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We Have Itemized The Ten Things All Businesses Must Think About

75% of all start-up businesses fall flat in the first three years, and 30% do not get through the first six months. To give you a better chance of surviving we have compiled a checklist of the things you must do to make certain your business is successful.

  • Sole trader or limited company? The structure you select for your business will impact on the tax you will have to pay and how much statutory and fiscal liability you are responsible for. In the case of a sole trader you and your new venture are really the same thing, while the assets and debts of a limited company belong to the organization, as this is a separate legal entity.

  • Define your target audience. Attempting to sell everything to everyone will not work. Your company should focus on your prospective buyers and all that you do, from your website to your marketing campaigns, must be of interest to them. Talking to your probable buyers will make them feel they are valuable to you, should establish allegiance, and will increase the chances of them recommending your companies goods and services to others.

  • Size up your businesses competition. Which other companies are providing what you are planning to sell? What are their strengths and weaknesses when compared to your merchandise? By analyzing your competition you can learn from their mistakes, as well as ascertain what their customers value. You will also learn how much consumers are probably going to pay for your offerings, as well as the way you will differentiate what you advertise from others on the market.

  • Get your business noticed. There is little real point in having a wonderful business idea if no-one hears about it; so how can you get your name out there? Assuming you do not have a considerable marketing budget, start modestly and focus on creating relationships. Utilize social media and network hard to begin developing a good reputation with not only potential buyers, but also journalists, bloggers, suppliers, relevant businesses and local business organizations.

  • Create a website. Did you know that 50% of small businesses do not have a web presence? Many want one, but either think they cannot afford one or do not possess the expertise to do it themselves. This may have been true two or three years ago, but modern web creation software means even beginners can now get a fully e-commerce website set up quickly.

  • Decide on your USP. Consumers will only stop buying from elsewhere, in favor of yours, if you provide something superior or distinctive. Your companies Unique Sales Proposition explains what is different about your products, describing what your customers cannot get somewhere else.

  • Work out and obtain the correct amount of funding. In a perfect world you would have plenty of money to self-fund the opening of your new business, but, for the majority of people, that is not really an option. Instead you might approach friends or family to see if they may be willing to help, or you might try obtaining a small business loan or track down an investor. You must also find out if grants are available for your company.

  • Write your business plan. Great businesses were planned that way. This is where you prove to yourself that every part of the organization will work correctly and makes sense. If it does not, should you really go ahead?

  • Decide how your business will sell to its customers. What is the companies route to market? Consider all of your opportunities, from market trading to eBay store to catalog, to retail unit or mobile stand, to doing business at networking events or on social media, to an email campaign or partnerships or simply advertising via Google Adwords.

  • Decide when you should open your business. You are ready to launch your venture but do not be too hasty to quit your day job. The cash will be convenient in the short-term, as it may be better to start putting together your business out-of-hours, and then make the jump when the company can support you and is actually ready for your undivided attention.

When you have to make decisions in regard to your enterprise you should stop and think about the following issues:

  • Is this the correct decision for me as well as for the business?

  • What significance will this decision have within each part of your business?

  • How much might the decision cost and where will the cash come from?

  • If there is not sufficient money in your budget, what will you forego and how will that change the business?

  • Are these decisions reflected in your business plan?

There are a great deal of questions you might want to ask in regard to the decisions you have to make. Deciding on your choices when you are under pressure may mean trouble but utilizing a resourceful business plan means your decisions are far simpler to take.

A Successful Business

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

  1. The business has the right products and services that are needed by buyers in the present market.

  2. The business is concentrating on a niche section of the market and its promotions, advertisements, and products and services serve up a consistent message.

  3. The venture can manage using its own funds and has a system in position to ensure this will continue.

Being successful at any single one of these three will not generate a profit; even any two will sooner or later mean failure. The business should be structured to systematically transform client demand into cash. Knowledgeable business owners focus on being in the correct place at the correct time while failing owners watch jealously, wishing that they might someday have the same good fortune - but, the truth is, they never will.

To achieve success in your new venture you should have goods and services that present clear-cut benefits to likely customers and your marketing must concentrate on promoting these benefits. It is critical that you are completely aware of what your possible clients are seeking, that they may not be obtaining in the current market.

Many new ventures are not in a position to benefit from being in the right place at the right time because they did not bother with market research and far too many are already bound to be in the incorrect position at the incorrect time. These failing ventures generally have, and require, far more financing than successful organizations, and they are generally inhibited by their cash flow with their money already pointed in the wrong way. These businesses have:

  • A backlog of stock that will never be sold in a whole number of unconnected product sectors.

  • A considerable amount of modest purchases from an enormous inventory, causing the company to need more staff that it can afford.

  • Cash that is pledged into sections of the venture that are standing still.

You need to concentrate on market research to round up material in regard to your niche markets and buyers. Market research is an essential issue in preserving your competitiveness and understanding what your competitors are up to:

  • What is your actual niche market made up of all those products and / or services that are looked upon as compatible or exchangeable by shoppers, relative to the products traits, prices charged and their planned use?

  • A relevant geographical market constituting the localities within which the organization should be involved in the provision of goods and services and in which the circumstances of competition are very much alike.

It is vitally important that you have the funding for your new venture correct prior to opening:

  • How would your new venture open without any external borrowings?

  • Is your bookkeeping and reporting systematic? If it is not then you will soon discover how vital it is that it needs to be.

  • Have you scrupulously examined each item of expenditure and how investing the cash benefits your company?

  • At not time buy anything for new when you can buy a secondhand item for a substantially lower price.

  • Make sure that you go easy on your cash and keep your spending as small as you can in everything you are doing.

Cling on to your money. Money is the heart and soul of any business.

Great Facebook Apps Businesses are planned that way.

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