Know your business model before starting your plan.
Starting a business plan before you are crystal clear on your business model is a waste of time. Arguably the most important steps in
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KNOWLEDGE BASE:
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Applying COGS thinking to services = Cost of Services Sold (COSS):
Service businesses have input costs too. Just because they're not technically COGS doesn't mean you can ignore them. Count your COSS too.
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Why knowing your per-unit costs is so important for product businesses
When you hear an entrepreneur say something like 'I'll make it up in volume', what they are usually really saying is 'I don't know my costs'
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Increase sales interactions without wasting them - Know your sales capacity
Have you ever walked out of a store after not being helped because they were so short staffed? That business didn't manage their capacity.
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The blended pricing method
If you have ever grumbled while you paid $4 for a bottle of water at the airport or $8 for a hotdog at a sporting event you have seen this
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Know & optimize your sales conversion rate
Contrary to popular opinion, sales is a learned skill, not an innate ability or magic that on certain personalities can master.
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Calculating your business's sales capacity
Before you can optimize your staffing and sales processes on the way to maximizing your Sales Capacity you have to know how to calculate it.
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The market comparison pricing method:
If your competitor sells their product for $100 each and your product is 85% as good as theirs, there is an argument for you charging $85
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The cost plus pricing method
This is a good place to start to make sure you don't lose money on a sale but there are other, and better, ways to price as well.
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remodeling a rented space may cost more than it's worth
Who do you provide overwhelming value to? Make sure you are solving a problem they care about Lorem ipsum dolor sit amet, consectetuer...
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Identifying your target market
Who do you provide overwhelming value to? Make sure you are solving a problem they care about Lorem ipsum dolor sit amet, consectetuer...
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Dig deep into customer discovery to make sure you know what customers value
Customer discovery... The best way to know what customers want is to ask them Don't fool yourself into hearing what you want: Lorem...
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Consider building on your strengths instead of trying to fix your weaknesses
Stengthfinder... Do the math: See if it makes more sense (and money) to do it yourself or hire it out elsewhere. Lorem ipsum dolor sit...
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Ownership thinking v. Employment thinking
One of the most important thing you can do as you plan you business is to intentionally stop thinking like an employee and start thinking...
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