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5 Things to Know to Start or Run Your Own BusinessBy Brian Tracy
The dream of starting or running a business is one shared by many people. And yes, even with the economy in an uproar, now is one of the best times ever for you to get started.
To that end, I've laid out 5 important things you must know to hit the ground running. When getting started, you will know up front whether your plans will fly or not by answering these 5 simple questions. If you want to succeed, here they are.
1. Find Out What People Really WantThis is half the battle. Before starting out, find out what your customers or clients really want. What do you think they will buy from you? The opportunities here are endless. This is where you really want to let your imagination fly. Take a look around and see what other business owners are selling. Can you twist or turn it to make it look new? How can you make it better, faster, cheaper or add a unique twist to it? If you give people what they want, your opportunities for financial success are limitless.
2. Solve People's ProblemsLook around you. Everywhere people are trying to solve their problems. Here is a golden opportunity to come up with the solutions they are seeking.
Just 15 short years ago, before the advent of the Internet as we know it today; business owners were struggling to find profitable ways to adapt the new technology to their businesses. Some smart entrepreneur came up with the idea of selling advertising. That was a start. Another designed inter-active websites. Someone else created the idea of email. This one idea revolutionized the possibilities available to business owners on the World Wide Web.
Just imagine what online marketing would be like today without email. Next came auto-responders. This made it possible to load up ads and information all at once and have them sent out at regular intervals to your customers without having to be in front of your computer. What a great problem solver. Is there a burning problem in your industry?
3. Learn How Business Really WorksTo be successful, it's a good idea to have a basic understanding of the inner workings of a successful business. Do you know the best way to get a business loan? If you present yourself the right way, the answer is usually yes. But if you don't know how to put together the proposal—forget about it.
Successful business owners learn a little about things like bookkeeping, advertising, and marketing and of course sales. Taxes and financial planning are also good things to know. I'm not talking about getting a business degree; just a quick foundational knowledge so you'll know if the business advice you're getting from the experts makes sense or not. Remember, it's your business. What can you learn to help you succeed?
4. Great Customer ServiceGreat customer service is vital to your success. What you do after the sale is even more important than the initial sale. Decide upfront what your return and refund policies will be. How will you handle customer complaints? Once you decide what the lifetime value of a customer is, you will soon see it's in your best interest to keep them happy and keep them buying. Your customers and clients are the life-blood of your business. You should always be on the lookout for new ways to enhance their shopping experience with you and your company. Don't be afraid to try different and unusual ways of keeping their interest in you and your products or services. How can you improve your customer service today?
5. Don't Be Afraid to Start SmallMany of the large corporations you see today came from humble beginnings. When you're first starting out, money is usually tight. This is normal. Use all the resources you have at hand to bootstrap your business start-up. Today's successful entrepreneurs went from adversity to success by being resourceful. Even if you feel you have nothing when you start out, keep these 5 rules in mind and you will make it. One good idea can be your stepping stone to financial freedom and your first million. What's holding you back?
Action ExerciseTake some time to look around for business opportunities. They may be as close as your front door. Be curious. Talk to people to see what's bugging them. All you need is one good idea. Also remember to find a business mentor. Someone who has been where you are now and can help you discover the finer points of starting, running or managing a successful business.
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