Now that the money is beginning to roll into your bank account you should celebrate some for all the hard work that you have done in getting your product out the door. This celebration should be short lived as now the real work begins because you need to watch the market, both the customers and your competitors response to what you are doing so that you can keep ahead of the crowd.
Whatever you do, do not let your first product or service languish around because once the market finds out about it and sees that it is a hot seller the market will take advantage of this time and try to cash in on your fame and try to move past you. You need to make sure that you watch the market’s reaction to what you are doing. This means also your customers and vendors as there might be a good chance they might make a knockoff of what you are providing.
One of the critical factors in running a business is watching for any changes in the market that relates to your business. Once you produce your first product, there will be others that will watch out for your success and create knock offs and similar products unless you can protect yourself legally as well as the speed at which you can create the next version or partner products that go with your first one.
When you first start out building a business you don’t know if it’s going to be a success or not so producing your first product is just to test the market to see if you truly solve a problem with what you intend to sell. Keep in close contact with your business lawyer to protect your business intellectual property and assets.
Action plan: Create an action plan of goals
After you have written your business plan to figure out how to make money and the above info gives you some high level steps what you’ll need to do, taking business steps is next. Keep in mind that you are now starting to do project management of your business, so depending on your business you’ll need to start writing down and tracking all the various tasks that will make you successful.
Don’t put that business plan on the shelf to gather dust, you’ll need to refer to it during your project management phase to see where you are on the planning part. Your business plan is a “living document” that needs to grow, expand, and change as you do. However, the principles that you use to become successful do not change. Markets change, principles of good business do not.
Using paper and pencil or pen you can create templates on your Mac and make printouts of managing your
Having been poor is no shame, but being ashamed of it, is.
Benjamin Franklinprojects so you can write things down. If you decide to go digital you can use your Mac to manage your business, projects, and tasks easily enough. iCal can handle basic tasks and events. Numbers can be used to track larger projects as can the personal database Bento. For larger projects you can find the answers in the next chapter under project planning software.
One of the more significant factors...