January 2023 - Page 4 of 12 - BOLLYWOOD SURKHIYAN

Types of Angel Investors As It Relates to Small Business Investments

There is a large misconception that there is only one type of angel investors. However, there are many different attributes that make these individual funding sources very different from each other. This is primarily due to the fact that many angel investors have varying investment objectives as it relates to what they want in a small business investment. Foremost, the wealthiest of these funding sources are looking to make large scale investments into small businesses as they want to generate the highest return possible on their capital. Additionally, these investors typically do not want an ongoing stream of dividends paid to them on a monthly or quarterly basis. However, private funding sources that do not have a substantial amount of small business investment capital are more focused on generating a recurring stream of revenue from your business. As such, it is important that you focus heavily on the type of individual funding source that you intend to work with as this may impact certain aspects of your business including your cash flow analysis and profit and loss statement.

If you are working with a smaller angel investor then you are going to need to factor in the ongoing payments that are associated with your business. As such, you may not have enough capital on hand in order to make appropriate reinvestments into property, tangible assets, equipment, and expanded working capital. If your business has solicited capital from a wealthier investor then you may be in a much better position to make substantial reinvestment into your business while generating a much higher return on the equity of the business. Additionally, one of the benefits to working with a high end private funding source is that you can always go back to them with additional capital requests in the future. They will most likely have the appropriate capital on hand in order to assist you with aggressively expanding your growing business.

In closing, it is very important to discuss exactly the type of angel investor that you intend to find as it pertains to your start up business or expanding venture. It is imperative that you profile anyone that expresses an interest in regards to providing capital to your business on a one time or ongoing basis. Of course, we always recommend that you work closely with appropriate counsel that can assist you in making these determinations as it relates to your ongoing business operations. Additionally, you are going to need to make an appropriate examination of your business as it relates to your total capital needs.

The Best Time Management Tips for Catering Business Owners

While mapping out your goals and your day is good, it is also good to be flexible. Life seldom accommodates a perfect schedule, and when you try to fit into one, you will only stress yourself out.

Stress does not help you get more done; on the contrary, it hampers your productivity. In some cases, the best approach is to accept that certain tasks won’t be completed on schedule. You can do this and still stay focused on your important objectives. What it does mean is that you don’t have to panic if something you planned to do in the morning has to be put off until the afternoon. Do what you can and move on. If you are too much of a control freak, you will only drive yourself (and others) crazy!

Each day, start by thinking about your goals for the next 8 hours and write them down. Once you have them all written down prioritize them. All of your high priority items go up top and the low ones down below. You can now use this organized list as a “to do” list. There is no better feeling than crossing items off one by one. These lists will save you the time and frustration of wondering what you should do next, instead you can ask what’s next on the list.

Anyone knowledgeable about time management will tell you that, to be truly productive, you must learn how to delegate. People who try to do everything themselves seldom get very much done. The trick of delegating is to find others who can do the smaller, less important tasks for you. Then you can devote more time to your true objectives. It’s hard to focus on the big picture if you’re constantly dealing with tiny details. Delegation is something that many people have difficulty with. You will just have to learn to get over this.

Figuring out good time management skills for a catering business owner can be hard to do at first. The more work you put into your time management skills the quicker you will see how focuse and on task your days are. Before too long you could be as good or better than the most organized person in your office. It is good to have goals. Just don’t get carried away. Leave time for fun in your life. It is important to remember that your body and your mind both need to relax from time to time!

Business Profiles–Know Yourself and Your Competiton

Every business belongs to one or more industries. An industry classification describes a company’s primary business activity. It usually refers to the company’s largest source of revenues.

The classifying authority for industries in the United States is the census bureau. Standard industry classifications began in 1934 because data collected by the government for similar businesses was not suitable for comparison across a broader range of businesses. The classification system consisted of a four-digit Standard Industrial Classification (SIC) code with the first digit representing the broadest classification.

Standardization sought to classify ‘industry’ in the broad sense of all economic activity; that is, agriculture, forestry and fisheries; mining; construction; manufacturing; wholesale and retail trade; finance, insurance and real estate; transportation, communication, electric, gas and sanitary services; and services. They began by classifying manufacturing and reached the first agreement in 1938.

