Thursday, 30 June 2011

Top tips on how to start a successful business

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1) Somewhere, something incredible is waiting to be known.”- Carl Sagan:
Research your product and target market completely when setting up a business so that you can assess, develop and validate your business ideas to get a deeper understanding of its commercial potential.  Place yourself in the shoes of your customers to identify their needs and wants. This helps to make sure you are offering what people want to buy not just what you want to sell.
"Strive for excellence, not perfection."- H. Jackson Brown Jr:
Business start-up success does not usually happen without massive, inspired action. Learn the language of marketing and how to boldly ask for what you want often. Be committed to learning as much as you can about sales, marketing for a successful business. Too many entrepreneurs focus on getting their brand right before they start to generate leads. That is exactly the wrong way to go about business. Leads are always more important than your brand therefore don't waste money perfecting your brand and spend that same money to buy new customers. How To Make Money With Social Media by Jamie Turner is a great book to begin with since more and more businesses are turning  towards social media marketing.

3)     Mistakes are the portals of discovery!- James Joy:
Be brave by making bold choices and learning from your mistakes helping you grow your business knowledge. Starting and Running a business all in one for dummies is the perfect book to buy and read to refer back to.

4)      Always find new ways to keep cost low:
Make sure your plan is thorough and be prepared if things do not go to plan. In your plan it is also wise to always overestimate expenses and underestimate revenues in the first couple of years. Starting a business? Working from home? Need a prestigious address for your business? Registered Address is able to provide you with affordable central London addresses with free mail forwarding for an affordable annual fee. 
5)      Get cash flowing: Find ways to get money up front and your cash gap will never be an issue. One way is to get customers to pay an up-front monthly fee to guarantee their delivery or availability of items they will buy continuously.
6)      Find creative ways to increase profit: There are many ways to increase profit: Developing effective ways to convert more leads into customers, increasing the number of times those customers buy from you; increasing the average price point of your sales and increasing your profit margins.

7)      Continuously test, measure and track your results: Through testing and measurement you can develop, improve or change your strategy or program.

8)      Prioritise adding value instead of offering discount:  Whenever you discount, you are taking money directly out of your pocket and directly from your bottom-line profit. Offer your customers added value all the way up and down your product or service line. One way could be to increase your margins with the low-cost or no-cost extras and any kind of, “freemium” offerings. This will encourage customer loyalty and word of mouth will spread across your customer base.

9)      Seek help:  Find someone who is successful in business, outside of your business, that you can rely on for objective business advice and to hold you responsible for getting results. You can even employ a business coach to give you a helping hand.

10)   Take positive action: Believe in yourself and your abilities then take action! Always find ways of solving problems through planning and strive to overcome challenges. The best personal motivation book I have ever read is, Think &Grow Rich by Napoleon Hill. Please email me if you want a FREE e-book. The Secret by Rhonda Byrne is another fantastic life changing read that I thoroughly recommend. Want to think like successful people then these are the books to buy and read!

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