Because building a business can be very in-depth, tedious and downright exhausting, I am only going to highlight some key factors here, but at that end, I will include a link to more detailed information that you can use to get started now building your own business or improving your current business. After all, you are worth it and so is your business plan(s). Investment is the magic word. Investment of your time, your talents, resources, and skills. Ask yourself what am I willing to do to make this work? The first step is making the decision to do it. Then assess the risk. Everything in business comes with a percentage of risk. So if you have answered, yes I am willing to make the investment and yes I have assessed the risks, then let us get started!
"Part Two-The Building of Business"
1. Decide on a product. Determine what good(s) or service(s) you have to offer and do the research for your market. Find a location to sell your product(s) and set a profitable price. Be fair. Do not expect your return on monetary investment to happen immediately. Fair price for your great product means fair market value and can turn people of interest into loyal customers.
2. Know your own limits. You have talent and skills and can apply them accordingly. But if there is something you cannot do, be ready to bring in partners or at least find the help you need to excel in the areas you do not have an expertise in. This may be anything from accounting to construction. Either way, if you cannot do it, do not go halfway. Be prepared to utilize your resources of other people's talents and skills to build the business you want.
3. Be realistic. You have to start somewhere, so base your initial plan on your current personal and financial abilities. Start small. Think big. Live large. You can do this. But you will need to work with what you have until you are able to do more.
4. Have a business plan. Your business plan is your road map; your blueprint to success. It can open doors to investors, lenders, vendors, and partners. If you do not know how to write a business plan, find someone who does. Do not be afraid to share your plan with a reputable firm that can sell your idea on paper to someone else.
5. Know your product(s). Is there a demand? How much are people willing to pay for it? Do not flood your inventory. This will drive down demand and lower cost. You will also be left with the task of moving all that product below market value, sometimes losing money instead of making money.
6. Market and Promote. Word of mouth is good, ''in your face'' is overkill. Telemarketing is insulting. Learn how to properly advertise your business to drive the right kind of customers to you. This take research and financing so be prepared to set aside some of your profits and investment dollars to promote and advertise.
7. Invest. It takes money to make money. Simple and plain. Have a savings plan. Pull your credit reports. Talk to friends, family, banks, and private investors. Find grants and small business funding programs. Some of these start up funds are yours free and do not require any payback. It is true. Find your grant money and spend wisely. If you borrow, pay it back in full. Clear the business of debts and you will see a return and profit.
8. Take risks. Nothing ventured, nothing gained. Make sound decisions when it comes to daily operations and changes in your business. You will need to abreast of current affairs, market trends, politics, economy and consumer behaviors. If you have to do something different, remember to assess the risk, forecast the outcome and go for it.
9. Be ethical. Treat your business like you treat yourself. All you have in is your word and your product. Do not sell them short for cheap, financial gain. Practice sharp judgment and keep a clear mind. This means no illegal substances or the abuse thereof. Keep the mental signal clear. You can become a negative target for the competition, a criminal target of law enforcement or worse - you can lose everything you have worked for.
10. Get your hands dirty. Far too often, there are business owners who know little or have little experience on the front lines of their business. Know the job before you determine direction for it. Answer phones, take orders, make the product(s), pack the good(s), load the trucks, talk to the workers and customers up front and personal. Know your business like you know yourself. Get input from the people who actually do the job everyday before you say their ideas are not applicable. You don't know that unless spend a day in their world. Be a customer of your own business and see how they feel before you determine the customer is being unfair or irrational.
11. Money does not buy happiness. True happiness in any business comes from within. It is true. Money only pays the bills. It does nothing for you as a person. That part is up to you. Money does not buy loyalty. People will leave you no matter how much you pay them if they are not happy. If you hit the bottom, remember there is nowhere to go from here, but back up again.
De'Master A. Thomas
For more information on small business, click here:
