Starting a Business? What You Need to Know First

Who hasn’t dreamt of being his own boss and launching a business that will one day become the next Amazon or Google? The idea of having the freedom to pursue your dream is exciting for anyone who has gone through the drudgery of corporate world. While this is indeed exciting and noteworthy you also need to know that starting your own business is not something that everyone can do. It takes lot of effort and commitment to build a business that will one day rival Amazon of today. For every Amazon there are hundreds of others who did not make it. Don’t lose heart, though. With good understanding of what it takes to start a business and little perseverance you too can build a respectable sized business even if it is not the next Amazon. Here is a 5 step process you need to go through before taking the plunge.

• Know Your Strengths and Weaknesses – Before you even take any action do some self reflection and know who you are. Not everyone has what it takes to start a business. You need to spend significant effort and money while having a good support system to be able to call your own shots.
• Find the Market – Having a good business idea is one thing. Finding a buyer who also will like it and pay for it is another. Not all business ideas have the sizeable market to support your business. Uncle John and Aunt Shelly do not make a market. Test your idea with some of the folks you trust with giving you the right advice even if it is bitter.
• Understand Competition – Even if the market exists for your product or service if the competition is intense and has already cornered the market you will find it difficult to penetrate it. You are better off pursuing a different market or at least find a niche for which you can attract customers.
• Test the Idea – Before going all out on the idea it is better to prototype few samples and test them with your target customers. You will not lose everything if you take this approach. You will either know that there is no market for your idea or be able to tweak it based on the customer feedback before going with full launch.

3 Proven Strategies to Give Your Small Business Competitive Edge

The last century has seen unprecedented rise in competition for businesses. With the rise of internet it has become easier than ever for businesses of all types to have a global reach. If you are going to have staying power in the business world you need to take advantage of the latest innovations, such as tapping into SIP trunking providers, developing an online presence, and using social media. To be successful you need to take a look around and learn from the success stories of your competitors. Find out what formulas are working and perfect them in your business model. The 3 time proven systems that are required to position your business against global competition will help you move in the right direction and ensure longevity of your business.

1. Focus on Staff

Your employees are the backbone of your business. No matter how great your service or product is, it will not get you anywhere if you don’t have an excellent team to support you. Provide your staff with professional development opportunities and incentives to give you their best. Respond to their needs and create a positive environment at the workplace. Be highly selective during the hiring process and go with your gut instincts when you feel you have an excellent fit. Pay attention to who is being productive and who isn’t. Offer constructive criticism to those who need improvement, giving them the opportunity to grow. Reward those who excel to continue moving in the right direction.