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[Music] how to start a CBD business this video is designed to help you determine if your CBD business idea is feasible to identify questions and problems you will face in converting your idea into reality and to prepare for starting your CBD business the video features all the essential aspects you must consider before you start your CBD business this will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas at the end of the video there are three valuable free gifts waiting for you a token of appreciation for watching this video operating a successful CBD business will depend on the following four conventions 1 a practical plan with a solid foundation to dedication and willingness to sacrifice to reach your goal 3 technical skills 4 basic knowledge of management finance record-keeping and Market Analysis as a new owner you will need to master these skills and techniques if your business is to be successful identify your reasons as a first and often overlooked step ask yourself why you want to own your own business check the reasons that apply to you 1 freedom from the nine-to-five daily work routine to being your own boss 3 doing what you want when you want to do it for improving your standard of living 5 boredom with your present job 6 having a product or service for which you feel there as a demand some reasons are better than others none are wrong however be aware that there are trade-offs for example you can escape the nine-to-five daily routine but you may replace it with a 6 a.m. to 8 p.m. routine preliminary analysis major flaws ah yes response to questions such as the following would indicate that your business idea has little chance for success one are there any causes such as restrictions monopolies shortages that make any of the required factors of operation unavailable such as unreasonable cost or scarce skills to our capital requirements for entry or continuing operations excessive three is adequate financing hard to obtain four are there factors that prevent effective marketing a self-analysis starting a business requires certain personal characteristics this portion of the video deals with you the individual this next group of questions though brief is vitally important to the success of your plan it covers the physical emotional and financial strains you will encounter in starting a new business are you aware that running your own business may require working 12 to 16 hours a day six days a week and maybe even Sundays and holidays do you have the physical stamina to handle the workload and schedule do you have the emotional strength to withstand the strain are you prepared if needed to temporarily lower your standard of living until your business is firmly established is your family prepared to go along with the strains they too must bear are you prepared to lose your savings in case your plan fails finding a niche small businesses range in size from a manufacturer with many employees and millions of dollars in equipment to the loan window washer with a bucket and a sponge obviously the knowledge and skills required for these two extremes are far apart but for success they have one thing in common each has found a business niche and is filling it the most critical problems you will face in your early planning will be to find your niche and determine the feasibility of your idea get into the right business at the right time is very good advice but following that advice may be difficult many entrepreneurs plunge into a business venture so blinded by the dream that they fail to thoroughly evaluate its potential is your business idea feasible before you invest time effort and money the following exercise will help you separate sound ideas from those bearing a high potential for failure identify and briefly describe the business you plan to start identify the product or service you plan to sell answering yes to any of the following three questions means you are on the right track a negative answer to all of them means the road ahead could be rough one does your product or service satisfy an unfilled need two will your product or service serve an existing market in which demand exceeds supply 3 will your product or service be competitive based on its quality selection price or location market analysis for a small business to be successful the owner must know the market to learn the market you must analyze it a process that takes time and effort you don't have to be a trained statistician to analyze the marketplace nor does the analysis have to be costly analyzing the market as a way to gather facts about potential customers and to determine the demand for your product or service the more information you gather the greater your chances of capturing a segment of the market know the market before investing your time and money in any business venture the following questions will help you collect the information necessary to analyze your market and determine if your product or service will sell this brief exercise will give you a good idea of the kind of market planning you need to do an answer of no to any of the questions indicates a weakness in your plan so do your research until you can answer each question with a yes one do you know who your customers will be - do you understand their needs and desires 3 do you know where they live 4 will you offering the kind of products or services that they will buy five will your prices be competitive in quality and value 6 will your promotional program be effective 7 do you understand how your business compares with your competitors 8 will your business be conveniently located for the people you plan to serve 9 will there be adequate parking facilities for the people you plan to serve planning your startup so far this video has helped you identify questions and problems you will face converting your idea into reality and determining if your idea is feasible through self analysis you have learned of your personal qualifications and deficiencies and through market analysis you have learned if there is a demand for your product or service the following questions are grouped according to function they are designed to help you prepare for opening day name and legal structure 1 have you chosen a name for your business 2 have you chosen to operate as sole proprietorship partnership or corporation business premises and location 1 have you found a suitable building in a location convenient for your customers - can the building be modified for your needs at a reasonable cost 3 will you have a lawyer check the zoning regulations & Lace merchandize have you decided what items you will sell or produce or what services you will provide have you made a merchandise plan based upon estimated sales to determine the amount of inventory you will need to control purchases have you found reliable suppliers who will assist you in the startup have you compared the prices quality and credit terms of suppliers business records are you prepared to maintain complete records of sales income and expenses accounts payable and receivables have you determined how to handle payroll records tax reports and payments do you know what financial reports should be prepared and how to prepare them finances a large number of small businesses fail each year there are a number of reasons for these failures but one of the main reasons as insufficient funds to many entrepreneurs try to start and operate a business without sufficient capital money to avoid this dilemma you can review your situation by analyzing the following three questions 1 how much money do you have - how much money will you need to start your business 3 how much money will you need to stay in business in order to answer the second question how much money will you need to start your business you need to prepare an estimate of all your startup costs here is a list of items you may need to take into account note that this list is for a retail business items will vary for service construction manufacturing or online firms decorating and remodeling fixtures and equipment installing fixtures and equipment services and supplies beginning inventory cost legal professional fees licenses and permits telephone utility deposits insurance signs advertising for opening unanticipated expenses now the answer to the third question how much money will you need to stay in business must be divided into two parts immediate costs and future costs from the moment the door to your new business opens a certain amount of income may come in however this income should not be projected in your operating expenses you will need enough money available to cover costs for at least the first three months of operation the following list will help you project your operating expenses on a monthly basis typical expenses for one month may include your living costs employee wages rent advertising supplies utilities insurance taxes maintenance delivery transportation miscellaneous now sum up the total estimated monthly expenses and multiply it by three this is the amount of cash you will need to cover operating expenses for 3 months deposit this amount in a savings account before opening your business use it only for those purposes listed in the above list because this money will ensure that you will be able to continue in business during the crucial early stages by adding the total startup costs to the total expenses for 3 months you can learn what the estimated costs will be to start and operate your business for 3 months by subtracting the totals of the lists from the cash available you can determine the amount of additional financing you may need if any now you will need to estimate your operating expenses for the first year after startup the first step in determining your annual expenses is to estimate your sales volume month by month next determine the cost of sales you may want to use a spreadsheet to do this after startup the primary source of revenue in your business will be from sales but your sales will vary from month to month because of seasonal patterns and other factors it is important to determine if your monthly sales will produce enough income to pay each month bills an estimated cash flow projection will show if the monthly cash balance is going to be subject to such factors as the following failure to recognize seasonal trends excessive cash taken from the business for living expenses too rapid expansion and slow collection of accounts if credit is extended to customers conclusion if you have carefully answered all the questions in this video you have seriously thought about your goal however there may be some things you may feel you need to know more about owning and running a CBD business is a continuous learning process research your idea and do as much as you can yourself but don't hesitate to seek help from people who can tell you what you need to know as we conclude this video here are your 3 free gifts 1 an extensive business plan template that you can download and use for a CBD to small business management software allows you to plan your startup expenses and sales and much more three book how to start a business from scratch a comprehensive manual that will want you step by step through all the essential phases of starting a business go to the description below this video to get them now these gifts are completely free no strings attached thank you for watching please like this video