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How to Put Your Best Foot Forward With Your New Business

On phone and laptopAs cost of living continues to increase, a lot of persons are turning to their own business for several reasons. Maybe they want a second source of income or they want flexibility. The thing is whilst starting a business may seem easy; keeping it successful is not always easy and requires skill and determination. Despite this, a lot of persons are giving entrepreneurship a try and some are actually seeing positive results. There are several things a prospective business owner should keep in mind.

Find your Niche

This may sound like a cliché but catering for a niche market may actually be easier than catering to the mass market. First off, the mass market is already going to have large players that are established and are already benefiting from economies of scale.

They have established relationships with their suppliers and customers and can afford to sell cheaper than the new business. If you find your niche, you are catering to a smaller market that may or may not have been tapped already. Here, you can establish your presence and then expect returns as your popularity as a business grows.

Don’t Expect Immediate Returns

People expect to make profits immediately and generate income; this is not the case. In actuality, new businesses spend a lot at start up and continue to spend. A new business is not established so money would have to be spent on advertising and marketing. Sales initially may be slow and this business may actually recognize losses rather than realizing profits. New business owners should be aware of this and not have any unrealistic expectations.

Don’t Be Afraid to Ask for Help

People don’t like to ask for help because they think it makes them seem weak. This may actually be someone’s greatest strength, the ability to ask for help when they realize that it is needed. If you have a friend or know someone who is in business ask their advice and don’t be afraid to do so. Furthermore, if your business seems to be struggling you may need to hire a consultant or marketing expert to assist. It is wiser to ask for help and seek it, rather than not ask for it and lose your investment. As a business owner, you would want to know that you did everything you could to prevent your business from failing.

Do Plenty of Research

A lot of persons just decide to set up a business without conducting research. This practice can lead to dire results. You need to conduct market research; is there a need for what you are thinking about selling? Then you need to consider your competitors and customers.

Another thing you need to do is conduct surveys to determine how much people are willing to spend. Remember you have to sell to make a profit too. Business is a serious investment of time, money and talent and should not be taken lightly. Anyone considering a business venture should weigh the costs and not do so lightly.

Four Reasons why you could be limiting the Growth of Your Local Business

In most cases, what’s needed for one to have a successful business is a unique product or service, a vision for growth and expansion, and a dedicated customer service. These three ingredients usually indicate the direction any business is heading. If you get it right with these three, chances are you’re on the right track headed in the right direction. One of the main goals of most small businesses out there is expansion and growth. As much as you may want to grow your business for whatever reason, the circumstances may force you to limit your growth.

Of course, every business wants to grow for economies of scale and many other reasons. No one starts a business to fail. Here are top reasons why an entrepreneur may decide to slow down the growth of his or her business.

The Time one needs to Achieve Profitability

Growing a business without a profitable business model can be the worst thing an entrepreneur can do. Of course, there are those who decide to expand their business before it reaches profitability. As an entrepreneur, it’s important to focus on refining your business model until it reaches profitability before considering growth. That’s how you can stay in business. If you decide to expand and grow your business when you’re still spending more in wages than your bill rate, you might end up closing soon.

Unwillingness to let go

Ever met someone loves what he does and is never willing to delegate some of his responsibilities or work to anyone else? Some businesses never grow because of such a mentality. At times growing your business will mean delegating part of your decision making authority to a few other people. If you’re unwilling to make it happen, you’ll have made a conscious decision to remain at your current business size.

Fear of Putting your Financial Stability at Risk

Most entrepreneurs tend to settle at their current position because the business seems to be helping them achieve their financial objectives. They are, therefore, no willing to incur any additional risk that comes with further growth.

Avoidance of Regulation

It’s so funny how a business with the potential to expand its operations can decide to limit its growth simply because of some requirements. We’ve heard of small banking institutions which decide not to cross a certain number of employees because of the recordkeeping requirements needed. General contractors prefer working as solopreneurs because they cannot keep up with the paperwork and documentation required by employing even a single person.

There are many other reasons why business owners decide to limit the growth of their businesses. Some of the reasons could be valid. In addition to the discussed points, some businesses may choose to limit growth to maintain sustainable growth through its internal cash generation rather than seek for external financing. This sounds like a valid reason. Well, where do you fall? Are you one of those who doesn’t want to grow their business because you’re avoiding some regulation or you’re not willing to let go? Think about it.

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