Opening your own small business can be a real big gamble. If
you do not do your research well, you will wind up like most small businesses,
and that is out of business in less than 6 months.
The most important thing to remember when opening up newsmall business is the location. When
doing your research for your new business you want to make sure you are the
only business of your time in the area. If you are opening a video store you do
not want to open near another video store. Remember if you are exclusive to the
area, you will automatically get the business of those living in that area.
Research is Key to Small Business Success
The next most important thing about opening a small business
is you supplier. Do not have just one place to get supplies from, you should
have several. By having more than one you can assure yourself that you are
getting the lowest prices from them. And if they know about each other they
will try to outdo each other to get your business.
Make sure that the products or services that you will be
offering are desired, do not just decide to open up a store without doing any
market research is like playing craps, dangerous unless you really know what
you are doing.
Advertising is important. Remember just like a casino you
are trying to make money and not lose it. By spending some money on advertising
you will increase your sales from your opening day. It is best to have a
professional help you with your advertising rather than doing it yourself,
there is no point in spending money on advertising if no one in your target
demographic is going to see it. An example of this would be like using facial
expressions to bluff in a poker game against blind players.
When picking your stock it is sometime better to have a
better selection of items and maybe not so many of each item, this way you can
see which items sell best and order more of those more popular items, and less
of the less desired ones.
In business you should not try to open a business unless you
already have experience running a related business. You may think you know how
to, but to do it correctly you really need experience, after all if you were in
a casino and looking to play poker you would not want a roulette dealer who is
trying to figure out the rules as he goes would you? Chances are you would want
an experienced poker dealer.
Depending on the type of business you are opening try keep
your staff as small as possible, and if it is possible try to get friends and
family to help you out. This will allow you to keep your costs low until you
can really get a good idea of if you are making money or not. Once you are
making money you can go out and hire people. The most common mistake people
make when starting their own small business is trying to get too big too fast.
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