1. What I want to cover customer needs?

 Call it new business idea or business concept, the purpose is the same and have to be very clear from the beginning. A business, a company has to provide value to its customers, covering needs in exchange for paying a price. If your idea meets a real need, does not work. In this blog we have talked many times about the business idea, and as can be assessed . Always repeat that it is essential that an improvement contributions , however small, of what already exists. No need to invent a product like the iPhone to succeed, just a little bit better what already exists may be sufficient, but you have to make sure there is enough market for your project.

2. How much is the customer willing to pay for my product or service?

This point is very important. First, because in many cases the client, but appreciates the contribution of your concept is not willing to pay for it. On the other hand, if the customer is willing to pay something, it is normal to not want to pay as much as you want. Pricing policy, we refer to the article that we wrote a while ago about selling expensive or cheap .

3. How much does it cost to produce?

Once you have a better idea of the potential market and the price you could put your services and products, is a very important point: How much will cost to produce? Obviously, if you create a company is to make money, therefore it is essential you consider variable costs and fixed costs of your project, to get a first idea of profitability. If you see that it costs much more than you could sell your idea in principle has little future, but not discouraged, by focusing may otherwise be profitable. Often, entrepreneurs are guilty of greatness, and want to start with an extensive local and well located, several employees, new equipment, etc.. Approaches to make it very difficult big a project to be viable, because it does not hesitate: the cost will always be greater than what you’ve been able to estimate and revenues will be lower. It is better to start with humility and less spending.

4. Am I qualified for this business venture?

One of the major causes of failure of a business is that the promoter of this project is not qualified to lead it. It is therefore important to ask if you really honestly have the ability to turn the idea into success.One of the most important is to know the area where you work. The enthusiasm and interest in your project, although necessary, are not enough. Imagine that you have always worked in a bank and your dream is to assemble a chain of pet stores, because I love pets. As much as I do hope, if you have the industry knowledge and contacts, it will be impossible to succeed, but you’ll be very, very difficult. In this case it is better associated with one or several people that give you the look you are missing. To return to the example of the pet shops, if you read the interview we did long ago Kiwoko Javier Osa , see how the partners have completed profiles. 

5. The Business Plan

Once you have more defined your idea and your first estimates make you think that is viable, the real work begins with the business plan . You have to study in great detail commercial and financial aspects of your project. Answering questions as important as What you sell? What is your clientele? What are your competitors? It is important to be very concrete. Imagine that you are putting a bookstore. The answers to these questions can not be: sell books to readers in the neighborhood of X and my competitors are the Fnac and the House of Books. The generalities do not apply. I’ve only taken a small example of a fraction of the commercial studio business plan . There are many more aspects to be analyzed, but what I wanted to make clear is that it must be detailed and specific work. Starting a business is to compete, and you can not win with generalities. We must provide specific and explain clearly know. Or else, as I said Jack Welch, former chairman of General Electric: “ If you do not have a comparative advantage do not compete . “ The business plan will also define how you are going to work, which means that staff, in that place, etc. . It’s like a dress rehearsal for your company, with all relevant aspects. If you are choking, you can ask for outside help. 

6. The legal form

Once you have clearly defined your project, you must decide how you’re going to formalize. In Spain can be summarized in two major options (although there are more): autonomous or limited partnership .Simplifying, one can say that if you take a solo and the volume of benefits estimates will not exceed an annual salary of about 45,000 euros, the best thing is to choose to register as a freelancer. In case of further benefits, other partners, an important billing or legal structure itself of the company is relevant to your image (in certain circles, suppliers and customers will ignore you only if you have a society), then you better choose to create an SL ( limited), you can start with only $ 3,000 of capital. 

7.Funding

The business plan will determine how much investment you will need, and how much money you’ll need to cover more than certain losses of the first months (sometimes years). Then or already have the money (congratulations, you can start your project), or like most entrepreneurs, you have to get it.There are several sources of financing , from your own savings, money from friends and family, public subsidies , bank loans or equity investments in the company’s venture capital funds or business angels.

8. Partners

Another important aspect is whether alone or if you rush you with partners. This depends on your personal skills, your preferences and your needs. As explained above, if you lack knowledge (financial, commercial sector), you can come in handy to have a partner. But we also value your management style. If you prefer to work alone and you want to control everything, may be better to throw alone, but work alone is not easy . If you choose to associate, you must avoid the errors discussed in a previous article . 

9. The location

Where you go to put your business is always important. Clearly, if it is a shop, you’ll have to find the most appropriate, and never forget you have to go where the customers are not expect customers to go where you are, because for this type of business location is essential. Although I have no shop, there are other aspects to consider. Always have to get customers or suppliers, so being in a village 80 miles from civilization is probably not a great idea. Similarly, if you opt for online trading, you have to find a location that allows you to optimize your logistics. Find a local is not always easy , but finally everything is accomplished. 

10. Employees

Employees are your most important partners. They are the ones that offer your customers the best products with the best quality of service. You need to have them happy to work with you while you demand the best from themselves. Perhaps the first thing they have to explain is that you are not going to pay the salary, which is responsible for this customer, as well said Henry Ford . At the time to choose, think about what is best for your long-term company. It may be that at first you do not have money and want to hire unskilled labor for little money, but ultimately if your employees are not bad for you better than you. Always look for the best for each task . If there are people with much experience, commitment to young people with potential. Human resources are arguably one of the most complex issues in managing a business, because mandatory mixed emotions economic goals and preferences. But you learn a lot and fast. 

