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5 crucial things to remember when starting a business



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5 crucial things to remember when starting a business

It's kind of crazy how many start ups are launched without a specific business plan in mind or on paper.  I've worked with countless business owners who were just starting out and they couldn't answer simple questions like "Who is your target market and demographic?".  I mean, if you know you're going to be pushing a service or product, you should at least know who you want to sell it to lol.  Some business owners are oblivious to why they are failing, and it's because they launched too early without a proper game plan.

It's actually astonishing that some of these businesses last so long without a proper plan of action.  It's like they struck gold and didn't even realize it until things started to go south for them.  Unfortunately, being successful without a good game plan is not likely to happen.  Most businesses fail within the first 3 years because of poor planning and management.  Most companies that are new have an idea of what they want to do, but they don't know exactly how to do it.  I've even seen people have a great product but not know how to launch it at all, they didn't even have a website!  lol 5 crucial things to remember when starting a business

If you're not getting traffic and customers, you will fail in a short amount of time.  Here are some of the top excuses I hear:

  1. "Our product is so amazing that it will sell itself!"  Bullsh*t
  2. "It can't be that difficult.  I'll figure out the marketing when we start selling!" Dumb
  3. "We're focusing on the product first, then we'll focus on making sales" You're already failing

All of those types of attitudes are just going to fail.  In order to be successful with a product or service, you need to work in marketing to every aspect of your business.  This is much more than just putting up a website and being active on facebook lol.



Here are 5 things you need to remember when starting a business


1. Figure out demand
Many people have great ideas and products, but no demand.  If you want to go into business and sell a $10 item that has almost no demand, you better hope you get that item into a big chain store.  If you don't, you will just waste money on production and marketing because no one will want it.

Minimize your risk and start up a company that will or would be in demand in the near future.  If you already have some successful businesses, you don't have as much of a risk taking chances on a low demand item.  But if this is your first business, start off with a demand and take risks later on.


2. Bootstrap everything
Your business plan doesn't have to be very expensive, you just need to know what to do with the money you have.  You don't have to spend thousands on a web design when a WordPress theme will do.  You can drop ship similar items to what you want to sell in order to build up the funds for your main idea.  There are also plenty of forums and free resources that will allow you to learn what to do and what not to do when running your business.

As for the money, put every cent back into your marketing and sales generation in order to build up your business as fast as possible.


3. Get some help
In todays world, marketing can be extremely difficult if you don't know what you're doing.  For most entrepreneurs, they see dollar signs and don't think about the marketing they'll have to do in order to actually get those dollars.  If you can't do it yourself, you will need someone to come in and help you out.

If you don't understand SEO and Marketing, YOU WILL NEED HELP!  Don't let your ego deter you from bringing in outside help to boost your sales through increase search engine rankings and PPC sales.  You cannot ignore marketing, it's what brings in the clients who want to give you money.  Ignoring marketing is like going fishing without a fishing pole lol. 


4. Consider influencer marketing
People always borrow money to build up their business, but why not borrow the massive following that influencers have on social platforms?  You can pay influencers in your niche some cash in order to get them to post your promotional materials which will hopefully turn into some additional sales. 

Having influencers post for you is like getting an instant stamp of approval from them.  They will approve you and their followers will notice, and likely check out your website.


5. You need to adapt and adopt
A good marketing plan will set you on the right course for success, but that's not all that needs to be done.  You'll need to monitor what is going on and adjust your methods, ppc campaigns, social media campaigns, influencer campaigns, etc. in order to stay above your competition.  Think of your methods or systems as something you're in a relationship with, you will need to cut the bad performing ones and bring in something that works when something goes wrong.

There's not such thing as a straight line marketing campaign.  There will be plenty of twists and turns to every campaign and you will need to get use to that.  Adopt new strategies in order to bring in the sales, if you don't, you'll go under pretty quick.



