Last Updated on September 2, 2024
Many new businesses fail each year. However, when you start the business for the right reasons your dream can become a reality. Starting a new business requires mental stamina to continue when things look very bleak. You must have a positive attitude and believe that you can do anything.
When you make a mistake, you are willing to learn from that mistake and move on to the next experience. You must be creative when money is tight and time is short. Both will often be the case! You love to deal with people, even the cranky ones that other businesses have sent on down the road.
Do you still really want to start your own business? If the answer is yes, then you need five things.
A Topic
The first thing that you will need is a topic that you are willing to spend the rest of your life thinking about every waking moment. Think hard before you choose a topic. Succeeding in business will require you to spend many hours becoming an expert in that topic.
An Audience
The second thing that you will need to be successful in business is an audience. It is very important to consider who would want to buy your product. Try to determine the answer to these five key questions.
1. What is the average age of the person looking for your product?
2. Are more men or more women likely to use your product?
3. Are people most likely to buy your product for their own use or for gifting?
4. What is the average income of the person buying your product?
5. What occupation is the person using your product most likely to have?
6. Will the person own their home or live in an apartment?
In the beginning you may not have the answer to all these questions. It is important to determine the answer to most of them early in your business to be successful.
Record Keeping
Many businesses fail at making the leap into reality because they do not have the proper records. Businesses that succeed can account for each penny that enters a business. They can also account for each penny that goes out of a company. Record keeping is especially vital when it comes time to do your taxes. The record should include the date the transaction took place, who was involved in the transaction, why the transaction took place, and how much money was involved in the transaction.
A Marketing Plan
Marketing is the key to reaching your audience. Marketing should include several prongs. The company needs a great website that uses keywords. The company also needs to use social media in great ways. The company also needs to use traditional forms of advertising, like newspapers, when they make sense. Do not forget the importance of blogging and posting in forums.
Finances
While many new businesses can be started very inexpensively, it still takes some money. Many new businesses go six months to a year before they show any profit. It is important to know how you plan on meeting expenses until your business starts to show a profit and lets not forget all the HR and obligations such as pensions administration and PAYE.
Choose a topic for your business very carefully. Identify your intended audience. Present a solution using your topic to your intended audience in such a way that they become convinced that you have the right answer. Keep great records that show where each penny goes and where each penny comes from. You will also need a marketing plan that is intended to reach your audience where they can be found. Lastly, you will need finances that will keep you going while you are making the jump from dream to reality.
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