Spiegel & Utrera, P.A. is aware that being a successful entrepreneur is not an easy task. Within the first year of opening your business, 18.4% of private sector businesses in the U.S. fail and after five years, 49.7% have faltered.
Click on the 5 steps below to increase the chances of your business succeeding long term.
Step 1. Get Educated On Everything To Do With Your Industry
Step 2. Make A Business Plan
Step 3. Consider Efficiency And Specificity In All You Do
Step 4. The Secret To Surmounting Competition: Customization And Innovation
Step 5. Steady Growth – Don’t Over Do It!
STEP 1. GET EDUCATED ON EVERYTHING TO DO WITH YOUR INDUSTRY BACK TO TOP
Many businesses begin as a personal passion project without much consideration for current market trends. Is your business’s service or product something that only you need, want and derive satisfaction from, or does it have a much larger demand online or in your local community? This is the time to do a side-by-side comparison of your entrepreneurial desires vs. the economy, the market and the community. Take the time to reach out to your preferred customer base to consider, ask, and analyze their needs, questions and concerns. It is much easier to satisfy an existing need rather than create one and convince people to spend money on it. The first step to any successful business is research; research the current market, your competitors, the level of demand and saturation, and who and where your target audience are. Expand your inquiry beyond your specific domain to the larger industry in order to set yourself ahead of upcoming trends and innovations. As the saying goes “measure twice, cut once.” Take the time to collect your data in a specific and measurable format. This information will not only assist you in developing a business plan but support the development of you company down the road.
STEP 2. MAKE A BUSINESS PLAN BACK TO TOP
The goal is to make it as detailed and thought through as possible, so that once the work begins, your business is set on that pre-planned, professionally organized trajectory. A thorough business plan should contain the following (a) an outline of achievable goals for your business (b) how your business can meet these goals, including possible problems and solutions (c) quantifiable demand of business/service based on research and surveys (d) costs and inputs needed for the business (e) outline of strategies and timeline for short-term and long-term implementations for the company.
If you’re overwhelmed as to where to begin or what to consider, you may want to consider our General Counsel Club service. The service provides unlimited legal and business advice from an attorney over the phone. If you are currently a member, call (800) 734-9900 to get advice on having a successful business.
STEP 3. CONSIDER EFFICIENCY AND SPECIFICITY IN ALL YOU DO BACK TO TOP
Reduce expenses, losses and “busy-work” by targeting your business to the right customers in the right way. Businesses with predominant sales online aught to invest in updated servers and professionally designed websites to create a positive impression upon the customers. Businesses which rely on foot traffic should consider if they are in an ideal location for the type of customers sought. Consider in all ways where your target market is and how they would search or come across your service. Market and advertise your services through the medium your audience is most captivated by. Few businesses can grow or survive on word of mouth and referrals alone in the progressive and transitional markets of today. Technology, social media, and a professional digital media presence are a requirement for any business. Active and up-to date digital store-fronts provide customers with a sense of professionalism and security in doing business with you. Additionally, clients are offered a level of transparency and familiarity into the brand, services and current events of your business.
STEP 4. THE SECRET TO SURMOUNTING COMPETITION: CUSTOMIZATION AND INNOVATION BACK TO TOP
In a saturated and competitive market, a new business can gain notoriety and market share by customization and innovation. Customize the way you do business in comparison to your competitors in a mode that is an improvement and one of a kind. Moreover, new businesses who imitate established businesses – with their corporate funding, years of R&D and teams of specialists- will struggle to produce an equally competitive and curated product or service. Find an opening in the market by fulfilling an unmet need and innovate a new service or product that your competitors don’t have. This will give your business a reason to stand out from the rest. Innovation reduces competition!
STEP 5. STEADY GROWTH – DON’T OVER DO IT! BACK TO TOP
A thorough market analysis and detailed business plan will lay a solid foundation for a company to begin successfully. With customization and innovation companies do not necessarily need to compete with competitors but can focus on forging their own path and market share. Enormous energy and resources are devoted to beginning a company and expansion is no different. Growth exposes a business to new scopes and focuses that may not be fully understood. Planning for steady growth includes further research into untapped areas and markets of the business, building a larger team of professionals and resources, and assessing your finances. When a business expands too fast and doesn’t take care with research, strategy and planning, the financial drain of the overexerted business can sink the whole enterprise.
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