The United States, Canada and Mexico developed a joint North American Industry Classification System (NAICS) in 1997. This is a six-digit code with major sub-divisions using one to four digits. NAICS/SIC comparison charts are available on the web. The NAICS identified new industries such as credit card processors; fiber optic cable manufacturing; pet supply stores; paging; casinos; cellular and other wireless communications; and so forth.

Finding your industry is a good exercise. Your fellow industry participants are most likely your competitors. The similarities are strong.

* You sell similar products and services,

* You most likely use the same or similar suppliers

* You have similar buying, selling and distribution patterns

* Local and regional economies affect you in the same way

* Your operating cycles are similar and

* Your capital needs and profit margins are similar.

A complete business plan discusses general industry economics, participants, distribution patterns, factors in the competition, and whatever else describes the nature of this business to outsiders.

Who else is in your industry and what is happening to them?

You should know who about similar businesses in your marketplace. Industries usually have similar types of participants. There is a huge difference, for example, between an industry like television services, with a few huge companies, and one like dry cleaning, with tens of thousands of smaller businesses.

This can make a big difference to a business and plans for growth and other changes. Look at the food industry: for eating in, we have grocery stores, health food stores, farm markets and so forth. For eating out, there are two major types of businesses: The restaurant industry has many small participants while fast food competitors consist of a few national brands seen in thousands of branded outlets, many of them franchised.

An industry consolidates when many small participants begin disappearing and a few large players emerge. In accounting, for example, there are a few large, well-known international firms and tens of thousands of smaller firms. The automobile business is composed of a few national brands seen as thousands of branded dealerships. In computer manufacturing, for example, there are a few large international firms whose names are well known, and thousands of smaller firms.

What is a distribution pattern?

Products and services can follow many paths between suppliers and users. Is yours an industry with retailers supported by regional distributors (like computers, magazines, or auto parts)? Does your industry depend on direct sales to large industrial customers? Do manufacturers support their own direct sales forces, or do they work with product representatives?

* Are you a retail stores selling to consumers?

* Are you a distribution company buying from manufacturers and selling to other businesses?

* Do your items come directly from the manufacturer?

* Do you sell through mail campaigns? national advertising?

Your competitors most likely have the same distribution pattern.

* Do you sell by the item? or by outcome?

* Do you sell by a long-term contract?

* Do you sell through agents or a sales staff?

Why would customers buy from you?

What are the buying patterns in your industry?

* How do customers choose among the competitors?

* Why do they make these choices? price, product, support, delivery?

* What strategies do your competitors use to distinguish themselves?

Competition among restaurants in one area may depend on reputation in one area and location in another area. How do professionals (doctors, lawyers and accountants) compete? Do local customers prefer national or local brands or businesses?

Broaden your list of competitors. Hobby stores compete with recreational businesses for leisure activity dollars in family budgets. Eating out competes with eating in. Looking at your industry helps give you a realistic perspective of your business in your local and regional economy.

Learn more about your business

Learn more about your business (and your competitor’s business) and see your business from a different perspective. Sign up for The Small Business Survivor, our newsletter for tips and ideas to keep your doors open!

Vending Machine Business Plan – Sample Layout With Section Titles

The preparation of your vending machine business plan will be the most important thing that you do prior to launching your new venture.

A business plan will be a crucial resource that will help guide your business in the right direction. A business plan sets out what has to happen in order for you to reach your goals, outlines how you will do it and sets out alternative plans in case things change further down the line. It forces you to do the research that is necessary in order to find out if there really is a market for the vending machines and locations that you have in mind.

It may be necessary to have a plan written in a formal, professional style if your aim is to use it to convince bankers or investors to support your idea. However, even if you don’t have anything to prove to anyone, your business plan will help to confirm the viability of your ideas in your own mind.

Keep a copy of your plan on your PC as well as in a file or binder in case of emergency. Don’t forget about your business plan once you have opened your doors for business. Refer to it regularly to make sure that you are on track to meet targets. Don’t be afraid to make changes to the plan where necessary.

Every entrepreneur or business consultant will have different ideas about how a business plan should be structured. There are many different templates available online and some sites even have samples relating directly to the vending machine industry. Below we offer an example of a suitable outline with section titles that you might consider including in your own vending machine business plan.

Cover and Contents Page

Start off with a cover page with a heading to let people know what the report is about, who the author is and when it was written. If you will be presenting the report to many different people then you may consider including a personalized cover letter with each copy of the plan. Start out with a table of contents so that readers can easily find their way around the report.

