Majority of people do not like to work under others. You can be your own boss and enjoy your profits to the fullest extent if you start your own business. Establishing a new business is not a rocket science but has some hurdles which need to be dealt with commitment, desire, patience and will power.
Here mentioned are 10 simple strategies to start a profitable and successful business.
10. Backup of Side Income: Initially a new business lacks profits. It takes time to establish. So it is always better to have a side income through other sources like job. This would help to survive till your business flourishes.
9. Plan Your Business: Before you start, you should know what and how to start. Decide whether your business would be on a larger / smaller scale, who would be the customer, what would you sell, how would you grow, what would be your competitive advantage. It is also better to take advice from various business professionals.
8. Jolt down Your Goals: Define your short term (12 months) and long term goals (2-5 years). List your personal goals followed by business goals. Your goals can be your achievement, whether your family would be included. Business goals can be your unique selling product, quality/quantity, customer satisfaction etc. s
7. Thorough Research: Do SWOT Analysis. That is, identify your Strengths, Weaknesses, Opportunities and Threats. Research your industry and the product or service you are going to launch.
6. Build Chemistry with Your Customers: Always remember, it is your customer who can help you achieve growth and prosperity in your business. Hence, understand the needs, wants, problems and perceptions of them. Identify why the customer would choose your product or service to satisfy their needs.
5. Create a Network of Professionals: It is always wise to do all the preparations before beginning a business. Build a network of professionals like business advisor, financial advisor, lawyer etc. This would help to deal with any future problem with ease.
4. Plan Your Finances: Finance is the most important aspect to start a business. You need capital for the same. If your saved money is not sufficient, you can take help from the lenders or investors. While borrowing, make it a point that your whole income does not go into clearing your overheads. Make an affordable payment plan.
3. Follow a Marketing Strategy: After knowing your target market, identify your potential customers. Accordingly design a marketing strategy which would instigate the potential customers to use your product / service. Here, it is very important to know where your business is standing in the current market.
2. Meet the Legal and Tax Obligations: Get the legal obligations done like registration, accounting information etc. Meet the tax dead lines. All the formalities of starting a business should be attended to prevent legal issues in future.
1. Design an Exit Strategy: There is a risk factor in any business. Hence there should be exit strategy for your business to face unexpected emergencies like bankruptcy, theft, death etc. All the possible risks should be thought of and an exit strategy should be planned accordingly.