In this article we will discuss about what a beginning businessman must have to approach
a donut business.
People who are just starting to build their first business most of the time are obviously
very excited and often making a lot of fuss. They usually say that they want to open
the donut business right away and therefore need money to start so they would often
ask everybody to lend them some amount. They are always looking for places where
to buy cheap equipment and spend a lot of time searching for them.
From my point of view, the most
dangerous idea of a new businessman while preparing for his first business is when
he thinks he already knows everything. He is not even afraid of closing new business
(although the statistics show out of the 100 new businesses, there has been 90 closed
after the first year of existence!), and yet he was rushing to get rich.
Well, getting rich is a good idea but you just need to understand that in order to
become one; just opening a donut business is not enough. First, a new businessman
must look at the laws on which it works and second, prepare for it.
If you ask a novice businessman about his plans for the business, he would not hesitate
to respond positively. If you ask him to show his plans in preparing for the business,
the rookie would most likely say that it all exists in his "mind."
The first and basic rule in putting up a business such as a donut business is to
write a business plan on paper. Of course, this plan will be needed to be presented
in the bank when you go apply for a loan for your business, but most importantly
- the business plan is essential for a beginner businessman, to better see and understand
his future actions.
Let me compare a businessman preparing to start a business with a military man, who
plans to make some operations - attacks (or its intention to strike), getting to
the target and so on without even thinking or planning. How can a military man say
to all the members of the army that he has a great plan and it is just all in his
head? Can you imagine how he will explain all the details of the operation ... orally
without any written plan? Do you think that the members will be able to understand
everything he will explain and if everybody would listen to what he has to say? Perhaps
in some parts they can remember tiny information.
Now imagine that the same military men received credible information from intelligence,
put details of the operation on a map, made a special mark on it and discussed the
plan to participants in the operation using these blueprints. I'm sure at that moment
they would hear a more convincing explanation. In addition, anyone can make adjustments
and even add their own ideas.
Putting up a donut business is no exception to the rule. It is necessary to prepare
thoroughly, even if you want to buy a Mini Donut machine which can be marginally
productive. My advice is, gather as much information about the future business and
read all the books that exist on this topic. Believe me that the time and money you
invest in searching for information about your business will do the job. You will
become wiser and get some more valuable experiences. Write a business plan for yourself,
even if you never wrote one before. Include everything you "see in your head" as
soon as new information becomes available about the business, add new items and details…write
them all down.