One thing I know and have learned over the years is that there are so many businesses that either succeed or fail, more have failed than succeed. Why? Well there are some key factors that can cause one or the other. Before opening a business there are very important rules you must consider and in this article I am going to share some very essential points to help you understand how your business should survive. Here are some questions you must ask yourself before you consider even starting a business….
Question: Is the type of business I want competitive and will my product have a good, stable market?
Answer: It is very important to do research first to make sure the type of business you have will be very competitive and have a good niche market, because uniqueness and originality plays a great factor in marketing to your clients. Always outline your Demographics, Diversity, and marketing strategies. How? By bringing something new to the table, and having a product that someone needs, not just wants but, NEEDS. Something new and something that no one else has to offer.
Question: Are my business products going to be good caliber and quality?
Answer: It is a fact that if your product is of good caliber and quality you will have a great turnover rate in sales, and your clients will always look to your business for something they can count on. Quality is a great part of their trust in your business. Never, I mean NEVER sacrifice Quality for Quantity, sure failure comes when your product is not what you portray it to be, in other words saving a few bucks the wrong way can bring your business to a complete stop. Clients want what they pay for because finances are tight and if what you are selling is not good quality they will not return and they will let others know as well. I can’t stress enough….always make sure your product is worthy of your client’s expectation. Although you can’t please everyone you must make sure your product is something they can’t live without.
Question: Is my Location important for my business?
Answer: Location is very important unless of course you work at home even then you must have a place to meet clients. You must always choose a location where people will know and see your business, especially if you’re a restaurant, café, clothing store, and place where you need them to enter your business to purchase your products. Choose wisely when it comes to location, most businesses fail due to lack of traffic and being hidden from their market. Do your research on the location and make sure your location is very assessable to your market. Location, Location, Location!
Question: Do I have enough capital to start-up a business?
Answer: A sure way to fail in business is to not have enough capital to startup and make it through the first year of your business. Sometimes people throw all their eggs in one basket and at the end they are struggling to keep their business as they say…”Afloat” It becomes stressful and overwhelming. Some people work another Job to support their business which is not what you want to do. You want your business to be self-sufficient, and able to support itself without draining your life savings. That is why it is very important to calculate all your expenses in your overhead and costs, plan ahead for down seasons. I stress to you, Create a good Marketing plan, find good resources, and RESEARCH! Always consult with business owners who have had a business similar to yours for at least five years, nothing wrong with words from the wise.
Strategic Marketing for Business Survival
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