Plan for Small Business Success
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When you plan small business activities thoroughly and establish a focus early on, you're more likely to succeed.
56% of small businesses fail before reaching the 5th year of operation according to the Small Business Administration (source: http://www.businessknowhow.com/startup/business-failure.htm), and that is due to lack of planning.
Don't be a part of that unfortunate group--take your time and do
it right.
Decide What You Want to Produce and Sell
The first step that you need to take in order to start up a small business is to decide on a product or service that you want to sell. Planning small business success is mostly about finding your niche-a skill or talent that gives you an edge over others, especially your potential competition. Then you market the heck out of it.1) What do you do best? What do you do well?
2) What do you do better than anyone else in your town or city?
3) What do you create, say, or do that makes people say "Man, you should bottle that and sell it!"
Brainstorming your various talents is key as you start to plan small business success. You have to figure out what you do well, then figure out how to "bottle" it and sell it to the masses at a profit. (MARKETING!)
For instance, maybe you bake the best pies and everyone you know says so. There is one solid business idea for you to consider.
Maybe you are the smart, techie girl who's always fixing your
friends' computers. Or you just got your mechanic's license and
want to start fixing people's cars on the side. You can make
money performing this work with your own small business.
Make a Talent or Idea List
Sit down and draw up a list right now. Once you have a list of possible ideas, then you have to make a final decision and focus all of your efforts on that plan. Bottle it up and sell it.Create Your Business Plan
I won't lie to you. Writing a thorough business plan is not going to be easy, and it can take some time. But the good news is that there are countless business resources available online that give you an easy to follow template for your plan as well as information on how to fill it out (see below). You absolutely must have a business plan if you want to run a succesful small company.Read all of the articles listed under this section to get advice on how to decide and plan small business success (bookmark this page CTRL+D and come back for updates frequently).
Resources to Help You Plan Small Business Success:
First of all, Should You Start Your Own Small Business?
How to Brainstorm Ideas for a New Business
Are You Really Cut Out to Be a Business Entrepreneur?
Outline of a Standard Business Plan (from the SBA)
Cool Virtual Tool That Helps You Create a Business Plan
Outline of a Standard Business Plan (from the SBA)
What About FREELANCING? It's Just Like Running a Business.