10 Steps to a Successful Business

  1. Establish a brand image
    1. When creating a business, it is essential to invent a name and corresponding logo that is clear and concise. The name and logo should correspond in to the service or product offered making it easier for the general consumer to know what market segment you plan to serve.
  2. Create a strategy
    1. A general strategy should cover the basic questions that surround the business building process. For example, what product or service will you offer? How will you attract consumers to your business? Focus on one item or service then, as the needs arise, add supplemental services and products.
  3. Become an expert
    1. Know the product or service you offer, as well as the customer base you plan to serve, inside and out. Having this knowledge will easily allow you to add value to your product.  This value can come from a warranty, guarantee, proprietary method of operation, etc.
  4. Outline a budget
    1. Creating a budget will help keep expenses in check and track growth. Knowing the cost of operations allows the business to find cost cutting opportunities.  Streamlining your business will lower costs while increasing profit margins.  By budgeting out the costs. you create a targeted break-even price strategy for your product or service.
  5. Choose legal structure
    1. The business structure created for the entity is dependent on what liabilities you would like to be legally accountable for and how you would like to be taxed. https://www.sba.gov/starting-business/choose-your-business-structure is a good place to visit to see the pros and cons of each business structure.
  6. Analyze advertising
    1. An advertising strategy should be designed to reach the majority of your target market and differentiate how the product or service you offer will surpass what can be received from competitors.
  7. Launch marketing
    1. Once the advertising strategy has been finalized, remain consistent with the image you present.  Use the same formatting, logos, and other images as previous campaigns.  This creates familiarity within your target market and increases brand recognition.
  8. Maintain constant communication
    1. It is important to remain in constant contact with your customer base. Ask questions and request feedback about the service or product you have provided.  This allows you to improve your core functions and add complimentary services or products to produce additional revenue from an existing customer base.
  9. Over deliver service
    1. When performing a business function, providing service beyond customer expectations will lead to repeat sales and positive word of mouth advertising. This advertising is of zero cost to the business but has infinite revenue generating possibilities.
  10. Develop a growth plan
    1. After the customer base has been established. Focus on creating a growth model. This could include expanding the territory in which your product or service is offered or simply aiming to increase the customer base in your target area.