Your Core Business Numerology Profile – Business Path (Part 2)

In business numerology there are three main numbers that make up the core profile of your business. They are your:

  • Business Path
  • Business Expression
  • Business Motivation

Today we will be looking at your business path. This is found from the registration date of your business and represents 35% of your core (business) profile.

Your business expression number also makes up 35% of your core profile, while your business motivation number makes up the remaining 30%. (We will cover those in more detail in parts 3 and 4 of the series)

You might be wondering why the three core numbers are not equally split across the board? What makes the business motivation number slightly less important than the other two numbers?

The reason is because the drive and motivation behind your business can be overridden by you, the owner or your personal numerology profile.

That is why it is so important your core profile aligns with your core personal profile. If not you may experience some unnecessary problems and obstacles.

Finding Your Path

To find your business path simply add together the numbers from the day, month and year you registered your business then reduce them to a single digit.

For example if your business was registered on the 27th July, 2010, your business path would be 1, worked out as follows:

Day: 2 + 7 = 9

Month: 7 (July is the 7th month)

Year: 2 + 0 + 1 + 0 = 3

9 + 7 + 3 = 19

1 + 9 = 10

1 + 0 = 1

Once you have found your business path number, read below to find out what your number indicates.

What Does it all Mean?

Your business path lets you know the inherent strengths your business has and the opportunities it will experience. The main strength and area of opportunity for each path is as follows:

  1. Innovation
  2. Cooperation
  3. Self-expression
  4. Building foundations
  5. Promotion/PR
  6. Nurturing
  7. Analysis
  8. Big picture strategists
  9. Compassionate tolerance

In the case of the example business registered on 27 July, 2010, the 1 path number would suit an innovative, forward thinking business that likes to be seen as the leader in its chosen field. This is also where the opportunities for this business are.

The good news is that if you are starting a new business, you have some control over the date you register it. You can choose to register it on a day that reduces to a number that best supports the function it will serve.

If you are already in business there’s not much you can do to change your registration date unless you register a new business name. In most cases this would be costly, impractical and not advised, especially if you have an existing customer base.

Instead, you can take note of the main strength and opportunity of your existing business and look for ways you can apply it in your day-to-day tasks/activities.

Bonus Tip – You can also use your business path number to help you find more clients using social media.

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Recipe for a Successful Business Launch

Imagine staring at a table full of great mouth watering produce, fresh oven baked bread, herbs a plenty, local farm raised beef, chicken or fish, the best cooking equipment possible and perhaps a great bottle of wine or two. Your culinary vision includes creating a lightly spiced, yet full flavored appetizer followed by an entrée basked in flavors and aromas from hours of tedious preparation and then completing this extravaganza with a delectable dessert that leaves one satiated, yet wanting more.

There is one small problem with this vision, you are an extremely successful entrepreneur, but a novice in the kitchen. How then do you create this meal? Where do you start? Do you try the recipes once before making them for friends and loved ones? Who will teach you basic knife skills, how to pick the best ingredients for each dish and how to nurture each ingredient to its fullest potential? These are just a few questions you are faced with in your quest to create the perfect meal.

You decide to venture into the culinary world on a solo journey. After a minor burn, a small cut and a poorly executed recipe, you decide to hire a Chef to train you. The Chef starts you off with basic knife skills, cooking techniques and food pairings that she has honed over countless hours in the kitchen while mastering her craft. You practice the menu with her until it is perfected and then off you go to create a sensational dining experience for your guests. In exchange for her services, the Chef asks you for help in starting her business.

She has seen so many success stories and seeks your advice to prevent the all to often restaurant failure. She has a vision of a restaurant filled with happy patrons who crave her food and desire the great service. They come back again and again, but how does she start this business?

She is staring at a desktop piled high with how to manuals, various business plans and countless business books. She doesn’t have the first idea of where to start. What she needs is a recipe for success.

As the Chef walked you through the various challenges of preparing your glorious meal, you will guide her through the process of opening a business. This task may be daunting for some, yet it illuminates your strengths.

You and the Chef agree to a recipe, that when followed, should lead to a successful launch of her business. Here is your secret recipe:

1. Utilize resources that help get the idea onto paper. Plan, plan, plan. This is the most important, yet most frequently overlooked part of business creation. Can you ever remember hearing a successful business owner say, “I planned too much?” Countless resources are available which include business plan building software, free or paid for business counselors, business consultants, countless how to books and the often times underutilized mentor. It is vital for your success to have a clear and precise understanding of what your business will provide and who the target customer is. Have clearly stated operational objectives that include entrance into the business world and a clear exit strategy.

2. Create the entity. Decide on how to legally set up your business. Some choices included a sole proprietorship, a Limited Liability Company, a corporation, partnership or charity. Make certain to identify the pros and cons of each entity and all of the regulations associated with each including liability protection. Once the entity has been chosen, create the appropriate bank accounts prior to initiating any business transactions. Secure an Employer Identification Number (EIN) from the IRS for proper handling of all tax matters.

3. Determine the legal requirements. Check with local, regional and state entities and request information on the minimum expectations that are required of you to operate your business legally. Requirements may include registering with a department of revenue for tax collection agency, operating permits or licenses, health or fire inspections.

4. Build Business Infrastructure. Review your business plan and decide what type of support systems and materials you will need to build the business. Are you starting your business out of the garage, the back of your truck or with bricks and mortar? You should have a budget created from your business plan for support materials such as office supplies, computer equipment and software, internet access, credit card processing, membership fees and other support services you deem as an important part of running your business.

