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Here Is A List Of The 10 Things All Businesses Must Be Doing

Two-thirds of all start-up businesses fall flat in the first three years, and 33% cannot even get through the first six months. To make certain that you have the best chance of surviving we have compiled a list of the ten things you need to do to ensure your business is successful.

  • Sole trader or limited company? The choice you make for your organization will affect the tax you pay and the level of statutory and financial accountability you are exposed to. In the case of a sole trader there is no differentiation between you and your organization but the assets and liabilities of a limited company belong to the business, which is legally separate.

  • Define your target audience. Endeavoring to sell everything to everybody cannot possibly work. Your company should aim everything at your likely buyers and all that you do, from your businesses website to your marketing campaigns, must be of interest to them. Approaching your soon-to-be clients will also make them feel they are important to you, should breed loyalty, and will boost the chances of them recommending your companies goods and services to third parties.

  • Size up your businesses competition. Which other sellers are providing the goods and services that you are planning to do? What are their pluses and minuses when compared to you? By thinking about your rivals you can learn from their errors and also determine what their clients like. You should also learn the price purchasers are likely to pay for what your business offers, and also the way you might characterize what you advertise from others on the market.

  • Get your business noticed. There is no point in having an amazing idea if no-one knows about it; so how can you get noticed? If you do not possess a colossal marketing budget, start small and concentrate on creating relationships. Use social media and networking to begin creating a good image with not only likely buyers, but also local journalists, bloggers, possible suppliers, relevant businesses and your local chambers of commerce.

  • Create a website. Half of all small businesses do not have a web presence. Most would like one, but they either think they cannot afford it or do not have the prowess to get it together themselves. This might have been true years ago, but modern website building tools mean absolute novices can now get a website and online store set up quickly.

  • Decide on your USP. Consumers will only stop purchasing from other businesses, in favor of yours, if you provide something superior or distinct. Your Unique Sales Proposition spells out what is significant about your products and services, describing what your customers cannot get anywhere else.

  • Work out and obtain the correct amount of funding. In an ideal world you would have enough money to self-fund the launch of your new business, but, in the main, it is not really an option. Alternatively you might approach your friends or family to see if they may be able to help, or you could look at getting a small business loan or hunt for an investor. You should also find out if grants are available for your organization.

  • Write your business plan. Great businesses were planned that way. This is where you need to establish that each part of your company works and is sensible. If it is not, should you really go ahead?

  • Decide how your business will sell to its customers. What is the businesses route to the market? Study all of your options, from market trading to eBay store to mail order, to retail unit or mobile stand, to doing business at networking events or on social media, to an email campaign or joint ventures or simply via Adwords.

  • Decide when you should open your business. You are prepared to open your venture but do not rush to give up your job. The cash will be handy, as it may be better to put together your new venture in your free time, and then make the jump once your business can support you and is truly ready for your full-time attention.

When you are making decisions in regard to your venture you should think over these issues:

  • Is this an appropriate decision for me as well as for the business?

  • What effect will this decision have within each department of the business?

  • What might it cost and where will this cash come from?

  • If there is not enough cash in your organizations budget, what will you do without and how will that change the business?

  • Are these decisions reflected in your business plan?

There are a good deal of questions you might ask yourself about the decisions you will have to make. Thinking about your choices when you are under duress might be a disaster but using a well-prepared business plan makes your decisions much simpler to make.

A Successful Business

There are three primary tests for judging the progress of any business:

  1. The venture has the correct products that are wanted by buyers in the market.

  2. The company is focusing on a niche section of the wider market and its marketing, advertising, and products and services provide a consistent message.

  3. The small business can survive using its own cash-flow and has a structure in position to make sure this continues.

Doing any one of these three will never generate a profit; even any two will ultimately mean a decline in the business. The organization needs to be structured so that it methodically turns buyer demand into money. Seasoned company owners work hard to get in the right place at the right time while ill-fated owners watch resentfully, hoping that they will one day have the same luck - but they never will.

To produce prosperity in your new venture you must have merchandise that offer clear-cut benefits to prospective clients and your advertising should concentrate on promoting these benefits. It is vitally important that you are totally aware of what your prospective customers are hoping to find, that they may not be picking up in the current market.

The overwhelming majority of businesses are not in a position to gain from being in the right place at the right time as they did not complete any market research and many are already committed to being in the wrong position at the wrong time. These declining organizations tend to have, and need, far more borrowing than profitable businesses, and they are customarily inhibited by their cash flow with all of their money pointed in the wrong direction. These ventures have:

  • A backlog of stock that they could never possibly sell in a whole number of unrelated product ranges.

  • Too many smaller sales from a massive inventory, causing the business to require more employees that it can afford to have.

  • Too much cash that is bound up by sections of the company that are deteriorating.

You must focus on market research to gather the lowdown in regard to your target markets and likely buyers. Your market research is a key part of maintaining your competitive advantage and perception about what your competition is doing:

  • Precisely what is your businesses actual target market consisting of all those items and / or services that are judged as interchangeable or substitutable by purchasers, in relation to the products characteristics, asking prices and their planned use?

  • An appropriate geographic market comprising the region within which the venture that will be involved in the provision of merchandise and in which the conditions of competition are similar.

It is crucial that you have the funding for your small business correct before you open:

  • Could your company open if you had no external backing?

  • Is your accounting and documentation precise? If not, then you might soon find out how important it is that it should be.

  • Have you scrupulously examined every item of expenditure and how spending the money will benefit your company?

  • Do not purchase anything for new if you can get a used item noticeably cheaper.

  • Make certain that you go easy on your cash and try and maintain your expenditure as small as feasible in all that you do.

Hold on to your money. Money is at the heart of any business.

Great Freelance Business Consultant Businesses are planned that way.

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