By Rolfe Larson on February 23, 2011
While many entrepreneurs tend to think first of selling products or services to consumers, far larger markets exist in selling to other companies. Those sales, known as business to business, or B2B, roughly account for ten times the sales directly to consumers. So if you are undecided about what kind of business to launch, and […]
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By Rolfe Larson on February 2, 2011
Since every business has competitors, every business plan needs competitive analysis — also known as competitive intelligence. Direct competitors provide more or less similar products or services, such as coffee shops. Indirect or generic competitors provide different things, but customers will often choose between them. For example, nearby restaurants may offer different eating options, but compete […]
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By Rolfe Larson on January 23, 2011
One of the common challenges in business planning is that one often has a better handle on predicting expenses than revenues. It doesn’t mean you’re 100% sure about what your costs are going to be, but for many folks, when they start looking at sales, it’s a crap shoot. As a result, many business plans […]
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By Rolfe Larson on January 14, 2011
Microcredit offers great promise in helping the world’s poor. The basic idea is that a small loan, say $100, can help someone in the developing world buy some goats or a sewing machine, and use that asset to earn a living, plus pay back the loan. The idea has proven so successful in Bangladesh and […]
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By Rolfe Larson on January 3, 2011
In the old days, people raised money for their start up ventures in traditional ways. They put in their own money and sweat equity. They borrowed against home equity, insurance policies, and credit cards. If they were lucky, they also got money from friends, family, even “angel” investors. They collected gifts, loans, forgivable loans (“pay […]
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By Rolfe Larson on December 27, 2010
One way to develop and test your plan is to submit it to a business plan competition. These competitions are mostly associated with business schools. Most offer winners consulting assistance and in many cases seed money. But here’s the catch: in most cases, only students can apply and competition can be stiff. But check out […]
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By Rolfe Larson on October 29, 2010
Here are five tricks from business planning expert Tim Berry. Excellent advice to follow to avoid getting spooked by your business: 1. Keep the planning simple and practical. Your plan should be measurable, and include strategy, dates, deadlines, metrics, and basic projections, plus a review schedule. This is critical: when will we review and revise? […]
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By Rolfe Larson on October 12, 2010
To err is human. To do the same thing repeatedly and expect different results is insanity. And to learn from the mistakes of others is a good way to improve your odds. Here are ten major mistakes, inspired by a recent Wall Street Journal article (link below): 1. Going it Alone. Forget the solo entrepreneur […]
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By Rolfe Larson on September 28, 2010
Many startup businesses set up incentive or commission-based compensation systems for their initial employees. This is often done because they can’t afford to pay staff what they’re worth. As an enticement they offer the opportunity to earn much more than a smallish base salary if these early staff achieve great success. This is common in […]
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By Rolfe Larson on September 1, 2010
Lately I’ve been rethinking business plans. On the one hand, in the consulting and academic world, what is meant by a business plan is a fairly comprehensive research project with thorough analysis of issues including customers, markets, competitors, pricing, marketing strategies, risks – always followed with detailed multi-paged financial projections looking three to five years […]
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Rolfe Larson provides consulting and training in areas such as strategic planning, market research, feasibility analysis, business planning, marketing, and implementation strategies.