We have finished with the business plan. I now hope you have a better understanding of what some of the elements require you to think about. You can always search how to layout your business plan. The information is widely available. I did not bother to put it here because it has been discussed a lot.
In the flash back series I touched on how after I sweated to raise money for the first machine the vendors stole it from me. It was a painful experience and I wouldn’t wish for others to go through it. So here are a few key tips that I utilized (2nd time round) to make sure I was not duped again.
- Having 3 choices. I am not sure if I mentioned it earlier but let me recap. I look for 3 options when sourcing for anything. Personally, it does not overwhelm me and I feel it’s a good amount to make base a decision on.
- Talking to someone. My first time transacting business online I never spoke to a human. We just communicated through email. Personal email (they had the business prefix but come to think of it can’t anyone get that easily without been associated to a company?). Second time around I made sure to call the sales person.
- Used a third party. When I used a different courier I didn’t do it because I wanted to verify my supplier. I just didn’t want the machines to come by sea. However, having my courier and the company’s sales person communicate ensured me that this was actually a legitimate company.
- Looked at the reviews. Every website allows its users to leave feedback. Go with the one with highest POSITIVE feedback. If there are negative feedback read them and understand why their experience was negative.
- Communicated with the company on their forum. This is important because they have a record of your communication with their employee.
- Buy from trusted sources. I did not do this. I should but I did not. If someone can direct you to a site they have already used and it has worked for them then use them. Google is a good resource but not all suppliers on the web are genuine.
- I knew what I was looking for. Know basic specification, components, elements etc of the good you want to purchase. It helps you source better.
- Asked the sales person a bunch of questions. It helps you gauge how knowledgeable they are with their products. You also get to know how friendly they are.
- Researched on their cultures. Cultures play a really big part of business. It helps a lot in understanding the people you are working with.
- Look out for language barriers. The way people phrase things and general communication is different. I have spoken to software that translates English into the sales representative and when they speak back to English. It is at times difficult to understand written documents from another country. All this with time gets easier to handle.
Until next time