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Finances & Money

5 Keys to Starting a Successful Business

September 17, 2019
By Susan Paige
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Starting a business is one of the most exciting things you can ever do. Plus, if successful, that business could provide considerable income to you and your family for years to come. Unfortunately most businesses never achieve the success they desire. Below are five keys to starting a business that thrives.

  1. Make Sure the Business Choice is In Your Wheelhouse

When choosing a business, make sure it leverages what you’re good at. For example, if you’re not an accomplished chef, or you don’t have experience in foodservice, you probably shouldn’t start a restaurant. Find a business in which your unique skills can be put to use.

  1. Make Sure There’s a Need for Your Business

It’s important to conduct market research to make sure there’s a need for your business. For example, let’s say you live in a small town of 10,000 people. And there are already 3 barber shops in the town. Do you think a fourth barber shop would be successful? Probably not. But, if the town had 50,000 people and only 2 existing barber shops, yours could be a huge hit.

Do market research to identify the size of the market and the level of competition. Don’t be afraid to ask prospective customers if they’d buy from your business. Direct customer feedback is powerful.

  1. Document Your Business Plan

Whether you need to raise outside funding to launch your business or not, you should have a written business plan. Getting your ideas down on paper is directly correlated with your ultimate success. Don’t hesitate to use a business plan consulting firm to allow you to create the best possible plan.

Or, if you want to write it yourself, start with a business plan outline, since there’s no need to reinvent the wheel. Make sure to document your vision for the business and your action plan that you will follow.

  1. Get Positive Reviews and Word of Mouth

Even before you officially launch your business, you should be building your customer base. Get potential customers excited about your business. Once you open your doors get them to leave positive reviews. Consider launching a dedicated website like growthink reviews for customers to use to post their reviews. Get happy customers to tell their friends about you as positive word of mouth is one of the most powerful and cost-effective promotional methods.

  1. Get Advisors

Advisors are successful business people (e.g., executives, business owners, etc.) who, in their careers, have already experienced and overcome many of the obstacles you will face. Getting and consulting with your advisors will help you navigate the path to building a successful business.

Starting and building a thriving business is challenging, but doable. Follow the five keys above and your chances of success will dramatically increase.

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