Get
The Fundamentals Right
By: Kevin Sinclair
To
succeed in business on the Internet, or in the
off-line world, requires an understanding of
the fundamentals of business and using them
to your advantage. In this article, I will outline
what I consider the fundamentals of business
success are.
Believe
in Your Product or Service
First, you need to believe in your product or
service. If you don't believe in it, you will
have a great deal of difficulty selling your
product or service to other people. You also
need to have confidence in your ability to provide
and promote your product or service. An old
saying sums this up best by stating: "All
things are possible to he who believes".
Aptitude
for the Business
Secondly, you need to have an aptitude for the
business. You will also need the motivation
to acquire at the very least basic skills and
experience before you start your business. If
you were to set yourself up as a web designer
but did not have any skills or training in this
area, then you will almost certainly fail. However,
if you are employed as a bookkeeper and you
enjoy the job, then setting up your own bookkeeping
service would be a sensible choice with a greater
chance of success.
Be
Responsible
Thirdly, you need to be responsible to your
customers. This is achieved by only making commitments
you can keep and by not engaging in misleading
or dishonest advertising. If you want to build
long-term success in your business, then you
need to develop long-term satisfied customers.
When their needs are being satisfied, customers
are at their happiest.
Aim
for High Quality
The next principle is that you need to have
a high quality product or service. This will
be your best advertisement. Inferior quality
products usually generate poor customer satisfaction.
A dissatisfied customer can be very dangerous
for your business. Usually they tell on average
about fourteen other people who will then be
disinclined to buy your product or service based
on the experience of that one dissatisfied person.
Therefore, always aim for a top quality product
or service.
Make
a Profit
However, it is not enough to have a top quality
product or service. You also need to have a
product or service that will generate enough
income to cover all your business expenses and
give you a satisfactory wage. A friend of mine
once said that business is only about two things:
satisfying customers and making a profit. A
simple statement but very true.
Sufficient
Start-up Capital
You also need to have access to enough cash
to set up and run your business, and enough
income to meet your private expenses during
the start-up phase. A major problem with many
home and small businesses is that they fail
to have enough money available to ensure their
success. There is nothing more discouraging
than having a great idea, getting it started
on a shoestring, not being able to expand due
to cash shortages and seeing a competitor come
along and steal your market.
Start
Small
Another fundamental principle of home business
success is that you start small. This will enable
you to minimize your overheads until you are
confident of your success in the marketplace.
For many of you, this would mean starting part-time
while retaining your full-time income source.
When you can, expand your business into a full-time
venture. This is a great way of minimizing the
risk of failure.
Be
Well Organized
Successful businesses are well organized. They
have a system for keeping track of expenditure
and earnings. This level of organization in
your business will help to ensure that you are
providing your customers or clients with a top
quality product or service. It will also ensure
that you have enough information available to
maximize your profitability and to satisfy your
legal requirements for record keeping.
Be
Prepared
Preparation is another key ingredient in your
business success. This preparation will include
being aware of the regulations and laws affecting
small and home business. Armed with this knowledge,
you should not have any nasty surprises from
unintentional violations of the law.
Have
a Business Plan
Finally, successful businesses have developed
a comprehensive business plan. This is their
road map to success. It tells them where they
are going and how they are going to get there.
There are a number of good resources about business
planning on the Internet. Here are some:
www.bplans.com
www.businesstown.com/planning/creating.asp
www.bizplanit.com/vplan.htm
Conclusion
It has been said that genius is one percent
inspiration and ninety-nine percent perspiration.
The same can be said about business success.
Without having the fundamentals in place, a
great business idea will usually fail. Set yourself
up for success by considering each of the points
raised in this article.
Author
Bio
Article by Kevin Sinclair, CPA, of Personal
& Business Success Resources. Visit his
website at www.business.ksinclair.com.
Article
Source: http://www.ArticleGeek.com
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