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To learn about Planning4Business  services you can now download Our Brochure by

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Outsourcing software development

Are your a small business owner looking to outsource your IT / software development and achieve cost effective solution to your IT needs? In the last few years, I have been working with several software development projects which I decided to outsource. Unfortunately, many of these projects did not succeed for various reasons but provided me with a valuable opportunity to learn from failures. Our main objective for outsourcing was to reduce cost without compromising the quality. Software developers with many years of experience charged around $20 per hour in developing countries in contrast to over $100 per hour in…

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IT Outsourcing for Small Business

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Suggestions for evaluating ideas

Do not be afraid to share your ideas to receive feedback When articulating your business idea to others try to be as specific as you can and practice your idea presentation beforehand. It can be useful to state your idea in the following format: I am developing (define your product or service) to help (define your target customer group) to (state a problem that you are solving) with (state any proprietary technology or unique solution that you are using). After you performed initial research of your idea, make a real-world test of your product or service. Your financial institution or investor…

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Evaluation of your business idea

You can make money by building a business that marginally improves on existing products or services or clone an existing product and develop it for a new market.  Alternatively, if you are aiming for a high growth startup opportunity, your business idea not only has to solve a painful problem but also conquer a large market. The act of forming a business is not particularly difficult. However, planning for and developing a profitable, growing business is a complex, ongoing process. Adequate planning, attention to details, and realistic expectations are critical to your success. Start with evaluation of your business idea….

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Small Business Ideas

What problems do you notice? What do your friends or colleagues complain about? Ideas for startups often arise from a problem that needs to be solved. Business ideas usually come from your work experience, study or hobby to which you have been dedicated for a period of time. Your idea may involve filling an unmet need in the marketplace with a new product or service, providing an existing product in a new form, making improvement to a product available from competitors, or providing an existing product to a new customer group or other ways in which value can be added. …

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Benefits of the Idea Evaluator

Some benefits of the Idea Evaluator: Independent and cost effective evaluation your business idea. It includes analysis of competition, market, and likely financial requirements, and suggests next steps for your business planning Identifies aspects of your business idea that need improvement before you invest more time or money into building a business venture Helps you think through your business idea in a systematic way Within 10 business days you receive evaluation report that you can use for other business planning activities including preparation of a business plan or a loan application Read How It Works page for an overview of…

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Start Own Business

It is difficult to start a business alone. Entrepreneurs should address a plethora of questions such as will customers buy my product, how much I can charge, how to effectively market my product or service and what business model to use. In today’s business world, where many new businesses fail within the first few years, it is very reasonable to search for every opportunity to increase your chances for success.  Planning4business offers a range of small business services (include URL) addressing your startup business needs. Outside business advisors can assist you in making decisions based on facts rather than intuitive…

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Buying Franchise

Established franchise offers various advantages over independent business including brand recognition, proven processes and products, training, centralized development of promotional programs, better bargaining power with suppliers and knowledge sharing among franchise owners. On the other hand, you will need to pay franchising fees and royalties, will have to adhere to a restricted sales territory and will likely experience less freedom in your pricing strategy. As with any opportunity, both advantages and disadvantages must be examined before a decision to invest into a franchise is made. Once you completed commercial due diligence of the franchise and you remain happy with selected…

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Purchasing Established Business

Purchasing an established business can reduce startup costs, help avoiding the long lead times involved in launching an enterprise and building a customer base. Established businesses also may have existing good will such as reputation that will reduce the risk of business failure. The decision to buy a business requires careful commercial evaluation including options for financing your purchase. As a buyer you need to recognize whether you have the right experience and management skills, whether the business is in a desirable location and how much you are willing to invest. You should also perform own due diligence as many…

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