LET CONSULTING GROUP by : Lynda ET
First of all, you must make sure whether you have already made a business plan. The business plan is your guidance once you want to enter, start, and run a business. Creating a business plan always takes time and it sometimes looks wasting time for a businessman or an entrepreneur who desires to start a business very soon. But having a business plan will ease you running your business systematically since when you have to start and how much the start up cost you should provide, until execute the implementation. It eases to guide you where your business is going to do and to be in the short terms or long terms (such as within 3 years, or 5 years). In the business plan, you will have guidance such as in what year you will meet the breakeven and when you actually will gain the real net profit.
You should ensure yourself whether your product or you service is the answer for the unmet need in the market. Use the combination between your business intuition and market analysis and do instinctively and smartly in segmenting your customer target in the market. Find out what the sustainable competitive advantage of your product or service is and dig it all the time to win the best position in the competitive market if you are here.
You should have to think that even you product or service looks very marketable, in starting up mostly businesses sometimes meet the situation that not so simple to find the first client or make the potential market or potential customers aware of your product or service. Therefore, you must actively promote or do marketing everyday, especially for the time you have just started up the business. Even your products or services are well known, the marketing strategy should be think over and over all the time to put your product in the right position in the market share.
Many small business owners often have difficulty to have funding even though the business ideas look very smart and inventive. You must make sure yourself whether you really need bank or venture capitals to finance your business. How to convince your investors? Find out whether you can convince them through your business plan. The business plan must show that the business is really profitable by presenting the financial projection including attractive income projection and short ROI (Return on Investment), because you will have to compete with others business owners to attract the lenders or the potential investors in financing the businesses. However, I suggest you: if you are a small business owner and you don’ t have enough money to start up, (be honest about this to yourself). but you are still afraid to credit from the financial institutions, you should never give up to reach you dream. Use your own money smartly or you’d better seeking angel investors out rather than the financial institutions. This is to avoid you getting pressure once you meet badly in debt caused of no clients or customers bring you to the satisfactory profit level in a certain targeted year. Angel investors usually bring you to the less pressures that you must pay any liabilities off. Angel investors may the people surrounding you, friend, family, or non other financial institution. They trust and know you very well. But please do gentle and having sense of responsibility in using and repaying the money, otherwise your relationship will ruin caused of mismanagement of the money.
This is one of the ways to get a success in doing your business. The social network will succeed your business in future and sometimes it will be your shortcut to get a new client or a best partner. However do smartly in engagement a business with people in your social network and keep your manner as a reliable partner for your successful businesses.
Giving appreciation highly to them is your passport to get success in a business. Try to find what else the more benefit that you can give them, even before they think about it. They will have a feel how your attention to them and this will generate more profits of your business as the impact of your customers and your employees’ satisfaction.
There are many theories to advise how to get success in a business. But one thing that you must always remember:
Smartly managing all aspects, internal or external, of
your business environment, will generate your profits.
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