How to Build Your Business in One Day!

The state of the economy is improving, and a lot of businesses are going back out there looking for new clients. Time has always been and will always be essential when doing business. Here are 5 steps to get you started.

• Build your contacts.
Gather all your contacts from past to present. It’s important to keep tabs with all of them as you might need them right now or in the future. Make sure to keep things organized for your own convenience.

• Make contact.
It’s never too early to get a hold of your contacts. Let them know that you still acknowledge them, especially those clients you haven’t spoken in a long time. As mentioned before, you won’t know when you’re going to need their services so it’s better to make them feel important. This can also be a good way to let them know about your new product or service – see if they might be interested or have an opinion about it. After the initial contact, do make sure to keep all kinds of communication open all the time.

• Networking.
This one word is probably something you’ve often heard when you started out working in the real world. Networking is definitely important, and many people will tell you that. It is the best way to meet new people and get to know them and what they can offer. It’s more personal and more interactive. Go and attend several networking events.

• Promote your business.
Spread the word. Do some marketing. It doesn’t have to be expensive, but it has to be interesting. There are so many businesses battling to be on top. Show people what makes your product different and better.

• Research.
Businesses always have room for improvement. Go and do some research. Take notes. Review your initial product. Ask yourself if there’s something that will help make your product or service better. Conduct a focus group where they can try out your product and see what they think about it.
All these steps can be done in one day. But it takes more than that and patience, hard work, and perseverance to help sustain your business’ success.

8 Business Pitfalls to Avoid

How can you increase your chances of achieving business success? By winning the lottery or inheriting oodles of money? Whether you are an established entrepreneur or you are just starting out in business you need to realise and accept that there is no quick fire road to success.

However when you take steps to avoid the cracks (pitfalls) in the footpath you stand a better chance of paving your way to business success.

Here are the 8 Pitfalls to Avoid:

  1. Success Breeds Success. Do you think you know everything about business? Have you realised yet that you don’t have all the answers? Become an effective and profitable business by seeking advice from people who have already achieved great success. Let’s face it they have done the legwork. Connect with highly successful achievers and absorb all the experience and knowledge you can.
  2. How Big is your Vision?Did your business start out as a small idea? Has your small idea grown, changed or evolved? How much impact is your small idea making toward to future? Think big from the start. See your business at varied intervals – five, ten, twenty years. Ask yourself – What do I want to achieve and How will I be remembered? Believe in your vision and make it happen.
  3. Who is your Market?Before you rush headlong into your business you must research your market. Never assume that you know who your target audience is or what they want. Assume and you may miss the biggest opportunity of your life. Understand what your market needs and adapt as your business grows.
  4. Don’t Ignore Social Media. Not entered into business battle with social media yet? Admittedly social media is the talk of the town – it’s in the moment, right now. But is it necessary for my business you ask? Quite simply yes. Social media used in a targeted way can be a very effective marketing tool. Learn how to use it and choose what suits you best.
  5. How Do People Get to Know You?Your brand is your reputation. Your brand is your personality. Your brand is what others think of you. What does your brand say? Make sure your brand meets with your standard, your expectation and delivers the identical message and service to each and every client you do business with.
  6. Look after Loyalty.Heard of the 80:20 rule? That 80% of your work comes from 20% of your customers. And who are these customers? Existing, loyal people who have established a long-term, ongoing relationship with your business. Don’t overlook these people and only focus on attracting new customers. Stay in touch with them and show your care and appreciation for their loyalty.
  7. Improve your Business.Ask for feedback. How else can you manage any issues that arise? How can you change if you don’t even know there is a problem? Or do you think that you are doing everything right?Request honest feedback at random intervals or as standard with all new customers. Learn, improve and achieve better results.
  8. Plan your Finances.What is the main reason why most businesses fail? Poor financial planning and negative cash flow. Start your business with a plan, follow your plan, adapt your plan, and watch your business thrive. Manage your money well; over-estimate your expenses and under-estimate your income. Surely you’d rather have more money than not enough?

Personal Qualities Required To Be An Entrepreneur And Start Your Own Business

A lack of skill, ability and experience in certain business areas need not be a barrier to success and starting your own business. The personal qualities exerted by a small business owner overcoming deficiencies over and over again are vital and present in many entrepreneurs much more so that specific technical knowledge.

Not everyone is a master of all business attributes in fact very few are. Certainly being a master of all is a fantastic position but unrealistic while certain personal qualities are essential to fight the inevitable battles to come. Business battles the successful entrepreneur wins.

Businesses that have grown and become medium sized and bigger are not reliant on the business owner entirely. Employees are engaged with specialist skills and abilities to develop and grow the business. A sole trader just starting out has to settle for a comfortable living or have the ability to grow the business to the point where more specialist abilities can be added to the business.

Most small business owners who start a new business do so in an area where that small business owner has some knowledge, experience and skill. It is a natural progression having acquired the business knowledge and experience to use those abilities to build the business under self employment rules rather than earn profits for an employer.

The personal qualities a small business owner possesses are more likely to determine the level of success. Abilities such as hard work, determination, persistence, intuition, tolerance and aggression can be the bedrock of success. But the road to success is not all slam wham bang for the entrepreneur.

Small business owners invariably work longer and harder than employees. An employee works for wages and an adequate work performance is enough. A small business owner is more likely to be on the job at first light, miss the coffee and dinner break and twelve hours later announce he has to finish off for the day because he has to go home and do the business accounting books that he started on Sunday.

Determination and persistence go hand in glove with success. Every new business runs into problems at some time or reaches a stage where the business owner needs to be completely focused and stick with a strategy to make the plans work. Things go wrong from time to time; its normal, determination and persistence are valuable qualities to see through these times.

Aggression in forcing through a business plan may sometimes be the only viable option. Not physical violence but the heightened state of anxiety to push through the plan and make it work with controlled aggression and passion. On the other side of the coin there will be times when the small business owner has to exercise tolerance and just go with the flow.

Many small start up businesses go out of business within 2 to 3 years of starting a new business. A major cause is under capitalisation which basically means they run out of money. Liquidity is a major area of concern for every small business entrepreneur and a cautious approach to a new business can be of considerable value.

There is a strong tendency for a new business start up to borrow money and buy new equipment just to get started. Such businesses are taking a major risk the plans will work. Some plans do work but rarely it is a smooth path and a better option is to build the business and reinvest profits made.

A more cautious approach would be to start a new business without borrowing substantial funds because if the small business owner has the ability to make a success of the business and make money then they can usually do so without external funding and use the profits made to build the business in the future.

The sound reason for a small business or a start up business to borrow money is to already be showing a good financial performance. Use the extra funds to speed up future success while borrowing funds with no track record is a gamble and a gamble which fails only too often.