Dorling Kindersley - How to Start Your Own Business: The Facts Visually Explained

Consultant edi tor Chery l Rickman ... AND MAKE IT WO RK

Senior Ed itors Chauney Dunford, Scarlet t OHara, Alison Sturgeo n Art Editor Mark C avanagh Editors John Andre ws, Daniel Byrne, Sharon Lu cas, Fiona Plowma n, Steve Se tfo rd, Lucy Sienko wska, Andy Szudek, Rachel Warren Chadd US Edito r Jennet te ElNaggar Designers Vaness a Hamilt on, Clare J oyce, Mark Llo yd, Daksh eeta P att ni Managing E ditor Gareth Jones Managing Ar t E ditor Lee Gr if ths Senior Pro duct ion Ed itor Andy Hil lard Senior Pro duct ion Co ntroller Rachel Ng Jacket Designer Ta nya Mehrot ra, Sur abhi Wa dhwa Gandhi Publisher Liz W heeler Publishing Direct or Jonathan Metca lf Art Direct or Karen Self Jacket D esign De velopment Manager Sophia MT T First Ameri can Ed ition, 2 Published i n the U nited St ates b y DK Publi shing 145 0 Broadway , Su ite 80 1, New Y or k, NY Copyright 2021 Dor ling Ki ndersley L imited DK, a Division of Peng uin Random House L LC 21 22 23 24 25 10 9 8 7 6 5 4 3 2 1 001 Feb/202 All ri ghts reserv ed. Without limiting the ri ghts under th e copyr ight res erv ed above, no par t of this publica tion may be rep roduced, sto red in o r introduced into a re trieval syst em, or tr ansmitt ed, in an y form , or by any me ans (e lect ronic, me chanical, photocopy ing, recording, or otherw ise) , with out th e prior writ te n permission of the copyrigh t owner . Published i n Great B ritain by Dorl ing Kind ersley L imited. A ca talog r ecord for this bo ok is a vailable fr om the Libra ry of Con gress. ISBN 978 -0- 40-2 734- Printed a nd bound in China www. dk.com This b ook was made with Fore st Stewardship Council ce rt ied paper on e sm all s tep in DK s commitment to a s ustai nable fut ure. For mo re in formation go t o www. dk.com/ our -g reen-pledge

Making the Big Le ap Why Y ou? Why Now? Coming Up wit h Yo ur Idea Offe ring Produ cts or Serv ices Findin g a Gap in the Ma rket Standin g Out fr om the Crow d Dening Yo ur Go als Choosing a Str uct ure Starting a Fam ily Busine ss Setting Up a Fra nchi se Alter nativ e Ty pes of B usinesse s Choosing a Model Creatin g a St rategy Know ing Y ou r Mark et Identif ying Yo ur Cust omers Assessin g Deman d for Y ou r Busin ess Where to Base Y ou r Busin ess Choosing Whe re to Lo cate Y ou r Star t-Up Sourcin g Produ cts a nd Su pplie s Outsour cing Ta sks Striking a Bal ance Worki ng wi th Fam ily and F rien ds Intr oduct ion Choosing a Name Developin g Yo ur Bran d Tell ing Yo ur St ory A Mark eting Mix The Sel ling Proce ss Online Sell ing Provi ding a Serv ice Takin g Payment s Fullling Orders Identif ying In itial Costs How Much Do Y ou Need to Sp end? How Much Do Y ou Need to Ea rn? Fundin g Yo ur Busin ess Who M ight I nve st? Pitchi ng for Inv estmen t Balanc ing t he Book s Understa ndin g Busine ss Tax es Setting Up a Busin ess Accou nt Protect ing Y ou r Busin ess Protect ing Y ou r In telle ctual Proper ty Stayi ng Sa fe in the Workp lace Thinking Green Operati ng Et hical ly Writin g Yo ur Busin ess Plan Writin g an Ac tion Plan Understa ndin g Consum er Ri ghts BEFORE YOU STAR T FIRST STEPS

Setting Up Yo ur Work space Planning a Websi te Designi ng an d Buil ding a Webs ite Attrac ting Websi te Traf c Data Pr otectio n Findin g the R igh t Tal ent Recruit ing S taff Do Yo u Need a Ma nager ? Diversit y and Inc lusion Using a C ustome r Data Sy stem Prepar ing for Lau nch Spreadi ng the Word Creatin g a Buzz Advert ising Making the Most of Soci al Med ia Network ing to Buil d Yo ur Busin ess Encoura ging Custom er Loya lty Buildi ng Cu stomer Relation ship s Worki ng wi th Ot her Busin esses Is Y ou r Mar ketin g Leadi ng to Sale s? Analy zing Busi ness Per for mance Maintain ing M omentum Managin g Yo ur Fin ances Managin g Budgets an d Cash Fl ow Establish ing a Cult ure Managin g the Busi ness Managing a Team Retaini ng Ta lent Running a Sal es Team Establish ing a Healt hy Wo rkpl ace Managin g and Res olvin g Con ict Managin g Sta ff Pe rfor mance Stream lining Busine ss Proce sses Managin g Yo ur Sup ply Cha in Impro ving the Busin ess Prepa ring for a Busin ess Cri sis Harnes sing Te chnol ogy RUN NING YOUR BUSINE SS GETTIN G GOING

