When you start up a new business you will no doubt prepare a business plan and you do this not just to get a loan from the bank but because it truly adds value to understanding the viability of your business venture.
Well, that’s what should be happening anyway. When it comes to validating your business plan it’s not a bad idea to apply the following rule and see what the outcome is:
1. Halve your revenue expectations
2. Double your costs
If you’re still making money then you really could be in with a shout of starting your own business and having a viable business to boot. Congratulations!
The serious point to this however is if you now look at your costs and try and find ways to reduce them, then this should be a really useful exercise. How many businesses go bust in their infancy due to “cash flow problems”? Taking control of your costs in this way will really ensure that you give your business every chance of success.
One of the biggest costs that any new business has is advertising and marketing and a great frustration is that to the inexperienced professional it can be a bit hit and miss in terms of its success and if you find it to be more miss than hit, then the odds are that your going to find it an expensive business too.
One way to get targeted advertising in a relatively low cost environment is business networking and if you’re really lucky you may find that there are a local business networking events in your area. If you’re not having success in this area then consider contacting your local chamber of commerce.
There are two big chamber organizations in the USA and one in the UK
The British Chamber of Commerce
The British Chamber is a non-political, non-profit making organization comprising of over 56 accredited Chambers all over the UK
The fundamental aim of the British Chamber to ensure that UK business thrives and it does this by working with key decision-makers in government to try and influence policy.
It’s at the local level however where you will find support to the business community providing services, information and guidance to its members such as business networking events through free legal advice and reduced insurance.
The U.S. Chamber of Commerce
The U.S. Chamber of Commerce was established in 1912 is still the world’s largest business federation representing over 3 million businesses of all sizes, sectors, and regions. There are hundreds of associations and thousands of local chambers in the U.S. and it also includes over one hundred organizations abroad.
Just as the British Chamber its primary goal is to “fight for business and free enterprise before Congress, the White House, regulatory agencies, the courts, the court of public opinion, and governments around the world.”
The U.S. chamber provides a multitude of services from advice, information and education and again at the local level, support in the form of business networking information and events.
The U.S. Women’s Chamber of Commerce
The Women’s Chamber supports both female business owners and career professionals with the objective of creating business and leadership opportunities for women.
It provides numerous services to deliver government contracting opportunities and provide access to education and development programs. It runs a variety of events aimed at bringing women together to learn about and discuss topical issues with other women.
So in summary there is a wealth of opportunity out there to promote your growing business with out spending a fortune and a great place to start is your local Chamber of Commerce
About the author:
Louise Yates shares business networking information and tips for generating referrals and free sales leads together with performance business coaching for your work, life and career development.
