When you’re starting your own business, there’s no guarantee that your “mousetrap” is going to survive, especially in today’s fast-paced business world.
Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.
So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive — you want to know if it’s good enough to thrive! Here are three things successful businesses can do to stay survive :
1. The idea – A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you’ve got a good idea?
You’ve probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?
The most successful businesses either fix problems (either real or perceived), or they increase your customer’s pleasure. They create a repeat need for a product or service among the target market.
2. The market – Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It’s much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can’t afford it, it doesn’t matter how great it is, you won’t sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don’t think it’s worth what you’re selling it for, you won’t make any sales.)
3. Your ability – Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?
Your first step always is to create a solid business plan. Your business plan is more than an essay on “Why I deserve to get funding for my idea” however. Don’t spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you’re on course and reaching the goals that you set for your business.
The second step to business survival is getting enough financing. Although the term “bootstrap entrepreneur” describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.
When you’re creating your financial analysis of your business, make sure you’re being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.
If finding financing is a problem, either because you don’t have enough credit or equity, or there are other problems, take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.
Use other successful business models as a guide. When you’re getting started, look around. What businesses are successful? Why? What is it they’re doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you’re modeling someone who is already successful.
Find a mentor. Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.
If you take the time to plan to succeed, you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.
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Aron Bdford
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A great post!
I must say, when I started my first business I had a fantastic plan. The problem was I forgot to update it regularly and soon I took the eyes off the ball. I was too busy in my business to understand where I was going.
Copy a model of a successful business and your problems can be cut in a half. Anybody successful has been using your product?
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Success of any business plan depends upon the right assessment of client’s expectations, in-depth knowledge of market, employees satisfaction and competitors’ activities. The formulation of business plan needs many assumptions. Accuracy of these is must and needs professional approach to identify those. SWOT like business analytical tools are really helpful to assess various requirements and to formulate execution plan according to the personal parameters keeping all the stresses aside.
The tips you have suggested are factual and what I think in this regard is that every person should have complete, thorough and deeper knowledge of the market before starting any kind of business, if he really wants to survive. Otherwise, hundreds of sanres are ready to swallow new and small mice.
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Blogging business is really very risky work, we spend our too many time on blogging, but at the initial time we can not expect anything from blogging.
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great post!
“think outside the box” is the best way to get creative idea!
but please add one more, every business need entrepreneur character and Principe!
also drop entre card here
thanks
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Its tough out there especially in today’s economy. You just have to find a way to withstand all the ups and downs that goes with owning a business online, or off. Hopefully you offer a great service, or product that has value. This will help your business thrive.
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I believe persistence is key to survive especially in today’s economy.
When it comes to making money online, not many people have goals or plan out a strategy.
- Ex
This post is a great eye opener for would-be entrepreneur whether online or not to consider before plunging into the waters of entrepreneurship.
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If you really want your business to have succes you have to give all your time to it,to think positive and work hard.
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I am about to start my new business and I think this info will help me to improve my business.
This post will be very helpfulfor those guys who want to start thier own business, Thank you for posting
I am very happy to read articles about business, thanks for sharing
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this is incirdible post … just for inform you i was read something more explaining that from few days in http://www.u2tours.info/donats/greating.html
Will our business survive is what lot of people think before starting and after starting their business.
Yes, they are suggested issues to survive business presence particularly in recession. And we must learn the new things everyday to know how to implement good management for our businesses
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i just have to find a way to withstand all the ups and downs that goes with owning a business online, or off. Hopefully you offer a great service, or product that has value.
Do proper research, check out the competition, do a proper business and marketing plan, try to determine how much financing you’ll need for the first two years, and then double it try.
If you have a SUCCESSFUL family business, let’s assume you have some business experience. Then, let’s also assume your business plan and marketing plan make sense, you have sufficient start-up capital, you have the vision and energy business ownership requires, and you have a fighting chance.
Tweak your website. Or have your webmaster assist with new ideas to give your web page a new look. Many businesses change the look of their web page each quarter or season. It keeps the visitors coming back to see what’s new.
Sure the look of a website is the most important in the long run, hence it does have to do with conversions sales and most of it all “SUCCESS” !
do a proper business and marketing plan, try to determine how much financing you.it can earn lots of money