(6) Valuing Your Business and…

Avoiding the Titanic Results of Poor Pre-Planning

John Anderson, AHA

November 17, 2021

Series 1 – Blog post #6.

The above illustration may be the most important visual you will need in your business startup process. In last week’s post, I said, “We all encounter setbacks in the quest to start an art business.” If you’ll excuse the nautical references, there is wisdom in pre-planning your business before actually implementing your business plan and beginning the business management processes. The stronger the pre-planning process, the less likely your business will end up like the Titanic. So let’s look at some key areas that need to be researched before writing the business plan.

Let’s note here that the word product covers the broad description of what things you are offering to sell to contribute to your company’s revenues. The Economic Times describes A product as an item offered for sale. It can also be a service. In today’s world, it can be physical or in virtual or cyber form. Every product is made at a cost, and each is sold at a price. The price that can be charged depends on the market, the quality, its value, the marketing, costs, and the targeted segment (The Economic Times, 2021). So, let’s look.

Hopefully, you have decided what you want your business model to be and how you want it to grow. The next part in the pre-planning process involves eight elements of Business Research:

  1. A complete market analysis that covers startup and early growth (at least two years),
  2. A financial analysis that includes financial forecasting (budgeting, investment research, project financing, and raising capital),
  3. Brand analysis is your current or future image personally and commercially,
  4. Product analysis is an ongoing process that will direct your success of reaching customers and clients – remembering that your unique selling proposition and trends in the marketplace are only part of marketplace differentiation,
  5. We should also include a risk analysis in your pre-planning—consider using a SWOT analysis or other risk management evaluation,
  6. A complete and thorough competitor analysis must be analyzed and evaluated. Don’t fall victim to thinking you have no competition—remember the Titanic,
  7. A demand analysis will be of great value when measuring your future potential – “You can’t manage what you don’t measure, and you can’t measure what you cannot describe.,
  8. A distribution analysis is necessary for all products and can be a substantial source for increasing revenues, contributingto profits, and improving the return on investment.

Understanding the Business of Artcan bolster your business process management as a way of looking at, and then controlling, the outcome of decisions and actions taken—to ensure missing the iceberg altogether.

Again, keep joining us in this future series of blogs preceding our launch. Subscribe to the newsletter. Remember too that this is open to artists and aesthetes, so don’t delay. Introduce yourself to me after you subscribe, and we’ll get started on assisting you with your business interests.

Contact me: JohnAha@jonznet.net We will get acquainted.

John Anderson, AHA

Reference: https://economictimes.indiatimes.com/definition/product

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