Every week many thousands of new businesses are started in the US. Unfortunately, nearly half fail within the first year and another quarter within five years. This is often because of inexperience and sometimes because the product is just not or to standard, or the customer service is not good enough. There can be many reasons, such as underfunding, that cause this to happen, but there are plenty of investors around for the right businesses.
If you want your business to succeed you need determination and drive to get through the challenges and problems, you will encounter along the way. Successful business people are the ones that do not give up at the first hurdle but deal with it and get on with running their business.
The need to be organized cannot be overstated. Put together a business plan, not just for the finances but also for when and how you want things to happen. Be realistic about how quickly you can get things done, and about how much money you will need to get started. Lists are a good way to start, and you will find they can be very useful. Each time you achieve something you can cross it off and seeing that list dwindle will encourage you to deal with the other tasks.
When you are looking at the financial aspects, do not estimate anything. Having a guess, for instance, at how much it will cost to set up a website could be a recipe for disaster if it ends up costing you a lot more.
Check Out Your Competition
For your product or service to stand out above the rest, you need to check out your competition and learn from their mistakes or successes. Is your product as good as theirs? Is their website responsive to all devices? Is their customer service any good? These are all questions you should be considering and making sure that in the case of your business you surpass them in whatever you can.
Buying Or Renting?
Will you need business premises? If so, you should be looking at the advantages and disadvantages of buying and renting.
Buying your property gives you more say in what you do with it, as a rented property may have restrictions on things such as moving a wall or putting in an extra window. When the property belongs to you, things like that are your decisions, as long as you apply for the necessary permits if they are needed. The rules for permission for alterations differ from state to state, so you always need to make sure you know the rules for your location.
The other big advantage is that the value of the property you have purchased will increase and the value of your business with it. The main disadvantage is finding a deposit to be able to get a mortgage on the property, but there are deals on the market where you can borrow 100% of the purchase price. The alternative is to find an investor that believes in your business, and use some of the investment for the deposit.
With renting, you will still have to find some money to get into the premises, as usually a couple of months’ rent deposit is required. Then you have to pay the rent, and any increases, for as long as the rental agreement you have signed. This is fine if the business is a success, but what if it fails? You could find yourself in a situation where the rental agreement still has to be paid, and that could cost you a lot of dollars.
You will find lots of information online about the latest property trends that could help you make the right choice. Whether you want a property for investment, development or just to increase your finance, the latest property news is a good place to start finding out the information you need to make a decision. After all, the more you know, the better your decisions will be.
Whichever you decide on, there is one thing that is vital – legal advice. No agreement of any sort should be signed without an attorney going through it with a fine toothcomb.
There are several ways to do this including emails and social media. Social media was ignored by businesses for many years, but now there are not many businesses that do not have a social media business page on at least one platform.
The beauty of Facebook, Twitter, LinkedIn, Instagram, and any other social media platform you can think of is that you can interact with potential customers free of any charge. The downside is that managing it effectively is very time-consuming. That might be OK in the early days of your business, but as you get busier, it can become a problem.
This is when it is time to get someone else to do it for you, either an agency or a freelancer probably being the cheapest option. The same applies to email marketing, consistency often being the key to success with them. When people see a new name appear on their email or social media pages they do not take too much notice at first. However, as it shows up more frequently over time, it will become a brand they get to know, and that means they are more likely to convert into a customer.
There are many other ways to market your business as well. Trade shows are popular, and TV and Radio advertising works. The problem with these is they can be expensive, but you should not just dismiss them with at least find out the cost.
However your business is marketed, at the end of the day, you need to build trust in your brand if you want to succeed. This trust is built by positive reactions to complaints, customer service that is excellent, and a product that is good value for money. Offer your potential customers these things, and you will find that over time you will build a loyal client base that will ensure the success of your business.
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