The Top 10 Keys to Building a Successful Business

Building a business is both challenging and rewarding. It takes great ideas, resources, technical expertise and a lot of hard work to create a thriving enterprise. You can increase your chances for success by taking 10 key steps.

1. Honestly assess your strengths and weaknesses. Your first step in building a successful business is to take a look at yourself. Are you cut out to be an entrepreneur? Many of us are attracted to the glamorous aspects of business ownership, but it is very hard work. Successful entrepreneurs are resourceful, committed, objective and dependable. They also have a positive attitude, excellent communication skills and the requisite technical knowledge to succeed in their chosen field. Most significantly, successful entrepreneurs persevere during times of great difficulty.

2. Develop a comprehensive business plan. A business plan is your road map to profitability and success. One of the primary reasons for new business failure is inadequate planning. A well-conceived business plan describes the vision you have for your business, and the path you will take to achieve that vision.

3. Create an effective marketing strategy. Perhaps the single most important step you can take as an entrepreneur is to effectively market your goods and services. You can have the best products in the world, but if no one knows about them, your business will fail!

4. Develop a strong image package. Your image package is the physical manifestation of your brand and includes three elements: business name, tagline (your business motto or catchphrase) and logo. Your image package speaks to the vision you are trying to create for your business.

5. Select an appropriate business structure. A business can be operated through a variety of legal structures. A specific structure is generally chosen for liability and tax reasons. The most common types are sole proprietorships, partnerships and corporations. Each has inherent strengths and weaknesses, and you must determine which structure will work best for your business.

6. Begin with adequate working capital. The single biggest reason for new business failure is undercapitalization. Many entrepreneurs have failed with potentially successful businesses because of a lack of capital. Smart entrepreneurs make sure they have cash reserves to dip into for unique opportunities or for a rainy day.

7. Learn to network effectively. Networking is the proactive process of developing mutually beneficial professional relationships designed to increase each person’s circle of associates. Effective networking will increase your customer base, communicate your brand and demonstrate your expertise to potential customers. It can also help you identify leads and improve your reputation. Because of its simplicity and ease of application, networking is one of the most cost-effective forms of marketing for your business.

8. Provide quality goods and services that meet customer’s needs. Simply stated, if you provide a high quality product that helps customers achieve their goals, you are much more likely to develop a successful business.

9. Develop a winning team. It is very hard to build a successful business on your own. You are going to need help. Two of the most important sources for this help should come from an accountant and an attorney. You may also want to create an advisory board to assist you with the decision-making process.

10. Use technology wisely. As an aspiring entrepreneur, you need to think about how you can use technology to increase sales, decrease costs and better communicate with customers. Some examples of technology that can result in improved quality and productivity include application software (e.g., accounting, data management), videoconferencing (e.g., virtual meetings, webinars and teleseminars) and internet marketing (e.g., e-mail marketing, social media marketing).

What It Takes to Create a Successful Business

When creating a successful business there are a few things you need to think about and understand in order to have the most success. Creating a successful business takes a lot of time and effort, but when done right it can make you a lot of money very quickly. The great thing about business is you have many different options in getting one started and a whole lot of options once it is up and running. The first and most important that goes into creating a successful business is planning. When it comes to a business plan there is nothing that should be left out. When your business plan is finished it should be so well written that a person off the street could pick up the plan and could set up the business, start the marketing, buy any products or equipment that is needed, have all the financing in place, know who is the target market, where to find customers, and what the projected revenue is for the first 6 months. As you can see a plan will give every little detail about the business that way you know exactly what to do and when to do it.

Experimenting

What most businesses never do is experiment with their methods. That means marketing, services, customer service, and every other aspect of the business. The entire point of experimenting is to try to find any methods that can be improved so your business can make more money and be more efficient. Most business owners don’t do this because they are afraid they could mess something up and actually lose money, but what if you gained money? Don’t think of experimenting as a way to mess things up, think of it as a method to find a better way to make money.

Long term approach

The biggest problem with starting a successful business isn’t that the business itself is a bad idea, but the owner running it is putting too much pressure on the business to perform well. The one thing that has always worked well in business is taking the long term approach. Taking a long term approach is good for business because it means you are letting the market determine the size of the business and not just looking at the money. Taking a long term approach means you will use cash to build your business instead of credit and because of that you don’t have to make as much money as a business in order to stay open. If you want more ideas to make money by taking the long term approach then visit dormroomcash.com.

Successful Home-Based Business Owners Develop a Marketing Plan

I’m always surprised by the people that fail to work with a business or marketing plan. The idea seems to be intimidating to many otherwise fearless entrepreneurs. The plan doesn’t have to be a long drawn-out process to be effective. You can take a few minutes and sketch out something quickly that helps you to formalize your goals, establish a budget and evaluate your expected returns on investment.

It will also serve as a roadmap to help you maintain consistent sales throughout the year. Savvy marketers often develop the entire project around a sales and marketing proposal in order to bring in joint venture partners.

There are many ways to develop a marketing plan. The approach taken here is a simple six step process. If you are really creative you can accomplish all six steps on the back of a napkin.

  1. State your purpose – Dr. Stephen R. Covey is famous for coining the phrase; “Begin with the and in mind.” This simply means to have an idea of what your results should look like before you begin your journey.
  2. Quantify the result – if you are selling glass figurines online, you should know how many units you’ll need to sell in order to make the kind of income that will make the project worthwhile. You must identify what success looks like even before you begin.
  3. Situational Analysis – this simply means you are acknowledging where you are in the process at the moment. You will also want to look back in the past to evaluate the decisions and actions that lead you to the present situation.
  4. Marketing Focus – take a close look at consumers to whom you wish to sell your services or products. Get a clear understanding of your ideal prospect; get to know and relate to the problems they face and recognize how your solutions can benefit them.
  5. Tactical – now we brainstorm to find the various methods to get our message to its intended target. Don’t be afraid to get wild, crazy and creative during brainstorming. There are often a few really good ideas hidden among the off-the-wall stuff. Write them all down and review them later.
  6. Budgets Analysis and Performance Milestones – I saved the bean counting for last because it is usually the part that entrepreneurs don’t like to do. Once you have roughed out your marketing plan of attack, you will want to create a budget for which to work your plan. You will also need to set realistic milestones to monitor your progress along the way.

In the end, a marketing plan is just a road map for your objectives. You can create a formal marketing plan with spreadsheets, graphs and even PowerPoint presentations. You might simply look at your worn out napkin one or twice a year. Whichever technique you choose will be perfect as long as you get it done. When it comes to marketing your business, you need to know where you’re going so that you know when you’ve arrived.

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