Executive Summary

Summarize the other sections of your business plan. Present some brief information on the opportunities that you see in the market and summarize what it is that you intend to do with your business to capitalize on these opportunities. Try to entice readers into reading the whole report.

Background

Offer the reader some background information on yourself and your reasons for starting a vending machine business. Provide details of any relevant experience or competitive advantages that you have.

You can also include a vending industry background showing national industry data as well as information about the local industry that you plan on entering.

Mission Statement

A mission statement is usually a phrase or a couple of short sentences that summarises what your business is all about, what it does and how well it does it. It is a good way to remember the basic goals or philosophy of your company aside from the profit motive. A good mission statement could mention something about the standard of your machines and products or how you strive to be better than your competitors.

Goals and Objectives

State the goals that you wish to achieve in the short and medium terms. Goals could include placing a certain number a vending machines or reaching a certain income level per machine.

Startup Requirements

Set out a list of startup costs and calculate the total amount of capital that will be needed for the company to get started. Report on some of the funding options that are available to the owners.

In this section of the report you can also mention some of the other things that must happen in order for the business to commence trading legally and professionally. Mention the processes and the fees involved with applying for licenses, permits and other paperwork under the laws of the region where the business will be operating.

Ownership and Management Structure

Note who the founders of the company are and the particular ownership interest that each has in the business. For those who will be active in the management of the business it is important to outline what role they will play and their responsibilities. Will the business be registered as a sole proprietorship, a partnership or a corporation?

Business Operations

This section of a business plan should outline the details of how you plan on running the vending machine business. Include information on where your business will be based, administration, any plans that you have to hire employees and how your business will run on a day to day basis.

Include details on vending machines, maintenance, products, distributors, route planning and how you will record and manage sales data. What systems will you put in place to maximize productivity and efficiency?

Try to come up with solid reasons why you are choosing a certain vending machine, product line or system. Wherever possible include some supporting evidence from research that you have done.

Market Analysis

Using data from your market research you can report on the current state of your target market and identify some of the opportunities. Here you can include demographic data as well as information that you have gathered from surveys and other investigations.

Provide information on the competition in your target area and examine their strengths and weaknesses. Look at ways of delivering products and services via your machines that are distinctly different from what your competitors are offering. Get ideas from them about what is working well and what isn’t. Look for a competitive edge. Don’t forget to also mention indirect competitors such as convenience stores, in-house cafeterias or food vans.

Marketing Plan

Outline a strategy for creating a vending brand that will meet market needs. Based on the market opportunities that you see, set out a strategy for meeting customer needs in terms of locations, vending machines, product lines and pricing.

Provide details on how you plan on getting new machine locations, arranging appointments with ‘decision makers’ and selling your services to them. Your marketing could mostly be done by approaching decision makers directly or you could rely on advertising to generate some enquiries.

Also outline your plan for marketing directly to your customers or end users. These could include ‘point of sale’ promotions on the machine front or how you or your staff will build relationships with customers when you visit the premises where your machines are located.

You should also mention how you plan on maintaining vending accounts and customer satisfaction in the long term. Customer retention is just as important as customer acquisition.

Financial Planning

Use a spreadsheet program to set out forecasts of cash flows in and out of your vending machine business over a hypothetical two year time period. If you have done your research you should be able to anticipate monthly income and expenses going forward. You will thus be able to determine future levels of profitability and a break even point.

Run a variety of different scenarios that consider a conservative growth rate, an expected growth rate and an optimistic growth rate. Things don’t always happen like you expect so it is important that you plan for a variety of outcomes.

Appendix

Lastly, you should attach an appendix to the report that includes any reference letters, documents, vending machine pictures or other supporting material that has been referred to in the contents of the plan. Try to back up all of your assumptions with proof wherever possible.

Basic Catering Equipment for Your Business

Food preparation and catering had been a lucrative business in the recent years. It has been growing consistently. Many of these practitioners or catering service providers had been enjoying their food as much as they enjoy making them and serving them to guests. However, being a successful caterer does not mean you are good with cooking foods only. It also requires you to have high quality catering equipment in order to produce quality food.

Catering equipment varies and if you wanted to tap this kind of business, it pays to learn the basics of catering service. First, understand that you need to impress your guest with the taste and aroma of the food then excite them with the presentation. How can you provide them with mouth-watering recipes if you don’t own kitchen appliances and equipment that will help you cook and prepare the food? In other words, buying and owning good quality catering equipment is an investment. It is also a key to the success of your business.

Now, do you want to have those kinds of equipment? Are you looking for the right one stop shop for your catering business? Are you looking for commercial kitchen equipment in an online warehouse? Know first the basic kitchen equipment that you will need:

Silverware and Utensils –These are knives, spoons, forks and other silverware. For your business, you may need customized catering equipment that is designed to your food preparation needs. This equipment should not be fancy. It just needs to be durable and rust proof.

Plates and Bowls –The standard plates for any occasion are white ones. Bowls in the other hand should be transparent to be served for punch and other fruit mixes. White and transparent plates and bowls are used to project cleanliness and uniformity.

Ovens – If you are looking forward to serve at functions with large group of people, reliable ovens are very important. This should be at the top of your buying list of catering equipment. Choose one that is durable and can stand through times and frequent use.

Refrigerators –Storage and right refrigeration is needed to preserve the raw materials and ingredients for your catering service. Having refrigerators will keep the excess ingredients in cool and dry storage. It will also help prevent food from spoiling.

The success of your business relies on the quality of the equipment you are using. Investment wise, purchase the tools and equipments that will last long and those that can endure frequent usage. You can find top-notch catering equipment will help in the smooth running of your business.

Advantages of Equity Investments

Equity investments do have their advantages due to the fact that there are very few personal risk taken when you sell a portion of your business to a third party. Whenever you work with a funding source, you should look very carefully to showcase your experiences in your industry as this will substantially reduce the equity that you will need to sell to an angel investor. Outside investment can aggressively and rapidly deliver growth in your business due to the fact that the investment can be deployed quickly in order to fuel the growth of your business. For the best success, enlisting the help of a highly qualified business plan writing professional is always recommended so that you can showcase all of the benefits associated with investing in your business. In some instances, your certified public accountant can handle issues as it relates to incorporating your business in the state for a business friendly state as this will be of the utmost importance to an angel investor. It should be noted that a potential funding source or an investor is going to want to see a year to year budget.

Raising capital is a very long process that can take anyone from three months to one year. Regular payments to an investment can be a yes or no factor for many angel investors if you are operating a high risk business. Financial modeling is an important part of your business as it relates to getting the best advantage possible in regards to your equity investment. You’re always going to need to a substantial amount of due diligence as it pertains to the investors that you work with so that you can determine the advantages of your equity investment into your business. On a side note, an SBIC (or small business investment company) is generally able to provide you with both loans and equity as it relates to your business expanding, which is one of the major advantages of equity investments.

Most angel investors will not provide capital for real estate transactions unless they are highly promising equity investments that will generate a high return on the equity that they provide to your business. If you are a business that is already in operation, you may want to seek mezzanine financing as this is one the best methodologies for raising capital for an expanding business. One of the best advantages to this type of investment is that you will gain access to a number of skilled business people that can assist you with expanding your business.

In closing, there are a tremendous number of benefits for seeking equity investments into your business outside of the capital itself. You will gain a number of well versed advisers that are familiar with your industry in addition to the fact that if you need capital in the future they will be there to assist you further.

How To Create a Yearly Business Plan And Achieve Your Goals

As entrepreneurs, most of us have prepared a well-thought out business plan. It is essential if you are looking for any sort of financial assistance when starting up and will keep you focused while building your business. Having a plan to follow will also increase your chances of success. However, a few years into your business, is your original business plan still relevant? Probably not.

A yearly plan for an established business is an essential organizational tool if:

* you’re looking to grow your business

* there is a lot of activity going on in your business every day and you tend to bumble-bee, jumping from “flower to flower” not knowing where to focus your time

* you don’t have a clear plan and consider different options every day

While there are many templates and varieties of business plans available on the web, your yearly plan does not need to go into as much depth as your original. Here are the 5 main areas you will need to cover when planning for the year ahead:

1. Where are you now? List the services that you are providing, the products that you are selling, the number of hours you work in your business, and the number of hours you work on your business.

2. What are your goals? List the goals you wish to attain. We all have a financial goal so write your specific money goal for the year and the top 2 or 3 priorities that will get you there.

