any expense that happens over a month. Consider rent, taxes, utilities, paid help, inventory and unexpected costs. Figure out a number that will sufficiently sustain you and your income. Be realistic about what it takes, but don't be extravagant. Add all of your monthly expenses to your expected income. Break it down into a daily need. This is the amount of money you will need to make in order to keep the doors open.
2. Decide on a name. The name of a business is very important, as it should be something that you like, but also something that attracts customers into buying ribbon from you, instead of the guy down the street.
3. Find a space. Determine the kind of clients you may have and base your decision on where to open up shop on the demographics in relation to that of your clientele. Drive around town and look at many spaces that are for rent. Make your decision based on accessibility, cost, demographics, location, and aesthetics of the space.
4. Locate and obtain any and all licensing and tax resources that you may need in order to do business in your city, state and specialty. This information varies from state to state, city to city and business to business. Research well and thoroughly.
5. Get the necessary help. Be aware that opening a business of any kind can be a frustrating and exhausting task. If your dream is to create the best ribbon selling business in your area and you have hit a wall, get help. There are many small business associations that are more than willing to assist you with any issues that may occur and you may also find that you are eligible for business grants.
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