There are a number of things you need to be aware of, and ensure never to do once you decide to go into business, if you want to succeed. You are probably aware of these if you already run a successful business. New business owners, however, need to print these tips, like a road map or navigator direction, as they may find them quite helpful.
First, you must never jump into business without doing thorough research, and having a business plan. You must know all the details about the business you are about to delve into. It is very useful to know how your finances will play out. So having a good idea of the financial details always helps. Helpful, also is your knowledge of your competition. As a matter of fact, it is only when you have done your research, and arm yourself with a business plan, that you can claim to be prepared for business. Your business plan is your real insurance and is specific to the business you are embarking on. This is your sure recipe for success. It helps provide you with a guarantee that surprises are limited or eliminated, few months down the road. As a matter of fact, when you have a business plan, if surprises do pop up (as they sometimes will), you are prepared with a back-up plan. A well written business plan makes contingency plans for emergencies and the unforeseen. Your business is like a little baby. It must be nurtured and protected from harsh environmental and adverse social conditions. You should set yourself up so that your business can operate with as little hitch as possible.
Secondly, you must never skimp on advertising. Many people feel that advertising is either too costly, or does not work, so they dont advertise. That is the typical "penny wise, pound foolish" approach. Without proper advertising, your business will be left to chance, and will never have a chance. You will be making big losses in services or product sales. It is customers that make for business success. If you're waiting for people to pass by your shop, you may be wating too long. If you rely on "word of mouth", you are leaving things to chance. Advertising is a key factor in business success. Take for example, a new and practically unknown small business that sells women's swimming suits, and is now introducing a new product. Of course, they have a website, and so they put a big advertisement in one local newspaper. The only people that will ever get to know about these products are the residents of the "SmallTown Gazzette" locality. A better way for the company would have been to place several small adverts in several, larger newspapers. Billboards also work. Its a good idea, if your business permits it, to have a billboard advertisement which is very visible in a heavily trafficked area. These advertising options may cost more, but you will reach a larger customer base. Without reaching customers, your business will fail.
Lastly, you must never let your guard down with your business competition. It is important to keep ahead of the competition. Always pre-empt the competition. Be one step ahead. If your business has a competitor, you definitely want to be wide awake to their every move. If you run a restaurant, for example, you want to be awarre what is on the menu of the restaurant in your vicinity. You may even go there to order breakfast, lunch and dinner. If they offer sit-ins, then sit-in one day, and take-away on another day. Find out what they do and how they do it. What do they not offer that you could add to yours? Is there a large selection on the menu? What are their prices? Could your prices be less, for more? Competition is healthy. It keeps you on your toes, and ensures your customers get the very best of you. Do they offer any specials or discounts? Aim for the excellence that the best restaurant in the area is offering. Dont go looking for, and pitch yourself against the badly managed one. Customers will buy from you if they have no choice, until they discover a much better, much cheaper option, then they vote with their feet. You want to either match what is offered by the competition, or offer a slightly lower price for a much better service, and much better tasting meal. Customers love to save money, no matter how little, and love to feel important, because they really are.
Dont ever jump into any business without proper research and a business plan. Making an effort to follow the above guidelines on what you must never do in business will keep you on the right track. Your foundation for a solid business success will be created and ensured. Attend to your business as if it is one of your children. Provide what it needs to grow and you will be pleased with the outcome. Make sure that you follow these three tips and watch your business grow.