3. How are you going to get there? Work backwards from your financial goal and identify the steps necessary to achieve it. For example, if your goal is to make $75,000 for the year, how many clients do you need, how many products do you need to sell, how many workshops do you need to conduct and what do you need to charge for these things? Break these goals down monthly and then weekly and tweak until you have reached a realistic and attainable financial goal and plan that sync.

4. When are you going to do what’s needed to achieve your goals? Take your monthly and weekly goals to create your action plan. This will determine the number of clients you will work with and when, what products and programs you will create, how many you need to sell and when etc. The action plan can be transferred over to your weekly schedule.

5. Who do I need help from to achieve my goals? List what tasks you can no longer continue to handle. Consider outsourcing things like your accounting to a bookkeeper and your technical and administrative tasks to a Virtual Assistant to free up your time for the profit generating tasks.

Going through this process helps you to identify your intentions and forces you to paint a realistic big picture plan for the year. Each small step taking you towards your bigger goal. This strategy may be the one business activity that helps your business to grow more than any other.

Top 3 Reasons For Writing Business Plans

Whether you are a start up or established business, and whether you are a non-profit organization, writing a business plan can be one of the most useful things you can do for your business. Obviously there are different types of business plans depending on the nature of your company or organization. It’s not enough that you have a “hunch” your new start up will be a roaring success, or you believe your latest web. 2.0 idea a surefire “ten bagger” success for the lucky venture capitalist. There are people who need to take a close look at your business plan; whether it’s you, internal management or external investors. In this article, we will look at the top three reasons for writing business plans.

First to answer the question: “Is the business feasible?”

Before you actually commit funds, manpower and time on starting a business, it helps to actually have a “dry run” to see if the venture you have in mind has a good chance of success. The business planning process forces you to look at what your competitors are doing and to ask yourself how you can differentiate your product or service. Typically we call this a SWOT analysis – Strengths, Weaknesses, Opportunities and Threats. At the same time you want to identify, as clearly as possible your unique selling proposition. This can be a special feature or something unique about your branding. Just be different and attractive in the eyes of your target market. Going through this process will give you a better idea of you chances for success in the marketplace.

Then look at your projected financials – do you have the required funds to start your business? Where are you going to raise the capital? How soon will the business break even? All of them are pertinent questions.

Secondly, a business plan is used to help secure loans from banks or financing from outside investors. Typically if you are a start up, you will find it very hard to get any financing from your local bank unless you have landed collateral, regardless if you have a plan written or not. If your business is established for several years and have healthy cash flow, then the bank will definitely want to see your financials before given you any loans or bridge financing.

If you are looking for angels or venture capital investment, then a business plan, particularly the executive summary is what they will require. What’s more important to these investors, more than the plan itself, is the entrepreneur’s track record and the strength of your management team. Be sure to include these important points in your bplan.

Last but not least, a written business plan should be constantly evolving. It acts as a blue print to guide management in the execution of business strategy and to meet goals. By constantly reviewing and updating the plan, it is used as a useful communication tool within the company to guide business growth.

We’ve looked at some good reasons from writing business plans. Now, if you don’t think you know how to write one, help is available. Look for a template online, such as at the site given below. Or better still get business plan software. The good ones, such as Business Plan Pro 2007, are easy to use and will guide you to input the necessary text and numbers and come out with a complete plan for you. There’s absolutely no reason why any business person should not have a business plan blueprint.

Vending Machine Business Scams

A bulk or full line vending business is simple to pursue and for that reason, it is said to have a low barrier to entry. Unfortunately this means that the market is crowded. Tons of people with a few spare bucks, get into vending every year. The lower the barrier to get into a field the more competition you will have to compete against. You can still make a go of it in vending, even with so many other competitors, but you’ll need to be better, faster, and more driven than the next guy.

One of the biggest pit falls to avoid at all costs is the vending business opportunities (biz ops) that are prevalent everywhere online. Energy business opportunities seem to be everywhere lately, but candy vending still has it’s own share of other scams. For a good chunk of cash, biz ops make you dreamy promises of profits. They’ll sell you the machines, get them on location and help you along the way. Of course all this is going to cost you about 10 to 20 thousand dollars. Most of these biz ops make hugely unrealistic claims as to the amount of money you will make. Vending is numbers game. With bulk machines, you need many heads in many locations all working at the small gain to make any money. Many people who get involved with biz ops get beaten down by it and leave vending entirely. They sell their vending machines online everyday.