In Conclusion:
Starting a new business is never easy, but you can do it!  Be diligent when starting up and make sure you have enverything in place prior to actually getting going.  You will need a marketing plan in place before the first line of code goes into your website.  You can do it, millions of others have and I know you can too 5 crucial things to remember when starting a business



Remember to follow me!
https://www.seoclerks.com/user/Razzy


Thanks!

Razzy

Comments

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TimothyAlex
I would also add create buyer personas. During market research, you will identify your target demographic. But, it is import to really know your ideal customer... they want, needs, goals. All this will go into creating effective marketing.



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Everett
Very good point. I have tried to create a few websites, to basically profit from of course. I would try to create these websites as humanly fast as possible without ever taking into consideration of market research. Then I would wonder why no one was interested. I have done all the marketing, advertising, and all the other stuff buy why wasn't i targeting the right people? Yes. Do your research before starting anything with the end goal of making a profit!



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DarthHazard
Demand is everything. There is no point starting a business in an industry that has very little demand or no demand at all. You need to come up with a product or service which people are willing to buy from you. If you go into a market that has no demand then you will not survive for long.



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AmieBotella
That is very true. I say, sell what is fast-moving not what you like. It is very different when what you like isn't liked by the current market now. What you sell doesn't necessarily mean you like the products or related in your profession, but when you're in selling, you need to have a fast moving product to sell.



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kgord
In some states you can't even get a business license unless and until you are able to answer those questions. I mean it just stands to reason that you want to answer those questions and have a game plan going before you have a business. It just makes sense to me to be honest.



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Barida
That's true and it's good to be prepared before venturing into any business. The way some of these people with money, but lack the ideas to run a business successfully have made many businesses fail before breaking even.



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vinaya
I started a brick and mortar business in 2015. The business is still running, but not making profits. I have learned a lesson. In 2018, I am starting another business. I have learned lessons on how to make my business successful. First of all, I need to do a research, the research involves finding out
whether there are customers for my products
can the customers actually afford my products
how many products I can sell each day
how much money I need to put in my business
I will remember the things shared by the OP.



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Everett
If you have a brick and mortar business, you really need to do a lot of researching on the people that live within about a 20-30 mile radius. Have to find out their income, how much their house is worth, what they drive, clothes they were, food they eat (this sounds silly but you can get a real picture of a customer this way; this stems from my retail experience). Take these measures and see how it performs to your business model. What are you trying to sell? Would these people be interested in buying? How many times would they frequent the shop? Would they come back even if they only came to the shop once? How many times will they purchase more than 1 item. etc. Lots of things to take into consideration when starting a brick and mortar business. Goodness. i wish you the best of luck.



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overcast
I think to make profits, you have to find out what customers want. And also find out what other competitors are doing. Those things are going to help a lot in terms of the financial benefit. And it can be good enough on the business conversion side as well. I have seen people making money through the brick and mortar business but they need more work than online. And also work on the small things and details in the way.



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kgord
It is important to keep trying but don't dig yourself a hole. I would suggest perhaps starting small, because if you invest money into another failed business you will probably not be happy about it. I mean definitely do the research, learn the ins and outs of the business before you try to market it..There is a reason that so many businesses fail in the first 5 years.



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Corzhens
I wonder what you did to your business that you had started it a few years back and now it is not earning anymore. My take on the reason of stagnation is that you had found another activity that takes your time. It’s like saying you have a new favorite so the old business was neglected. My suggestion is to find someone who can help you with the old business so it will continue with the earnings.



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Everett
I think you left out a critical thing; legality stuff. You need to make sure your business has all it's legal stuff done. For instance, if the business is online, then you need to make sure you have a good terms of service policy, privacy policy, cookie policy, and other policies that will fit the business. You do not want to be that online business that doesn't have a good terms of service or privacy policy otherwise no one would trust to buy from you. So make sure your legal stuff is taken care of, along with the other stuff of running a business.



