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What You Should Know About Starting a New Business

| Blog | December 7, 2010

Embrace Technology

With the global economic uncertainty and poor job market, many people are turning to their own business ideas. Hence, “Startups” have become a source for supplemental income and the chance at a big time payout. While its true only a few small businesses will be wildly successful, its a common fallacy that over 80% of businesses fail in the first few years according to the US Dept. of Labor. In fact, “More entrepreneurs launched new businesses in 2009 than at any other time in the past 14 years, according to a study released… (in May of 2010 by the Kauffman Foundation).”

So we are here to say, “YES, YOU CAN DO IT!!!”

 

Invention

Most people never take the plunge. If you have a good idea for a new invention, product or service then stop hiding it from the world. Modern technology has empowered the small business owner like no other time in history. From concept development, manufacturing, computer aided design, process management, project management, rapid prototyping, focus grouping, business intelligence, super granular analytics, viral marketing, social media marketing and the list continues…

Free and cheap ways exist to get almost anything done RIGHT NOW! Learn to embrace new technology.

Embrace Technology

Its always wise to do your research first, Google can provide you a decent answer to mostly anything. Be sure to take your advice from reputable sources.

Once your research phase has completed, develop a strategic business plan, make decisions based on facts and not emotions, and set goals.

Getting expert opinions and analysis is always a good tactic. Keep an open mind but be cautious before taking a blind plunge based on any one persons advice.

“Always be testing,” and set up alerts in your respective systems where possible, so you can respond quickly to massive spikes or dips in key data streams. Important data streams to monitor usually include your sales per hour, visits per hour, call per hour and so forth.

Consider finding an investment partner or venture capital;

 

 

Work Smarter, Not Harder

Also remember to calculate the “opportunity cost,” your investment is not just money, its also time, a commodity far more precious than money. Running “Lean and Mean” is necessary for survival in the business world and seems to be the law of the jungle too!

Free & Cheap Tools for Small Businesses & Getting Exposure…

Plan for Success!

The free options for record keeping & bookeeping software are wonderful so get your accounting in a system before the IRS agents haul you in for tax evasion or even harsher civil and criminal penalties. There are many free tools for small businesses (see also: http://www.smbceo.com/free-small-business-tools/) these days that rival enterprise technology so it always pays to be on top of new developments. Change is the only thing constant in the universe, so learn to embrace it.

Other important decisions include things like getting most possible exposure and brand awareness for your budget. Cheap and effective ways to do this include EBAY.com, Amazon.com, Search Marketing, CJ.com, Google Local Ads, Ads on Local Blogs, Ads in Local Newspapers, Radio, Facebook Ads, Twitter Ads, Location Based Coupon Sites, Mobile Directories and the list grows bigger by the day because of inventors just like YOU! So get in the game, “Nothing Risked, Nothing Gained.”

No matter what type of business you decide to start up, you will only be successful if you are committed and have a good plan. Price your products competitively and always offer and be afraid to take a small risk on innovation. Some of the greatest companies were built on a small innovations.

Lastly, always strive to provide good customer service in order to facilitate brand loyalty and word of mouth marketing. If you make a customer happy, they will come back for more, and eventually bring a friend. On the other hand, one bad customer may be worth more than ten good customers because they could be pointing out holes in your defense, so listen carefully to their criticisms and adjust tactics.

by Marc Beharry

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