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Flowmaster Exhausts Business

We Have Laid Out The Ten Things All Businesses Need To Be Doing

65% of start-up businesses collapse in the first few years, and 33% do not get through the first six months. To provide you with a better chance of surviving we have put together a list of the ten things you must do to make sure your business is successful.

  • Sole trader or limited company? The structure you decide upon will impact on the tax you pay and the amount of statutory and financial accountability that you are responsible for. 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 company, as this is a separate legal entity.

  • Define your target audience. Endeavoring to sell everything to everyone cannot conceivably work. Your company should be centered on your target audience and all that you do, from your companies website to your advertising, must be of interest to them. Talking to your probable customers will make them feel they are valuable to you, will develop allegiance, and should boost the probability of them recommending your company to others.

  • Size up your businesses competition. Is anyone else supplying the goods and services that you are planning to do? What are their pluses and minuses? By researching your competition you can benefit from their errors and also ascertain what their customers value. You might also uncover how much people are likely to pay for your offerings, and also how you might differentiate what you advertise from others on the market.

  • Get your business noticed. There is no point in having an amazing concept if nobody knows about it; so how will you get noticed? If you do not possess a colossal marketing budget, begin simply and focus on developing connections. Use social media and online networking to begin creating a decent image with not only potential buyers, but also journalists, business bloggers, possible suppliers, relevant companies and local business organizations.

  • Create a website. Around half of small-scale businesses do not have a web presence. Many want one, but they think they cannot afford it or do not have the ability to do it themselves. The latter might have been accurate a few years ago, but current web building software means complete novices can get an e-commerce website set up quickly.

  • Decide on your USP. Consumers will only stop buying from other businesses, instead of yours, if you provide something better or different. Your Unique Sales Proposition lays out what is special about your goods and services, outlining what your buyers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In a perfect world you would have sufficient money to finance the launch of your new business, but, for the majority, that is not an option. Alternatively you might approach your friends and family to see if they may be willing to help, or you can look at securing 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 your chance to prove to yourself that every section of the business works and is sensible. If it is not, do you really want to go ahead?

  • Decide how your business will sell to its customers. What is your organizations route to the market? Consider all your opportunities, from market stall to eBay shop to mail order, to a retail or mobile stand, to picking up sales at networking events or on facebook and twitter, to emailing campaigns or joint ventures or simply advertising via Adwords.

  • Decide when you should open your business. You are ready to launch your business but do not be too quick to give up your job. The salary will be helpful in the short-term, as it may be expedient to start putting together your new venture in your out-of-hours time, and then make the jump when your company can sustain you and is actually ready for your undivided attention.

When you need to make decisions in regard to your company you must stop and think over the following issues:

  • Is this the correct decision for me and my business?

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

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

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

  • Are these decisions reflected in your business plan?

There are a good deal of questions you should ask yourself in regard to the decisions you have to make. Making these choices while you are under duress could mean trouble but using a well-written business plan makes your decisions significantly easier to take.

A Successful Business

There are three principal yardsticks for determining the progress of any business:

  1. The organization has the appropriate products and services that are demanded by consumers in the present market.

  2. The venture is focusing on a niche sector of the market and its marketing, advertisements, and goods and services serve up the same message.

  3. The venture can exist utilizing its own funds and has a structure in place to make sure this continues.

Achieving any one of these will not produce a profit; just as any two will sooner or later mean a decline in the company. The organization needs to be structured to methodically convert consumer demand into money. Seasoned company owners work hard to get in the correct place at the correct time while bad owners look on enviously, hoping they might eventually enjoy similar luck - but, the truth is, they never will.

To accomplish growth in your company you should have products that offer unambiguous benefits to likely customers and your marketing should focus on promoting these benefits. It is vitally important that you know exactly what your possible buyers are demanding, that they might not be obtaining in the current market.

Many new ventures are not in a position to benefit from being in the proper place at the proper time because they did not do any market research and far too many are already bound to be in the wrong place at the wrong time. These declining companies tend to have, and require, far more financing than prosperous companies, and they are generally frustrated by their cash flow with most of their resources pointed in the wrong direction. These ventures have:

  • More stock than they can probably ever sell in an enormous number of unrelated product ranges.

  • A considerable number of smaller sales from a massive inventory, meaning the company requires more personnel that it can afford to have.

  • Too much cash that is committed into sectors of the venture that are stagnating.

You need to put your mind to market research to round up material in regard to your niche markets and buyers. Market research is an essential part of preserving your competitive edge and your awareness about what your competitors are up to:

  • What is your relevant niche market encompassing all those products and / or services that are judged as compatible or exchangeable by purchasers, in relation to the products features, asking prices and their intended use?

  • An appropriate geographic market comprising the region in which the organization that will be involved in the supply of goods and in which the conditions of competition are comparable.

It is essential that you get the financing of your business perfect prior to opening:

  • Could your new venture function if you had no external funding?

  • Is your bookkeeping and reporting accurate? If it is not then you might soon discover how crucial it is that it must be.

  • Have you carefully though-out each payment you will be making and how paying out the cash will benefit your company?

  • At not time purchase anything for new when you can buy a secondhand item noticeably cheaper.

  • Ensure that you conserve your cash and try and keep your spending as small as you can in all that you are doing.

Hand on to your cash. Cash is the heart and soul of any business.

Great Flowmaster Exhausts Businesses are planned that way.

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