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DarthHazard
Even I forgot about the legal stuff and I'm sure a lot of other people did as well. It would be a massive mistake to leave out the legal stuff on your website and it could cause you some problems in the future. Things like a cookie policy and privacy policy are extremely important because it ensures that your users cannot complain about certain things in the future if they are not happy (for example with you using their data to email them).



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overcast
I think when it comes to business, it's helpful to get help. And not doing everything on our own. Because that would increase the amount of time it takes for the progress to happen. Adding money into the business is something we all need to do as well. And that's in itself is going to be something worth thinking about. I think some business takes a lot of time to take off so you have to be really careful when it comes to the starting business and working on the small details.



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augusta
Starting a business can be demanding,one has to learn and make changes were one's competition failed.Ride on their failure to success.

Try and adapt to the stress that comes with starting a business and adopt both old and new methods, strategies and tactics to survive



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mildredtabitha
Nice points. Making sure there is availability of market is also crucial before starting a business. Identifying where there is a gap and making a business plan will help in starting the business with a strong foundation.

Researching and having information about the type of business one wants to start will help in making the right decision.



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Barida
This is what we call pilot survey in business, which is simply the act of ensuring that the particular product can easily sell at the market. The wrong way some businesses go is that they don't truly check the demand of those products they want to bring into the market.



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potentialwriter
While starting up a business, you must prepare to face unexpected challenges. Challenges occur in every newly set up business and even in long-term existing businesses. You must be ready to overcome such challenges for the sake of survival. You must realize that it's very feasible to make losses at the very beginning.

Capital is seriously needed in starting up and things will not work out well if money is not available. Marketing is another vital thing to consider. Without this, there is no way to generate sales. Profit maximization is equally important. Steps must be taken to maximize profits at all times.



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Everett
Definitely! Starting a business is no easy task. If that is on your mind when launching a new business then you're doing it wrong.



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JoeMilford
Straight, sharp, and to the point. Now, if it only it were that easy to employ all of these great suggestions with remarkable success! Of course it is, with a lot of work and dedication. Getting help and adapting and adopting are my two favorite suggestions here. Networking in order to learn from cohorts and THEN adopting what they teach you in order to adapt to new and better business opportunities. Also, adopting and adapting suggests that one is navigating the obstacles which present themselves along the road of any business venture.



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Corzhens
This influencer marketing is a nice one. Imagine, you can be called an Influencer by just having a lot of followers in social media. That you can be an effective endorser is exciting. On the other side of the equation, an Influencer can help you market your business by promoting it with their social media account. I remember one friend who has thousands of followers in Facebook. He is choosy in accepting frinds because he doesn't want his popularity in social media to be exploited for business.



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Everett
Well if i had many followers on facebook i would definitely monetize them for the right amount. Why not? I think the most followers i have ever had was around 2000 which to me is not nearly enough to monetize my facebook. No advertiser want to monetize a small fry, they like millions. xD



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Baburra
Great tips, and I agree especially more with the influencers tip because these days they really are almost crucial to a startup company's success. Back in the day you'd have to have a lot of money and pay celebrities to endorse your product but these days you could just pay someone from social media to endorse you for way cheaper and you'd get similar results so it really would be a shame to let such an advantage go to waste. It really is important to see the business in the context of modern culture and also see what lies ahead in the future.



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Barida
That's to show that things have really changed for the better. I've got some friends that are influence marketers and it is really easier for them to market your products than having to pay some celebrities to do that for you.



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Barida
Adjusting to changes at the market can be an effective way to remain relevant on the marketing of the products. I've seen how telecommunications companies at this part of the world try to mirror what the rivals are doing and make it better all in a bid to remain relevant and not lose customers to others.



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vinaya
I am more interested in adapt and adopt.
I have an affiliate website. On this website, I promote affiliate products. I set up this website 9 months ago. However, I have not been able to sell affiliate products. I do get traffic, but the traffic is not converting. Therefore, I decided to change the modality of the website. I am not converting the affiliate website to drop shipping website.



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Alexon02
If you use the cat electronic technician, it is better to download their application, it is more convenient.



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