If you’re going to open a business in the United States or buy a company for immigration purposes, proper study, advance planning and careful thought are absolute necessities. Before a single shovel of earth is turned, you must commit your ideas to words and/or graphics, and follow these to the letter, allowing, of course, for the unexpected changes that always pop up as one moves forward with a project.
The biggest error that many would-be entrepreneurs make when setting up a new endeavor is not preparing in advance to take that giant step – just as you must develop confidence before embarking on any project.
Some people think market research isn’t necessary before a business person puts up planks and steel girders along with walls and ceilings that will create manufacturing or office space for a new “team.”
Those who don’t plan before they make a move are displaying not only their arrogance but a lack of humility. They seem to think that everyone else has to plan before they act, but they feel like they are somehow exempt from following a business design.
You need a plan to make your business idea a reality. A business plan is a blueprint to guide your business from the start-up phase through the establishment and eventually business growth, and it is a must-have for all new businesses. There are different types of business plans for different types of entrepreneurships.
Right off the bat, you should commit many things to retention. First, understand that everything in the U.S. is different. You may have visited America many times and you think you know everything there is to know.
That’s not so.
And to think you can come up with an idea that has never been thought of before is presumptive and vain. You’re not inventing the wheel for the first time. It’s a long shot to think you’ll come up with something that has never crossed any other person’s mind before.
To avoid these shortcomings, a search must be made of what products exist, what markets these products and/or services currently serve and how they do it. Try these bullet points:
- Is there a need for your anticipated products/services?
- Who needs it?
- Are there other companies offering similar products/services now?
- What is the competition like?
- How will your business fit into the market?
Knowing what the market is looking for, how much customers are willing to pay and in what manner; knowing the size of the market and the method of getting your business and products into the arena are answers that cannot be located or determined simply by sitting at your desk and surveying your surroundings.
Analysis must be made of your weaknesses, strengths, risks, and advantages. The famous and unsurpassed “SWAT” analysis will demonstrate the weak points to be corrected and the strong ones to be leveraged better.
Knowing the risks of the market as well as the existing opportunities will be extremely useful. But how can you make a business plan without accumulating previous data? Only by using already accessible information can the acclaimed “Business Plan” really contribute as an essential factor to the success in the project.
A couple of final bullet points:
- How much capital will you need to have or how much will you have to seek from other resources to bring your project to break-even?
- What marketing strategy will you adopt? What human strength does it need to have? Should you establish partnerships and, if so, with whom?
All this prior planning, in no way, is an expense, but an investment that will result in the security of the business and the assigning of a direction to be followed to achieve success.