During todays lesson I looked into cash flows and legal strategies. I also looked into creating a customer profile for my business.
When I created my customer profile I released how I needed to maybe change a few of my ideas to make sure my business could be as strong as possible, during this lesson me and my peers on the course all read out who are customer is and what they were like, during this time many of us realised just how similar are customers and target markets were. Although we are selling very different things we have strong competition with each other to attract our customer, this pulled up a red flag for me so I have reconsidered my customer and how I plan to promote and sell things within my business.
I then looked into cash flow examples, due to this being new to me I wasn't sure what I was doing but after the lesson I now know how to work out a cash flow and to see if my business will be bringing me money and profits or wether I will be losing money and not gaining any profits in which case it wouldn't be a very good business venture. I was also working out a strategic plan for my business which I will be creating this helped me figure out what is most important to consider such as working out a target market, mission statement, legal strategy and looking at the best way to approach creating a successful business, this also included me looking into other boutiques which have become successful and to see if I could take any useful information from them.
No comments:
Post a Comment