When you’re starting a business there is no blueprint that will guarantee success. There are some common mistakes
that entrepreneurs make that can almost guarantee failure, though. Here, though are the top five things to keep in mind when you’re starting out to help propel your business toward success.
1. Cast your net wide: You might operate in a niche market or product, but even so, your company will hit a brick wall if the target that you’re marketing to is not wide enough. Choose a larger market, expand your offerings and grab a larger segment of the market.
2. It’s all about the sales: To build a successful company you need to spread the word and that means you need to be “out there” selling. Every entrepreneur, regardless of whether they offer a good or a service, needs to concentrate on marketing and selling as well as developing products.
3. Have your blueprint for business in place: You may not need to sit down and craft a multi-page formal business plan unless you require capital. You should take the time, before you open your doors – to craft yourself a road map for the business. Plan items including: who your clients are, what services will you offer, at what price will you offer them, by what metrics will you measure your success. A business plan will guide you toward success.
4. Have a support team: Even if you have a partner in your venture, it’s helpful to have a support team. Your expertise comes in the form of what goods and services you’re offering. Draw on the talents of a support team for the aspects of running your business that is not your expertise, such as accounting or public relations.
5. Network and learn the benefits of barter: As an entrepreneur, being part of a trade organization gives you access to trade partners who offer you the ability to:
- Advertise your business
- Hire a bookkeeper or accountant
- Rent office space
- Have a night out at a restaurant at the end of a work week, or
- Reward your sales team
When you’re starting out, cash is tight. If you can save cash but still purchase the items you need to operate effectively, the benefits of trade become even clearer. Entrepreneurs that are part of trade groups can save cash for items such as utilities and payroll. In this tough economic environment entrepreneurs in Arizona have found the benefits of belonging to Tradesource and networking with Tradesource members one of the secrets to their success.