5. Create vital assets. Website design, trademarks, logos, intellectual capitol, copyrights and provisional patents are just a few things to consider. Often times employment contracts and confidentiality agreements are part of this process. Once created, ensure that you have policies and practices in place to protect and retain these assets.

6. Acquire financing. The financial overview and objectives should have been clearly defined as part of the business plan. It is now time to get the financing into place. It could be your savings, partnership cash or outsider investment dollars. If possible, seek counsel to review any and all financial agreements you may enter into. Each party involved must be absolutely clear as to the financial expectations of each other.

7. Establish operational logistics. Many start up companies have limited resources for accountants, lawyers and insurance needs. Additional considerations include Information Technology staff, banking, E-Commerce and website design personal. Training and Human Resources are two more areas that are often overlooked. There are countless tasks for any business owner to contend with and creating a support team is vital for their success.

8. Hire people. Acquire the very best human capitol and retain them. Outside of sole proprietors, businesses live and die by the quality of the operations team. Hiring and training are two very large investments of money and time. Establish consistent hiring and training methods that yield loyal and long- term employees who will aid in the growth of your organization. Forward thinking employers find ways to tie in employee compensation to company performance.

9. Get the message out. Market your business! There are a myriad of ways to accomplish this task and remember to stay focused on your plan. Make sure your brand’s message is memorable, clear, precise and it differentiates you from your competition. Consider your web site design, mobile connectivity to supplemental sites and the numerous avenues to open communication channels with your potential customer.

10. Open the doors, execute and Sell! Market research has been completed and a research strategy has been implemented. You have identified your potential customer and their purchasing habits. Your goal now is to under promise and over deliver to ensure optimal customer satisfaction. Embrace feedback and create powerful recoveries as needed. Fabricate long lasting customer relationships through outstanding products and services; repeat.

Give five chefs the same ingredients and ask them to execute the same recipe. You will end up with five similar, yet very different dishes. The same would be true with five different entrepreneurs and these ten steps. There is not one sure-fire way to accomplish the arduous task of creating a business. However, just like a finely tuned gastronomic creation, plenty of planning, attention to detail, a lot of hard work, the right timing and a little luck go a long way towards the successful launch of a new venture.

Bon Appetite.

The Best Business Plan for Your New Venture

A well-conceived business plan does much more than merely describe what will become your business. Your business plan must first and foremost portray you as a competent and trustworthy professional and furthermore sell your entrepreneurial concept.

Along with a description of the products or services you’ll offer, your plan will also describe a promising business model, the marketplace in which you’ll compete, reasonable estimates of start-up and monthly operating expenses and when the business can be expected to turn a profit. If outside funding is required, then the plan must convince lenders or investors that you are prepared and qualified to build a significantly profitable enterprise. A good business plan will do the following:

  • Describe the products and services
  • Identify target customers
  • Identify and evaluate major competitors
  • Describe the business environment
  • Present a profitable business model
  • Detail the marketing plan
  • Detail the operations plan
  • Detail the financial projections
  • Present the qualifications of the management team
  • Provide an exit strategy

Here are business plan options for three scenarios:

The Executive Summary

An expanded Executive Summary can serve as a useful business plan, in particular for those who will launch a venture that will have modest start-up costs and operating expenses. A detailed Executive Summary can provide a good road map from which to launch a business venture, yet it is not a business plan option for those who will approach lending institutions or investors.

The expanded Executive Summary will include a description of products and services that will be sold, identify primary client groups and competitors and give an overview of the business environment. The business model, marketing plan, operations plan and financial data will also be provided. To be useful, the Executive Summary business plan must fully integrate the above components and demonstrate how the business will become profitable.

The Operational Business Plan

An Operational Business Plan is produced by an existing organization with several years’ performance history, usually with a goal to either apply for expansion capital or prepare for the sale of the company. Operational Business Plans may also be used to upgrade and streamline how a business runs, functioning as a guide for the management team.

The Operational Business Plan delves into great detail about production, customers, competitors, the marketplace and business environment, sales distribution channels, management and staffing. Historical data are available and five years of financial statements are typically included, along with financial projections that forecast the company’s expected performance over the next three years.

The business plan to attract investors

When outside investment is sought, it goes without saying that the potential for strong profits must be demonstrated. The more money that is requested, the bigger the promised profits must be and the more quickly realized. A break-even analysis, which shows the timeline for when revenues and operating expenses will equalize and the business will be positioned to earn a profit, along with credible financial assumptions and revenue projections, are critical in this scenario.

If the business is an existing one, the financial projections must appear to be attainable, based on the five-year financial history given. Make sure that your business and personal credit scores are 700+, as lending institutions are highly selective and conservative in regards to awarding loans.

Venture capitalists and angel investors may be somewhat more forgiving of a less than perfect credit rating if your business concept and model are extraordinary. Beta test the products/services, business model and operations with a sampling of target customers to verify product demand and your ability to efficiently deliver the goods to the marketplace.

For VCs, the potential for big profits is king. They are in it for the pot of gold that comes when the company goes public and stock is offered. Angels are not totally dissimilar to VCs, but they are drawn to an entrepreneur’s vision and passion in addition to the pay-off.

Regardless of the type of business that you choose to launch and whether you will self-finance or seek funding from others, a well-written business plan will ensure that you think critically about your ability to build a business, either alone or with partners. Your business plan is the road map to entrepreneurial success.

Thanks for reading,

Kim