Sunday, September 9, 2012

Start, Run and Manage a Successful Business

There are things you have to understand for you to find out what makes a successful business. You'll need these to guide you and tell you what you have to do to start your business.
Here are the 6 Fundamental steps:
1. Passion - In order to make a business, you DO NOT venture into a specific business because that is the trend and it brings in the cash for now. You evaluate yourself and understand what your passion is or the things you love to do. That is your best business idea. Time is an investment you can't get back and when you mix passion with work, you'll be able to dedicate yourself for a long time. You do not want to invest yourself in something you would not want to do continuously.
2. Research - You now have an idea, now it's time to do a market research, identify if there's a market for your product, is there a need for it? If so, then it's positive sign for you. That means there are people who needs your product or service and are willing to buy from you.
3. Opportunities - If there is a market, for sure there are competitors, look for opportunities to scout competitors and identify how you can improve your product or service and make it better or something that would give it more value than theirs. Keep in mind, a product only needs 10% improvement in order to gain a significant share in the market
4. Materials - Identify the resources you will need. Starting with your capital, what are the skills you need, what equipments, facilities, etc. It is important to keep a list and get only what is needed to make your business, don't worry if you're only starting small. Think about it this way, when you plant a tree it doesn't grow enormous overnight, you take it one step at a time then continue letting your business grow in time.
5. Promotion - Once you have everything planned and ready to go, the next thing you have to focus on is promoting your product or service, letting everyone know that you are in business and you have something to offer that the market needs. You should make your promotion strategies convincing and persuasive, let them know about the quality, the price, what is new or what is different about your product or service or simply the overall value that it offers your customer that makes it distinct and better than your competitors.
6. Technology - With the fast paced growth of technology these days, you have to take it into consideration when you are in business. There are various ways you can use technology to scout competitors, identify and inform new and current market through social media regarding your product or service whether you have something new or just reminding them that you are in business and is still consistently providing quality products or services.
Just remember Passion, Research, Opportunities, Materials, Promotion and Technology (P.R.O.M.P.T), these are the steps you have to consider for you to successfully start up your career changing business. And lastly, Enjoy! Part of having your own business is being able to laugh and have fun with what you do, appreciate the joy of earning from your passion and let yourself prosper and grow with the business.