Growin g Yo ur Busin ess Expand ing Y ou r Busin ess Growt h St rategi es Financin g Busine ss Growt h Attrac ting New Busin ess Retainin g Yo ur Cus tomers Changin g Yo ur Dir ectio n Managing Chang e Licensi ng Selling Yo ur Busin ess Moving On Resource s Index Acknowle dgments CONTRIBU TORS Cheryl Rickman (co nsul tant edi tor) is a Sunday Times bestsell ing autho r an d ghost writ er of 19 bus iness and self- help boo ksa nd a qu alie d Positi ve Psy cholog y P rac titi oner. Her r st book , The Small Busi ness Start- Up Wor kbo ok was publ ishe d in 2005 . She h as sin ce st arted and sold her own busi nesses and now spe ciali zes in wr iti ng pract ical books to help pe ople ou rish. Philippa Anderson has a b usin ess de gree and i s a wr iter and comm uni cati ons co nsult ant , who has advi sed mu ltina tion als, inc ludi ng 3M, Angl o Am eric an, a nd C oca-Co la. Sh e has wri tten a numb er of bus iness books and was a co ntr ibu tor to DKs The Busines s Book , How Busines s Wor ks, and How Management W orks . Alexandra B lack grad uated wit h a de gree in busine ss comm uni cati ons be fore movi ng to Toky o to wr ite for n anc ial newspap er gr oup Nik kei Inc . and i nve stmen t ban k J. P . Morgan . She ha s wr itt en wide ly on cu ltur al a nd e conomi c hi story and has contri buted to man y book s on money , medi cin e, manage ment, a rc hite cture , and desig n. Pippa Bourne is di rect or of Bou rne Perfo rman ce, whic h helps orga niza tion s an d ind ivi dual s suc ceed. She is a Visi tin g Fell ow at Cra nel d Uni versit y , where she su pport s the work of the C entre for Business Perfo rman ce. P ipp a has a n M BA and is a busin ess co ach. She has m any year s exp erie nce of managi ng s mall busi nesses wit hin uni versit ies and p rofess ional bodi es. GROWI NG YO UR BUSINE SS

HOW TO STA RT YO UR OWN BUSINESS Introduction All busine sses star t as someones drea m. Th is book has been writ ten to h elp mak e your dr eam of s tarting your ow n busi ness a real ity . With more a nd more people st arting their own bu sinesse s each year and w ith technol ogic al ad vanc es oeri ng un preced ented acc ess to in for mati on, ta lent , materi als, a nd pro duct s, there has neve r been a bett er tim e to sta rt y our ow n busine ss. At the sa me ti me, th ere has also never been mor e compet ition . Being you r own boss can be as cha lle ngin g as it is re wardi ng, so e quip yoursel f with a s much k nowle dge as po ssible on the is sues you ma y face an d the opti ons avai labl e before y ou sta rt. How to Star t Yo ur Own Bu siness aims t o provi de you with a tool k it to help you bui ld a s uccessfu l ente rpr ise. Chapter 1 covers eve ryt hing you need to k now b efore you st art, from com ing up with y our busi ness id ea and n ding a gap in the ma rket t o choosin g a busin ess struct ure, m odel, a nd st rategy . Chapter 2 looks at the st eps you need to tak e to start y our busi ness, i nclu din g how to choo se a nam e and de velop your br and and how t o sell onl ine, take paym ents, an d ful ll orders. Ch apter 3 sh ows you what you n eed to do t o get goin g, inc ludi ng pla nning and bu ildin g a website, sourcin g and re cruitin g sta , and generati ng i nter est in your busi ness. C hapter tells y ou every thing you need to k now a bout how to ru n your busine ss, incl udi ng how to encou rage cu stomer loyalt y and buil d strat egic a llianc es, how to a naly ze perfo rmanc e and nan ce gro wth, how to ma nage a supply cha in, a nd how t o retain tale nt and look af ter yo ur employe es in t he work place . Fin ally , Chapter shows you how to g row you r busin ess, how to ma nage change , how to reta in custome rs and licen se produc ts, a nd how t o sell your busi ness wh en it is ti me to move on.