Feb 05 2008
Create A Successful Small Business
It’s great to think that you can throw up a website and a few days later you will be making money online. If it were this easy, don’t you think everyone and their brother would be doing it?
It’s very true that you don’t have to be a rocket scientist to create a successful small business but you do have to know what you are doing. If you jump in blind, you will run into obstacle after obstacle and not know how to handle them when they arise.
There are a number of things you can do to help assure your small business will become successful. If you go into starting a small business with realistic expectations and the assumption that you WILL have to work hard to become successful, you are one step up on most of your competition.
1.) Have a business and website plan. I cannot stress this enough. SO many people start businesses and websites without planning anything and a few weeks or months later, they are closing up shop and asking, “why did my business fail?” You have got to plan if you want to succeed as a small business. If nothing else, create a Microsoft Word document describing what your business does and the goals and objectives of your small business. This is the bare minimum. You should definitely go into much more detail such as financial analysis, competitive analysis, exit strategies and so forth. Also, you should think about what business structure you prefer such as sole proprietorships, partnerships, LLC or a corporation. All have their unique pros and cons so look into each to find out which is best. It’s also advisable to discuss this with your attorney or CPA.
2.) Do your research.. You must know your market before you can control your market. Know your competition. Do research on their corporate websites or research portals such as Hoover’s. By just digging a little bit, you can find very valuable information about your competitors and how they do business. Soak everything in. Find out what they do wrong. Find out what they do right. And, if they do something right, find out a way to do it better! Competition is fierce in most industries so figure out a way to provide something of unique value through your research. Do something different than what is currently out there.
3.) Focus on what you are good at. Even if you are a one man company, focus on what you are good at and outsource or find help to do the stuff you are not so good at or don’t want to do. By focusing on your core strengths, you will be able to provide a service or product that is valuable to your clients. When you start getting tied up in the tasks that don’t interest you, you will start to lose focus on the primary business goals and your products and services can possibly suffer. Focus on what you are good and at leave the rest of the work to others who can help.
4.) Don’t try to do too much all at once. I don’t know how many times I’ve seen small business owners take on so much all at once that they can’t even function. When you have so much going on in your mind, you lose sleep, you get stressed out easily and you are not very efficient. So, stop trying to do everything and take baby steps. It’s better to take your time and do things the right way than cram everything all at once and have to go back later and re-do most of what you did wrong. Take your time. This isn’t a one-day business venture. You want this business to last, right? Then treat it like a business and do the things that successful business owners would do.
5.) Start a business you enjoy. This is essential in starting a successful venture. If you don’t like the work you’re doing, then you will be in the same situation that you were in when you worked for a corporation or had that nagging boss. Creating a business that you enjoy will make it seem like a hobby and not work. It’s very true that no job or company is perfect and it goes the same for a small business you might start. Every single day might not be perfect but if you can get by most of the time saying, “Hey, this is definitely the gig I want”, then that’s really all you can ask for. Even you as the owner of your own business will have down days. But if the majority are good, then you’ve won.
6.) Get support from your friends and loved ones. Starting a successful business is hard…there is no way around it. But, if you have added support from friends and family, the small business journey will be a much more enjoyable experience for both you, your friends and your loved ones.
7.) Create a valuable service or product. Create something that makes peoples’ lives easier. Something that provides a unique experience…something different than what they’ve seen or done before. Find a niche industry or market to tap into. Don’t jump on the bandwagon and do something that millions of others are doing. This will only clutter up the marketplace more. If you can find a niche market…one that is of value to a certain demographic, then you have written your ticket to a successful business venture and a very lucrative lifestyle. If you can find or discover something that people need or a way to enhance the way we go about doing everyday things, you are on the right track to success.
8.) Have a nice/quality website and have a plan of attack. It’s essential for your small business to be on the web. If you are not online doing business, then you are missing a HUGE target audience and potential huge money. Make sure you have a nice website that provides value. You want people to trust you. Have great content on your website to provide even more added value. Make sure you have a way to market your website. It’s great to have a nice website online but if you have no way to get it in the hands of the millions of users, then it’s basically a waste of time building it. There are numerous ways to market a website…it just depends on what industry you are in and the type of audience you intend to attract to your site that will determine your web marketing plan of attack.
There are hundreds, if not thousands of other things you can do to help assure you create a successful small business. If you just take a look at the tips above, you will be ahead of most people in your shoes. Remember, creating a successful small business takes time, hard work, determination, luck and support. It won’t happen overnight…and if it does, please contact me and let me know how you did it! Best of luck with your small business ventures.
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2 Responses to “Create A Successful Small Business”
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Starting a business and making it work is the primary purpose for having a business to begin with. If your goal for starting a business was to fail, why start one at all. When you start and run a business, you have only one option and that is top succeed. The only problem is that there are several barriers in front of you that could inhibit your ability to become successful
That is very true. I just think that many people jump into it assuming it will work out and in most cases, businesses do fail whether it’s not planning correctly for future growth, not knowing their market and competitors or just not knowing how to run a business in general.
I think they key is to know what you are getting into…before you dive in head first.