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Before You Launch Your Small Business, Read This

People start small businesses for a multitude of reasons. Perhaps, they have a passion for something and wish to share that passion with the world. Maybe, they are stuck in a job they feel will lead them nowhere, and they have a great desire to escape it. Many people want to be their own boss- to set their own hours and do their own thing. Others see a need for a particular item or service and decide that they are the perfect person to fill the vacuum. Oftentimes, people just desire a change in life and figure that a career switch and a small business launch is just the thing to fulfill that wish.

Whatever the reason that you might be considering undertaking such a venture, you would be wise to first take some time to plan out the launch of your small business. Nothing would forecast failure to your project more than a lack of proper planning and preparation. Take the time now, and you will not regret it later!

First, explore the small business resources available in your area to gain some invaluable help in putting together a business plan, applying for loans, and other essential tasks. Your local chamber of commerce, library, and bank are all good places to start with. Each of the above would most certainly offer some sort of small business help in the form of literature and classes or seminars. They would also potentially have people experienced in small business growth who would be willing to mentor you through the process.

Then take time to search out any competition you will have. Depending on the type of business you wish to start, that competition may be limited to local stores and companies. However, your competition may also be found elsewhere. The internet has opened up whole new worlds for businesses that were formerly limited to a certain mile radius of customers. Find out who your competitors are, and if possible, what their strengths and weaknesses are. Investigate their costs. Do your research as to how much it will cost you in supplies and overhead to provide those goods and services. Figure out what your profit margin will be, making sure to find a way that you will be able to make a good profit.

Be certain that you understand as much as possible the market you are trying to launch your small business in. Take time to ascertain the problems that will most certainly arise and prepare beforehand, strategies to deal with them. Get advice from others who have gone before you – learn from their mistakes. Figure out a way that you can bring something new to the table – be unique in the goods or services you will be offering. Give your customers a reason to choose YOU over your competition.

Proper planning and preparation will do more for the success of a small business launch than anything else so take the time beforehand for it and you will always be glad you did!

Small Business Achievement – Thinking Through Pre-Action Not Reaction

You want to be one step ahead. Small business leaders often need to work incredibly hard to maintain everything. Reaction to events is commonplace, but it is pre-action that is truly the way to grow your small business. Pre-action is a great strategy to grow your small business.

Anybody can react to a situation. The truly exceptional people will take positive, preemptive action: pre-action. You want to take action before your competitors. Rather than reacting to market conditions, you want to predict marketing conditions. By taking the correct action before your competition does, you will create a competitive advantage for yourself.

How can you do this? Educate yourself about your industry. Stay knowledgeable about trends. You can do this by doing research yourself, hiring a researcher, or directly asking your clients. Let me provide you an example of how I did this for the creation of my Aspirations book.

I directed my book designer by providing them a general theme for the creation of sample book covers. I really liked one more than the others, but I am market focused. I wanted to create a book cover that people would like. A reactive person would have published a book with a specific book cover, and if it did not work, they would have tried another cover.

I created a simple website and slides of the various samples that I had. I emailed my client and potential clients and had them participate in an online survey. I showed the slide to my business college students and had them comment as well. People appreciated the opportunity to participate in the creation of a book. With their comments I was able to make a pre-action oriented decision.

By substituting pre-action steps for reactive, you are creating a powerful strategy to grow your small business.

Business Growth – Are You Choosing the Best Way?

One of the best and least expensive approaches to business growth is through your current customer base. It is far easier to sell more to customers who are already buying from you. You don’t have to spend a huge amount on marketing because the relationship is already established.

What you do need to do is to find creative ways to sell them more of what they are already purchasing from you or introduce them to other products or services in your range.

Study your existing customers’ profiles to gain insight into the type of customers you attract and use that information to find more of the same. Look for potentials whose needs are similar and who tend to make purchases in the same way. You should see quick and significant growth to your business with both of the above approaches.

Business growth could come through investigating new markets for your existing products or services. For example, you may manufacture a piece of technology that is sought after by the transport industry.

With research, you may find that it would be equally useful for the aerospace industry, albeit for a slightly different purpose.

Developing new products or services could be the key to business growth. They could be in addition to what you already offer or to replace existing ones that are becoming uncompetitive or obsolete. You should offer these to your existing customers first. In this way you can test and fine-tune your approach before going large-scale.

If your business is small, business growth through diversification is not really for you. It is a high risk approach. It should only be considered if:

o You cannot meet your goals for business growth through the other approaches

o You have the capital to invest and the resources to carry the work through