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Success in Small Business

Jun - 1 - 2017

Small businesses rise up and fall at an astounding rate. Statistics show that as many as eight out of ten small businesses fail within the first eighteen months. Why are so many skilled individuals failing to keep a business afloat, and how can you reap the benefits of success? Here are some tips and tricks to get you started on the right track to success.

Know Your Market

Many entrepreneurs start off with a great idea that is poorly executed. Do your research. Know your customer. Find a niche. Don’t try to create a product or service that is for everyone. Make it for a specific person. This allows you to create a product that provides a specific value. Plan for a realistic amount of sales and interest. This allows you to make sensible financial decisions. Develop a marketing plan based on your customers and where they hang out. It is easy to follow a tried and true marketing plan. But if it is not developed for your specific market, it is likely to fail.

Buy a Successful Business

Startup cost can be daunting. A business that is already established can really reduce costs. Buying a business that is already successful means instant cash flow. Starting a business from scratch means you might have to work for months or years before turning over a profit. Established businesses also come with a customer base. Cornering a market can be difficult and possibly unsuccessful. By purchasing an already successful business, you shorten your learning curve and avoid some of the pitfalls of new business owners.

Don’t Quit Your Day Job

Some people will tell you that you cannot be successful unless you go all in. Just because you keep a safety net doesn’t mean you are destined to fall. Keeping your day job has many benefits. Many successful entrepreneurs and successful business people picked up their vast array of skill sets through an eclectic history of experiences.

In other words, your day job may kick start your dream job. Even jobs unrelated to your current business idea can equip you with skills needed for success on your own. You may be learning to multitask, juggle irregular hours, customer service and problem-solving skills. If you have a choice, try to land a job that will help you develop skills you will need as an entrepreneur. That way you are getting paid while learning and developing helpful skills. Men like Donald Burns leverage knowledge gleaned from past jobs to become successful. He drew on 20 years of experience, he became a successful business investor and leader. Now people rent a Donald Burns Yacht that is a tribute to his success.

When deciding to start a small business, know the risks involved. Many startups fail because they lack the knowledge or funds to get a business up and running. Know your market so you can make wise decisions. Consider investing in a business that is already thriving. You can always incorporate your own ideas into an already existing business model. Keep a safety net intact. You can focus better on creating a successful business if you aren’t stressed about paying the rent. If you play your cards right, you might own a yacht of your own one day.

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