11. Suppliers

Undertake means learning to buy. If not careful this fundamental aspect, you can not provide the best services at the best price. negotiates always , and for several quotes for all relevant purchases. Try to build trusting relationships with your suppliers long term, because more than one occasion you may get some trouble (for example when you need a product urgently for your most important client).

12. Finding and satisfying customers

You have everything to get going, but you lack the most important: a client that you buy your products or services. And do not kid yourself, though you have a very visible local artery busiest pedestrian street will have to go look for your customers. You will have to advertise, suggest phoning your service or send your business on the town door to door. The blog readers know without a doubt the number of article published last year to give clues about how to find your first customers or how to increase your business sales . But not enough to find them and convince them. Quality must be met to become regular customers. It is important to measure your customer satisfaction and implement processes for continuous improvement. If you do it, so will your competitors. 

Shopping safety or financial cushion will protect you and your family in case something unexpected happens, as it may be running out of jobs or some other source of income.

This cushion can also help deal with the little surprises of life, as it spoils the car or refrigerator.

To be properly protected, you should make sure your cart contains most? Not all, of the following:

1. Having saved a similar amount to your maintenance costs of 3 to 12 months if an emergency arises. The objective here is to have saved money to cover expenses in case you lose your income.
2. If you have 50 years, it’s time to do a medical insurance . If you already have one, then it’s time to check that your insurance will cover medical bills if you fall ill.
3. I really need to have an updated will . Remember not to plan what will happen after your death, the government will decide what to do with the fruits of your work life.
4. If you have your dependents, you should have life insurance. This protect people get dependent on you.
5. Protect your income with disability insurance . One in eight people suffer from a handicap. The right disability policy would be one that could pay you a sum of money equivalent to that now take home.
6. It is advisable to hire a guard against the lawyers , in order to protect yourself against this tide of frivolous lawsuits that currently inundate us.

Most people have already dealt with financial advisors to the recruitment of some insurance, invest in a mutual fund or want to tell us about a financial product that can be useful for us, in this case we will have dealt with a financial adviser dependency relationship which has to recommend and speak highly of the products of the institution you work for a commission.

The truth is that financial advisers as employees find it difficult to be advisors and employees of a bank or at the same time, if not always in the best interest and meets the needs of the client is the entity working.

On the other hand we have personal financial advisors who provide financial advice charging for their services but in return there are benefits as having unbiased advice and counsel that is independent of any financial institution and that it can make a more thorough analysis the client’s financial situation which would be held with consultants as employees.
Who needs a Personal Financial Advisor?

“People in their heritage listed property companies and many need protecting.

“Those who wish to save and invest for the long term.

“Investors who wish to improve the profitability of their investments or establish investment plans.

“People who want to form companies, buying property, establish businesses.

At last, a personal financial advisor may be necessary in any situation in which they are involved large sums of money.

1. Avoid the disaster immediately – Do not be afraid to ask for extensions or a payment plan on your debts as they are usually granted.

2. Check your credit card payments – If you are only making minimum payments on your credit cards, you’re just more into debt as interest increases, and it is becoming harder to get rid of pay off your credit card, focus on finalize a credit card at a time.

3. Give priority to your accounts – Check your accounts and see where you have to pay first, then make a payment plan based on your payday. If you are already behind on some payments, call the company to see how much can be the minimum payment to get current. Tell him you want to regularize your situation, it is important to mention how much you really can afford.

4. Ignores the rule to save 10% – Save when you have bills to pay is not something that makes sense, does not make sense to have $ 100 saved when people call you by phone to collect. Pay off your debts first and then start saving.

5. Review your expenses last month – today there are many programs that help you control your spending. Once you know that’s what you spend you know where you can save, but not before.

6. Looking for new revenue – once you know how much you earn and how much they really need to win a month, you can concentrate on finding the extra income you need. Not perform the same job if you need to earn $ 100 more a month if you need to earn $ 1,000 more per month.

Duck End is a recognized financial intermediary since 1993 was established in Spain with the sole purpose of providing personalized help on one of the most pressing issues: mortgage loans.

Duck End has recently presented an innovative product for reunifying loans or debts to a rate of 1%, is the “1% Mortgage”, which besides having an excellent interest rate ensures that the customer can save € 18,000 in first three years.

The “1% Mortgage” is part of the Mortgage Health Campaign, a project undertaken by the institution last September, with the sole purpose of analyzing the financial situation through a test, the results showed that over 65% of people responding to the test needed an urgent review of their debts to avoid facing serious problems of default in the future.

This product was created to address this need, which is why it is aimed at reunification of loans or debts. His hiring may be done through more than 250 branches Duck End is set in Spain.

It is certainly an excellent product for those who are in a critical situation and are therefore on the brink of default. Avoid the economic crisis can only just find alternative solutions, informed and take action on the matter.

The advice of a financial intermediary are often expensive, however it is important to consider how likely it is to find a solution to the problem we face on our own, if the answer is no, then perhaps it is best to come to the aid of a expert.