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Tips to Create a Successful Business

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Tips to Create a Successful Business

By Startup Valley (550 words)
Posted in Startups on January 14, 2015

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Was your resolution this New Year to start your own business? If you're still determined, you're further along than others who gave up their 2015 goals on January 2.

Creating and maintaining a healthy business is a constant endeavor. You always need to measure what went well, what didn't, and what you learned from those experiences.

Forbes says 80 percent of businesses close down within the first year. Don't become a statistic; start your business off right with these tips.

Do your research

Are you planning to open a fast food joint among a street full of five-star restaurants? Not sure if you should price an original product at $15 each or $25 each? When considering your idea, think about the logistics. You need to provide something people need or show them how your product will enrich their lives. Check out locations, competitors’ prices, and marketing techniques that other businesses similar to yours use. Get inspiration from them, but forge your own path and be unique.

Create a solid business plan

After you've determined that your idea is viable, you need to lay down the basics of the business before executing it. Take a look at a few example business plans to properly organize what you want to accomplish and how you'll do it. A few questions to ask yourself:

  • What are my financial goals?
  • How can I keep costs low?
  • How do I build a solid customer base?
  • How can I ensure success?

If you're going into business with a partner, find someone who has a similar way of thinking as you. Owning half of a startup with a person who doesn't have the business sense to make you both successful will only bring you down in the long run.

Market, market, market

Your business is ready to go - now let everybody know. Advertising in your local newspaper is an outdated practice, but good old guerilla marketing isn’t. Put flyers up in local supermarkets, church bulletin boards, community centers, and in the mailboxes of homes in surrounding neighborhoods. The customers will flock if you have a selling point that stands out.

If your business is centered on a product, you may want to consider initiating a startup campaign. You'll be confident that people are interested in what you're selling, and it's a great way to start your business backed up by a client base.

Listen to feedback

One of the biggest mistakes new business owners make is ignoring what potential investors have to say. Some entrepreneurs are so wrapped up in the "my way or the highway" type of thinking that they're unaware anything could be improved (a great example of this is the show “Kitchen Nightmares." Be open to suggestions. Your customers might have ideas that didn't cross your mind when creating the business plan. Being active on social media, offering comment cards, and having an email or phone line specifically for idea-generation is a good way to open the lines of communication.

The most important thing to remember as you start your new business is to never stop learning. You won’t know everything there is to know about your industry or business, whether you've been in business 6 months or 6 decades. Don't be afraid to ask for help along the way.

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