So, you’ve decided that you want to open your own business. Well, Congratulations!
It is one of the most satisfying and fulfilling endeavors that you can enjoy. However, it is not an easy path and there are certain practices that you should keep in mind in order to be successful. Success is not a sure thing. Depending on what kind of business you want, here is a list of 10 things you might consider as you make plans and decisions.
1. Make a business plan. It’s much more important than you realize. If you don’t have a goal you won’t know when you reach it. It’s just an educated guess as to what to expect, but be honest in your assessment. Over estimate your expenses. Underestimate your income. Know where your finances are coming from before you get started. Have an exit strategy.
2. Have a web page about your business. Hours of operation. Phone number, email address. Be prompt in returning calls and emails.
3. Be open when the customers are going to come around. Be open on weekends and holidays. Don’t close willy nilly. If you need a day to be closed, make it Tuesday or Wednesday. Believe it or not, Mondays are a good day to be open. After you’ve been open a few months, you can decide if hours of operation should be amended.
4. Have multiple income streams: Internet sales, local sales, sales to folks in nearby cities.
5. Make your place of business inviting. Have friendly staff with a good attitude. Maybe outside seating or free internet.
6. Set aside a certain amount of sales to give back to customers. Free samples, specials, contests, etc. I used to set aside 4% of sales for that purpose when I was a salesman.
7. Signage. You can’t sell them if they can’t find you.
8. Diversify as much as you can. Maybe a place for parties, reunions, weddings, RV parking, B and B, depending on what you have available.
9. Keep good records. Note what works well for you and what doesn’t. Promote the good stuff, get rid of the bad. There are only so many hours in the day to do it right. If you’re not a book keeper, hire one to help you set up your books.
10. DO NOT SELL BAD PRODUCT!! If it isn’t good, toss it. Don’t discount it to get rid of it. People will only remember that they got bad stuff at your place.
Maybe some of this seems a little harsh, but it isn’t easy. I hope some of this will help you along your path to success.
