Each year hundreds of companies to be closed, while only a few survive the first three years of life and a minimal amount exceeds 5 years in the market.
There is no magic formula that guarantees success in business, however, there are certain points where experts from business and successful entrepreneurs, as the key match for a venture, succeed in becoming a profitable and sustainable business.
Here I share 10 key steps you need to take to achieve your business is not one of the many that fail each year.
1. Define the reasons to start your business
Many entrepreneurs start their business only with the idea of making money and at the first hurdle surrender. The greatest entrepreneurs in history agree that the money was not his priority at the start, and the reasons that led them were passion, the desire to excel and ideals to change the world.
Take a sheet and identifies at least three reasons (besides making money) by which venture to start a business and take the risks that entails, once you have found these reasons always have reasons to keep going though the profits of the business to the top They are not expected.
2. Pick a simple business idea
The business ideas are not perfect. Most entrepreneurs are lifelong expecting a profitable business without risk, and ultimately never undertaken because they have “the best idea”.
Do not stay stuck trying to reinvent the wheel, looking for a simple idea and starts, and then you will go shaping as you go.
3. It poses a profitable business model
After choosing your idea is one of the most important steps: Define the business model. This work requires your full concentration should take a leaf and respond:
- What is my product or service?
- Am I going to make the product or commercialize only?
- Who will I sell?
- What means will be used to carry my product delivered to the customer?
- What does my product that does not have competition?
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And all questions regarding how will you 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 their performance in the market, but beware, do not waste too much time developing a plan, just try to organize a good document (as short as possible), and passes the plan into action without thought.
In addition, the business plan is indispensable when you do not have to undertake equity, most funding sources will want to know in detail your business.
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5. Put together a good team
“If you can meet all your goals alone, maybe these are not big enough.”
Find a team of people who are committed and passionate like you for your project is not easy but is essential to count on the support and the complement of a good team.
Experts recommend people seek complementary, with ideals and different from our thoughts. The team members must be positive and give you strength and encouragement when you feel the urge to throw it all away.
6. Finance your business properly
Avoid falling into the trap of “over-indebtedness”, at first you’ll have to minimize costs as much as possible. If resorting to the financial market for money, compares the different interest rates and takes the lowest and one that will provide credit facilities.
Remember that a good business plan will be easy to access capital from government support programs or private investors.
7. Start once and for all
You get the idea, the plan, equipment, and money … it begins once and for all, no bones about it the matter and jump into the void. This crucial moment is called “From the Idea to the harsh reality” by Andy Freire.
It’s time to test your ability as an entrepreneur, it is no longer paper or a simulator, is real life and have to face all kinds of challenges. Always remember:“When the road becomes difficult is because you go up.”
At this point, you should be especially careful with the legal issue, an issue that many entrepreneurs ignore.
8. Promote your business in every possible way
You have your business, it’s time for everyone to know.
Prepare all kinds of clever advertising to attract customers to your business. Flyers, banners, loudspeakers, advertising media, etc. Anything goes when it comes to promoting your business.
Do not forget to create your own web site and social media accounts, the Internet is an economical and easy way to attract customers.
9. Learn all about your business
Knowing your customers, suppliers and competition will be critical to your business competitive. You must listen to your surroundings, give your customers what they want, creating mutually beneficial relationships with your suppliers and analyze the strategy of your competition.
Attend business conferences and trade shows 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 find themselves stuck with a small portion of the market that generates sufficient to support themselves and their own money, however, a true entrepreneur is nonconformist and is always looking for ways to expand their 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 stores, or maybe will sell franchises, you will make purchases, you will create alliances, etc.?
It is important that you determine these, and your growth will be sustainable and planned.
Remember that in the business world growth is not an option, or your business grow or disappear.