Setting up a small business isn’t easy by any stretch of the imagination and there are a worrying number of businesses which fail within the first 3 years. If you are thinking about setting up a small business then this is of course something which you will be looking to avoid. To give you some help with this matter we have spoken to business guru who has taken his business Questar from a small start-up in Dayton, Ohio to a real success in just a few short years. We picked Jeff’s brain about what he thought new businesses should be doing to ensure success and here is what he shared with us.
The first tip which Mr. Mohlman shared was the importance of getting your product right before you even consider opening up a business. It doesn’t matter whether this is a service which you offer, a product which you make yourself or one which you import, it must be right before you begin selling. As they say there is only one chance at making a great first impression and that rings very true in the world of business. If you launch a product and there are faults, this is all that people will remember and soon all of those plans and all of that capital may not be worth a penny.
It is amazing how many new businesses simply fail to realize the importance of their customers, something which is almost too easy to forget about. The truth is however that you can have the greatest product or service in the world and the best prices, but if you fail to offer your customers any kind of service then you will never find the success that you may want. You must make your customers feel special and valued, failure to do so will end in tears.
Every business owner needs securities that their business is not going to fail and the perfect way in which you can give yourself that support is to hire a professional to look after the financial side of the business. This may seem to be an annoying expense but you must consider the fact that almost 70% of businesses which fail, do so because of poor financial management. To avoid this you should look to outsource the financials and focus on running the business.
Marketing should never be seen as a cost but rather an investment which, if executed correctly, will bring in a strong return on your investment. You may chose whichever forms of marketing that suits you and your business but the top and bottom of it is that without marketing you will lose market share and you will find your business struggling to bring in new customers. Speak with a marketing company and see what they can do for you with the budget that you have.
Keep it simple and try to deliver the best business you can, do that and you’ll not only survive but prosper.
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