Achieve these Goals and Acheive Success
Today, where 75% of all business start-ups fail, you might find some pause in your ability to achieve your dreams of owning a business. The more you understand about starting your business, the more likely you’ll succeed. Here’s five goals to reach before you can start and achieve your entrepreneurial dreams.
- Understand Your Customers
All businesses need a plan to understand their customers. The better you understand this the better your market study will be and, the better you’ll be able to satisfy and know your customers. Street smarts only gets you so far when plotting your strategy; perform extensive research, gather local statistics, and build a profit and loss strategy with the idea of a slush fund. A slush fund is always having money for a rainy day when business slows. The more you prepare to plan to not fail, the better you’ll succeed in the long run. When conducting a market research study, consider these ideas:
- Get a local idea of the customers. Find your niche product and how it attracts customers by interviewing them by giving away a free lunch and ask questions. Find out what they would be willing to spend for various products or services you may offer..
- eMail campaign.Send a blast email to potential customers have them take online surveys or questionnaires, incent them with someone to get the information you need.
- Reach out to the local chamber. Reach out to local business owners, see if anyone will advise or mentor. Reach beyond your comfort zone and gather information from other successful people in similar industry or likely mentors.
- Perform deep research.The Internet is great for information, and some of the best information are found in a library too. Don’t limit yourself to web research; get to your local library or business centers as well.
- Get The Start-Up Capital
Most smart start-up entrepreneurs don’t finance their business using their own money, most of them have no money. They search for partners or people that can provide start-up capital. Thankfully, there are financial institutions and private money that want to help aspiring entrepreneurs. To win the interest of a potential investor, or money person you must prove you’re trustworthy and that your business will deliver a Return on the Investment. Investors want to know your profit potential. If I deliver X money what is my return on the money, what’s my ownership? Do I get a residual? Be prepared to answer these questions. Investors want to see that you’ve prepared for everything. The key thing is that you’ve identified a profitable niche, and you can be the person running your own business. Play up your strengths and your successes. Provide a great business plan and with potential costs and outlay potential profits. Identify, be smart, be prepared and identify the gap in the market and illustrate clearly where the investors can see the profit potential.
- Choose Who To Partner with and Succeed
One of the hardest choices a future business owner has to make is whether to fly it alone or form a partnership. Here are the choices in how to form a company:
- Sole Owner:A business owned by one person.
- Limited Liability Company:A business owned by a group of people or organization.
- Business Partnership:A business in which two or more partners share a stake in the success.
The hardest decision is choosing the right partner. Friends don’t always work well unless clearly have define roles and the same applies to family. Choose a partner who you will hold up their end of the bargain, and keep you accountable.
- Visualize Your Business Plan
You’d be foolish to jump into a business without understanding the particulars first. True, you don’t know everything there is to know about your business yet, but have ideas and ideals that must be conceptualized and written down. Related: Here are five general questions to ask yourself when creating a business plan:
- What’s purpose of my business who will I serve, and how will it go about fulfilling its purpose?
- How can I make my business stand out from other/similar businesses? What’s unique about my business, what setes us apart?
- Who are the key players in my industry?
- How large is the market I am I serving, how large is my potential customer base?
- How can I get capital, investment capital, and generate revenue? What will it take to break even and/or make a profit? **Huge
If you’re stuck for ideas, it often helps to look at a sample business plan when you’re trying answer the tough questions.
- How to Market and find new customers
When you start a business and you wondering how to get people to find me, what should I do? You will need to develop a marketing plan offline and onlineso people can find you. Here are some good ideas:
- Billboards (expensive)
- Business Cards (go to conferences locally, if you can)
- Direct Mail (can be pricy but gets your name out locally)
- Email Marketing (inexpensive way to attract local customers)
- Leaflets/Flyers (door to door works effectively well and can do on your own or hire someone)
- Press Releases (this is a $500.00 cost plus to start)
- Social Media/Online Advertising (Facebook and Instagram is a fun and inexpensive way to start, especially locally)
- TV and Radio (Big money and if you have the pockets, go for it)