As a new entrepreneur you need to follow certain rules for small business success. You need to quell the enthusiasm a bit and focus on starting out right to avoid later disappointment.
Here are 10 of the most important rules for small business success:
1. Start small and grow. Don’t try to sell to everyone. You need a niche – a specific product or service so that you’re not competing with everyone.
2. Concentrate on what will be the bread and butter of your business. Don’t try to implement all your entrepreneurial ideas at once. You can branch out later.
3. Make sure you have a product or service that customers really want.
4. Develop a business plan that forces you to think through the basic elements of your company, i.e. your market, competition, industry and your position.
5. Know your customers. If you have a clear target market you can be much more effective and efficient in both your product development and marketing efforts.
6. Build one business at a time. Concentrate on one new direction, product or service, one target market or one distribution channel at a time.
7. Don’t re-invent the wheel. Get a piece of an existing market. Creating a market for a brand-new type of product or service is difficult, time-consuming and expensive.
8. Double the estimate of the time and money you originally think you’ll need. Things cost more and take longer than planned.
9. Keep things short and use lots of photos. People don’t like to read.
10. Build strong customer relationships. People like to do business with those they know, like, and trust.
10 Rules for Small Business Success
by Rahimah Sultan
As a new entrepreneur you need to follow certain rules for small business success. You need to quell the enthusiasm a bit and focus on starting out right to avoid later disappointment.
Here are 10 of the most important rules for small business success:
1. Start small and grow. Don’t try to sell to everyone. You need a niche – a specific product or service so that you’re not competing with everyone.
2. Concentrate on what will be the bread and butter of your business. Don’t try to implement all your entrepreneurial ideas at once. You can branch out later.
3. Make sure you have a product or service that customers really want.
4. Develop a business plan that forces you to think through the basic elements of your company, i.e. your market, competition, industry and your position.
5. Know your customers. If you have a clear target market you can be much more effective and efficient in both your product development and marketing efforts.
6. Build one business at a time. Concentrate on one new direction, product or service, one target market or one distribution channel at a time.
7. Don’t re-invent the wheel. Get a piece of an existing market. Creating a market for a brand-new type of product or service is difficult, time-consuming and expensive.
8. Double the estimate of the time and money you originally think you’ll need. Things cost more and take longer than planned.
9. Keep things short and use lots of photos. People don’t like to read.
10. Build strong customer relationships. People like to do business with those they know, like, and trust.
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