Strategies for Entrepreneurs

Have you decided the time is right to launch your own business? Have you developed a product or service that meets a market need? Put your seat belt on and prepare to work harder and longer hours than you ever have. What are the secrets of a successful business? They go far beyond the starting point of developing a product or service. Keep your eye on the bottom line – you’re in business to make a profit. Know what your costs are and treat your customers with the utmost care and respect. The foundation of every successful business is a solid business plan. Consider this to be your road map to success. Follow these recommendations from the successful start-up gurus to ensure your business is launched for success.

Whether you’re self-financing, seeking a bank loan or venture capital, commit to developing a solid business plan. Enlist the assistance of a mentor from the Chamber of Commerce or your local start-up garage. What are your costs to develop and deliver your product or service? How will you market, brand and bring your product to market? Have you established that there is indeed a market for your product or service? Finally, how long do you anticipate it to take to become profitable and how much cash will you need to support the business until it becomes profitable?

In the start-up phase of every business, watch your costs like a hawk. Keep your personal expenses to a bare minimum and funnel all revenue back into the company to develop and deliver your product. Take advantage of the awesome deals offered by Groupon coupons and snag a compandsave coupon to source the least expensive ink and toner cartridges. If you anticipate the bulk of your income and sales to be generated from your website, hire a professional. The website should clearly state the benefits and features of your product and have a product selection tab and shopping cart that are intuitive for the consumer or business.

Finally, commit to running your business with the highest ethical standards. Don’t make promises that you can’t deliver. When problems arise, and they will, communicate immediately with your employees or clients and let them know the steps you’re taking to resolve the issue. Best of luck to you in launching a successful business!

 

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