Each year hundreds of companies must close, while only a few survive the first 3 years of life and a minimum amount exceeds 5 years in the market. There is no magic formula that guarantees success in business, however, there are certain points that experts from business and successful entrepreneurs, as key match for a venture succeed in becoming a profitable and sustainable business.
Here are 10 key steps that you must follow to make your Business not one of the many that fail every year.
1. Define the Reasons for Starting your Business
Many entrepreneurs start their business alone with the Idea of making money and at the first hurdle surrender. The greatest entrepreneurs in history agree that money was not their priority at the start, and the reasons that guided them were passion, desire to excel and ideals to change the world.
Take a sheet and identify at least 3 reasons (in addition to making money) to venture to start a business and take the risks that entails, once you have found these reasons you will always have reasons to go ahead although the profits of the business at the beginning Are not expected.
2. Choose a simple Business Idea
The business ideas perfect not exist. Most entrepreneurs spend their whole lives waiting for a profitable and risk-free business, and finally they never start because they do not have the "best idea."
Do not stay stuck trying to reinvent the wheel, look for a simple idea and start, then you will shape it as you go.
3. Raise a Profitable Business Model
After choosing your idea is one of the most important steps: Define the business model. This work requires all your concentration, you must take a leaf and answer:
What is my product or service?
Will I make the product or just market it?
Who am I going to sell him to?
What means will I use to take my product to the customer?
What has my product that does not have the product of the competition?
And any questions related to how you are going to develop your business idea.
4. Make a Good Business Plan
The business plan is a great business paradigm, most entrepreneurs produce them without even having the slightest idea of its usefulness.
A business plan allows you to organize your idea and simulate your performance in the market, but DO NOT, DO NOT waste your time too much by drawing up a plan, just try to organize a good document (as short as possible) and move from plan to action without Think twice.
In addition, the business plan is essential when you do not have your own capital to undertake, most funding sources will want to know your business in detail.
5. Build a Good Team
"If you can meet all your goals alone, maybe these are not big enough."
Finding a team of people who are committed and passionate just like you for your project is not easy, but it is essential that you have the support and complement of a good team.
Experts recommend seeking complementary people, with ideals and thoughts different from ours. The members of your team should be positive and give you strength and encouragement when you feel like throwing everything away.
6. Finance Your Business Properly
Avoid falling into the "over-indebtedness" error, at first you will have to minimize your expenses as much as you can. In case you have to resort to the financial market in search of money, compare the different interest rates and take the lowest and the one that gives you facilities for payment.
Remember that with a good business plan you will easily access capital from government support programs or private investors.
7. Start Once and for All
You already have the idea, the plan, the equipment and the money... then start once and for all, do not give more turns to the matter and jump to the void. This crucial moment is called "From the Idea to the harsh reality" by Andy Freire.
It is time to test your ability as an entrepreneur, it is no longer the role or a simulator, it is the real life and you will have to face all kinds of challenges and challenges. Always remember: "When the going gets difficult is because you are going up."
At this point you must be especially careful with the legal issue, a matter that many entrepreneurs ignore.
8. Promote your Business in Every Possible Way
You already have your business, it's time for everyone to know.
Prepare all kinds of ingenious advertising to attract customers to your business. Flayers, banners, banners, advertising in the media, etc. Everything is valid when it comes to promoting your business.
Do not forget to create your own website and accounts in social networks, the Internet is a very economical and easy way to attract customers.
9. Learn Everything About your Business.
Knowing your customers, suppliers and competition will be fundamental to make your business competitive. You must listen to your environment, give your customers what they want, create mutually beneficial relationships with your suppliers and analyze the strategy of your competition.
Attending business conferences and business fairs is another good idea of training, in addition to books and seminars that allow you to acquire strategies to implement in your business.
10. Establish your Growth Strategy
Most businesses are stuck with a small portion of the market that generates enough money to subsist and maintain their owner, however, a true entrepreneur is not a conformist and is always looking for ways to expand his business.
There are different ways to grow a business, but it is very important to have defined growth strategy. Are you going to open new premises, or maybe sell franchises, make acquisitions, create alliances, etc.?
It is important that you determine these, so your growth will be sustainable and planned.
Remember that in the business world growing is not an option, or you grow or your business disappears.
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