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10 Things All Businesses Need To Think About

Two-thirds of startup businesses go under in the first few years, and 30% cannot even get through the first six months. To make certain that you have the best chance of surviving we have assembled a list of the ten things you should do to make certain your business is successful.

  • Sole trader or limited company? The structure you select will affect the tax you pay and the amount of statutory and fiscal accountability you are responsible for. If you choose to be a sole trader you and your new venture are really the same thing but the assets and debts of a limited company belong to the company, which is a separate legal entity.

  • Define your target audience. Attempting to sell everything to everybody cannot conceivably work. Your sales effort needs to be centered on your likely customers and all that you do, from your businesses online store to your promotional campaigns, must be of interest to them. Talking to your potential customers will also make them feel like they are important to you and your business, will establish allegiance, and should boost the likelihood of them endorsing your companies goods and services to third parties.

  • Size up your businesses competition. Which other companies are providing the goods that you are preparing to sell? What are their strengths and weaknesses? By researching the competition you can learn from their errors and also determine what their buyers value. You may also uncover the amount customers are likely to pay for your offerings, and also the way you can differentiate what you sell from your rivals.

  • Get your business noticed. There is little point in a wonderful business concept if nobody finds out about it; so how will you get seen? If you do not possess a substantial marketing budget, start modestly and concentrate on building relationships. Utilize social media and networking to begin building a decent image with not only potential buyers, but also journalists, potential suppliers, related businesses and local business organizations.

  • Create a website. Half of small-scale businesses do not have a website. Many want one, but either consider they cannot afford one or do not have the ability to do it themselves. This might have been true a few years ago, but modern web creation tools mean even beginners can get a fully e-commerce website set up in no time.

  • Decide on your USP. Consumers will only stop purchasing from other companies, rather than yours, if you offer something superior or different. Your businesses Unique Sales Proposition spells out what is significant about your products, setting out what your buyers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In a perfect world you would have ample cash to finance the opening of your new venture, but, for the majority, that is not really an option. Alternatively you could ask friends or family to find out if they may be prepared to help, or you can look at obtaining a small business loan or hunt for a financier. 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 prove to yourself that every part of your business works and makes sense. If it does not, do you really want to go ahead?

  • Decide how your business will sell to its customers. What is the ventures route to market? Study all your choices, from market trading to eBay store to catalog, to retail unit or stand, to picking up business at networking events or on social media, to telesales or partnerships or simply advertising via Google Adwords.

  • Decide when you should open your business. You are prepared to open your new company but do not be too quick to give up the day job. The cash should be handy in the short-term, as it could be better to start putting together your new venture in your spare time, and then make the leap when the company can sustain you and is truly ready for your complete attention.

When you have to take decisions in regard to your company you should stop and consider the following questions:

  • Is this right for me and my business?

  • What impact will this decision have on each part of the business?

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

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

  • Are these decisions reflected in your business plan?

There are plenty of questions you need to ask in regard to the decisions you will be taking. Thinking about your choices under pressure might lead to a disaster but utilizing an imaginative business plan makes your decisions somewhat easier.

A Successful Business

There are three principles for determining the success of any business:

  1. The organization has the right products and services that are requested by customers in the present market.

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

  3. The small business can survive utilizing its own funds and has controls in place to make sure this will continue.

Accomplishing any one of these will never generate a profit; just as any two will ultimately mean a decline in the business. The business must be structured so that it systematically transforms client demand into money. Successful business owners work hard to get in the correct place at the correct time while bad owners watch begrudgingly, hoping they might eventually enjoy similar luck - but, the truth is, they never will.

To achieve growth in your company you need to have products and services that offer clear-cut benefits to potential customers and your advertising must focus on promoting these. It is essential that you know exactly what possible buyers are looking for, that they may not be obtaining in the current marketplace.

The overwhelming majority of new ventures are not in a situation to benefit from being in the proper place at the proper time because they did not do any market research and most are already committed to being in the incorrect position at the incorrect time. These declining organizations usually have, and require, far more financing than prosperous businesses, and they are always inhibited by their cash flow with most of their money already pointed in the incorrect direction. These organizations have:

  • A lot more stock than they can conceivably ever sell in a whole number of unrelated product sectors.

  • A lot of modest sales from an enormous inventory, causing the business to need more personnel that it can afford to have.

  • A lot of cash that is bound up in parts of the company that are deteriorating.

You should focus on market research to assemble facts in regard to your target markets and likely clients. Market research is an essential component in protecting your competitiveness and your awareness about what your competition is up to:

  • Exactly what is your businesses pertinent niche market comprising all those products and / or services that are considered as transposable or substitutable by the consumer, relative to the products features, asking prices and their expected use?

  • An appropriate geographic market constituting the localities within which the venture will be involved in the provision of merchandise and where the circumstances of competition are sufficiently comparable.

It is vital that you get the financing of your company correct before you start:

  • How would your new venture operate if you had no external financing?

  • Is your accounting and reporting accurate? If it is not then you will soon discover how essential it is that it needs to be.

  • Have you thoroughly thought-through every payment that you will be making and how spending the money will benefit your business?

  • Never buy anything for new when you can purchase a used item for a noticeably lower price.

  • Make certain that you go easy on your cash and try and maintain your costs as low as possible in all that you do.

Cling on to your cash. Cash is at the center of any business.

Great Furniture Storees are planned that way.

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