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Tips for Starting a Small Business To be able to dream about how successful your business can be is good; but to actually make it successful is amazing. For the most part, it’s about the hustle – the decisions you’re making, the steps you should be taking day after day to get to where you planned to go. The following tips can help you get started in the right direction: 1. Decide on a business type.
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There’s no need to reinvent the wheel. The best business type for you may be something tried and true, but with your distinct personal twist. Just look around to see an endless range of repeatable ideas: we all buy food, drink water, get haircuts, need electricians, and so on and so forth. You can co-exist with your competitors successfully. You just need to make your version stand out.
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2. Make your business plan simple. New aspiring businesses owners usually think they have to sit down and write a long and detailed business plan. If your venture is pretty basic, one page is often enough, as long as it covers your products and/or services, your target market, your pricing, and your plans for making things happen. It’s going to be fluid as soon as you dive in, so it should be simple at the start. 3. Know your target market. Know who exactly your customers will be. If you’re making a skin cream, for example, don’t say “every woman” or “everyone who has skin” may buy from you. Are you talking about women buy beauty products from the supermarket or drugstore, or those who see a dermatologist for all their skin-related needs? The more specific you are, the more focused your marketing campaign can be. 4. Spend time to perfect your pricing. Your pricing shouldn’t just cover your expenses; it must also bring in profit for your business. Remember to factor in your talent and your time (though a lot don’t, which is a big mistake). One thing you can do is work the numbers from the top down – how much do you expect to make yearly? How will that break down weekly and monthly? How many clients should you aim for and how much should you sell? Plan your numbers and review them every now and then to make sure they’re still realistic. There’s no need for anything complicated. 5. Minimize your costs. Until the sales are pouring, limit your costs. Be creative: that fancy commercial kitchen will be perfect for your cakes, but an inexpensive or free church kitchen can serve the purpose for now. Don’t hire a full staff just yet; instead, man your business yourself with the help of relatives, friends and interns. 6. Go grab customers. This is where things begin to make sense. Creating a marketing plan that will capture people’s interest and converting them to customers should be your number one goal. Your top priority should be to create a marketing plan that entices people and converts them into customers. Don’t be overwhelmed: just begin where you are and with what you can do.