In a nutshell, here are a few things I’ve learned about starting a new business. It would benefit you to think about them before you rush headlong into a venture. These tips are appropriate whether you are offering a product or a service.
Analyze your market looking for unmet needs. As you may have noticed, even though there might be several brands of toothpaste on the shelves, you can see that making modifications to current models can make them “new” and “improved” to consumers. Find your niche market, be it a product or a service.
Seriously evaluate your own skills and experience as they relate to your proposed business. You can dream about owning a successful business or making millions of dollars with a new product but you need to have the skills and experience to back that up.
It might look exciting to fly airplanes but if you haven’t had the training and don’t have the right skills you won’t get off the ground. You might be great at engineering, but know little about running a business. Either you need to rethink your plans or find a strong business partner.
If you don’t know basic accounting or know how to operate computers, take courses at your local adult education program or community college. You will need these skills.
Start your business by being really frugal about how you spend your money and use your resources. Keep your business small and learn how to run a business like a pro before you plan any big expansion. I’ve known many people who have grown their businesses too fast, got in way over their heads financially and subsequently went out of business. You can own many machines but if you don’t have customers, you have no business.
Develop a strong customer base – and yes, you can start doing this before you actually start your business. This comes under the category of finding your market. You should have a good idea who your customers will be.
After the business is running, maintain your customers by providing quality products and services. Be unique by providing excellent service. Word will spread.
Listen to all the advice you will receive from anyone who has ever been in similar circumstances. When you work in a small business it’s easy to feel isolated. Talk to other people and ask for advice. It’s usually plentiful and free!
Develop relationships with other members of your community like bankers, lawyers, accountants, and other service providers. These relationships will help you later on when you need to make a sale, or make a loan, or have a contract drawn up or file your taxes. Networking is a valuable sales and marketing tool that you will always need.
You will make mistakes along the way. We all do. Learn from them. Don’t beat yourself up when you make a mistake.
Keep yourself focused on your goals and keep moving forward.
Article © Copyright 2001 Stanley I. Mason. Syndicated by Paradigm News, Inc.