If you have been conned into one of these plans, your choices are limited, you can complain to the Better Business Bureau, file a complaint with the Justice Department, or get a lawyer. That money will more than likely never be seen again. You want to have all the information before you make any decisions. If you’re being told about business profits that seem too high or unbelievable then trust your instincts, they are most likely false.

When starting out in bulk vending or full line vending, have a workable business plan before you quit your job. Don’t let me convince you that the vending machine business isn’t for you, but I want you to have all the relevant information needed. The average vending machine makes an average of $7. Although this is an industry standard, you may or may not make this amount. Everyone doesn’t make the seven bucks. Currently, my heads are averaging $5. Since the profits are so low, you need to have a lot of vending machines to replace your salary.

Please be alert to the possibility of locator problems. A locating service helps you by calling businesses to see if they want a vending machine on their property. This can also be done by someone in person, but phone locating is much more common unless you are doing it yourself. Machine placement services usually charge an average of $45 to get a machine on location. Unplaced machines don’t make you any money and a locator can be a good choice for fast growth. Each locator has different plans, some make income guarantees or time guarantees. Excellent locating people are difficult to obtain but if you do your research they can be found. A locator with a proven reputation is the best way to go, but even with that, I would go slow. Get them to place a couple machines and see how well they do.

The vending machine business is not a get rich quick plan. The vending business is a real business, not an unobtainable goal. But the path to success is difficult and long. A lot of folks that start vending business will fail, but this doesn’t mean vending isn’t a viable business. Too many people are really not up to the challenge of managing their own business. Unless you are independently wealth and not risk adverse I recommend buying a couple cheap vending machines, getting them placed, service them a couple months and see what you think. Vending really is something you can start very slowly and grow over the course of several years while keeping your full time job. As with all businesses, in vending it is best if you have a business plan. And if you follow my advice, this plan will be made with the expertise you have acquired by managing your own vending business.

Marketing Strategy Plan: Key Ingredients Of A SWOT Analysis

In every marketing strategy plan, the first step in determining your current position in the market is through a comprehensive SWOT analysis. This helps you identify and improve your Strengths and Weakness while focusing on the external Opportunities and Threats that may positively or negatively affect your company.

1. Strengths

In a SWOT analysis, Strengths are considered part of the internal factors favorable to your marketing strategy plan. This basically covers areas regarding your competencies, assets, income generation, and other intangibles like customer support and positive public image and reputation, good admin – employees relationship, and camaraderie in the work place. When you define your strengths, it must reflect the present situation and have a clear plan on how you will be able to maintain and nurture it so these factors will always be the driving force of your company.

2. Weaknesses

Weaknesses can be derived both from internal and external factors. These are usually the areas in your operation that may have a negative impact on your marketing strategy plan. The purpose of creating a list of your weaknesses is so you can adjust your strategies to include improvements in these areas. Among the common weaknesses of companies are where your operation is losing money, lack of experience, skills, and or resources among others. Weaknesses can also account for a bad reputation, significant decline in the levels of trust among consumers, or simply due to the absence of any strength.

3. Opportunities

Opportunities are basically external factors that offer potential benefits for your business. When creating a marketing strategy plan, having a good grasp of the opportunities is highly beneficial. This enables you to take advantage of various factors that may have positive effects on your endeavors such as the current economic condition, cultural climate, market volume, economic demand, etc. When you know your opportunities, you can also see the actual needs of your target market that are not being met. In essence, these opportunities are actually your future strengths and must be prioritized.

4. Threats

Although threats are usually viewed as an external condition that may impede your marketing strategy plans, they can also be viewed internally. Threats can be an unstable economic condition, cultural differences, unfriendly social conditions, significant changes in political stability, new industry regulations and legislation, and the current position of your competitor. Internally, threats are often found in the workplace such as the unstable admin – employee relationship and other related conditions. As opposed to Opportunities, Threats in essence are your company’s future weaknesses and must be addressed as soon as possible.

With the help of a SWOT analysis, you can analyze your business internally against your various resources, financial standing, support, etc. When you look at various external factors, you can examine various areas of the economy, political stability, industrial regulations, demographic, social, competitions, and technology that may have a direct impact on your business.