In order for your business to do well, there are a few things that you must consider first. Most small businesses fail in the first 5 years. You must refuse to be one of them. Here are a few things you must do to avoid becoming just another statistic:
1. You must understand how and why your business meets the needs of your customers. If you are not meeting a need, you do not have a business.
2. Calculate your break even point. Know your bottom line and what it takes every month to keep you in business.
3. Research your market before the big launch. You have to know who your clients are, how you are going to reach them and more importantly, how you are going to retain them and make them a lifelong customer. This is often referred to in the marketing world as customer demographics. It is also important to know the size of your market which includes the number of potential customers that could use your products or services.
4. Estimate your start up costs. Calculate everything that you will need to open the doors. These expenses can include equipment, subcontractors, employees, insurance, filing fees, licenses, software, machinery, tools, rent, furniture, advertising, business cards, permits, equipment, and leases to name a few.
5. Pick a great Business name.
6. Know where your business will be located. Some options include leasing your own space, purchasing a business condo, working in a home office, or renting at a local business center that hosts many small businesses while offering common areas such as restrooms, break room, and meeting rooms.
7. Make sure that you and your staff understand the unique selling points of each of your products or services.
8. Be willing to be your company’s biggest fan and constant salesman or saleswoman.