Getting your small business started
Many prospective small business owners think they can simply open their doors or set up their web site and they are in business.The reality is that there are a number of steps that are needed to be taken in getting your small business started.By organizing yourself and the steps that you take you are insuring that your dream of owning a small business is much more likely to succeed.Here is what you need to know about getting your small business started-
The process of starting a business will involve key steps from choosing a business name to selecting a business structure. It is important for every small business owner to understand that the first 90 days of being in business sets the foundation for successful survival. You should work to learn what you need to know during the first 90 days of starting a business.
- Get the first customer-The reality is that you are not in business until you have a customer. This should be your top priority. You can begin by reaching out to your warm contacts these are people who know you and will want to see you succeed and will give you the necessary business or referrals.
- Master that art of selling-It goes without saying that selling is essential to business success. Surprisingly it's a business function that is often downplayed by new startups lacking sales experience. You should set a regular time weekly to learn and apply new selling skills in your business. Do not be sucked in by the hype that marketing will do the selling. Marketing is a completely separate function from sales. Marketing will create the interest by your target customer to contact your company. Once you have contact, you will have to use your selling skills to close the deal.
- Make a profit-Sales revenue will show on the top line of financials. The profit is your the bottom line. Without profits your business will ultimately fail. You need to understand the costs of your business and ensure you focus on making money. For certain businesses, profits will only follow an investment in inventory or other start up costs. You will have to run financials to determine when your company will be profitable.
- Evaluate your pricing-Many small business owners when starting a business make assumptions about what prices to charge customers and the profits made. During the first 90 days of your business your assumptions will be challenged with the realities of the market place. Be sure that you are taking a close look at your price strategy. Do not make the common error of trying to be the lowest price provider. Your competitors will have established their businesses and can often undercut prices longer than you.
- Set quarterly goals-Prospective small business owners need to understand that running a new startup is time consuming and stressful. You will have to learn multiple skills and you will have numerous systems to setup. It's very easy to get caught up in the day-to-day. Successful small business owners know seeing the horizon and having a 90 day plan with objectives and milestones can mean the difference between failure and survival.
- Take time to reward yourself-Some small business owners have stated that starting a business is like launching a rocket into space. The amount of energy to leave the earth's gravity force is tremendous but once you are beyond the pull of the earth the energy needed is reduced. You should recognize the energy you have expended to start your business and take the time out to reward yourself. This time off will recharge your motivation and ensure success for the next 90 days.