Have you long had a desire to own your own business? Starting a business is full of challenges and rewards. Successful small business owners confess they’ve never worked harder in their lives. The key to running a profitable small business is the development and delivery of a product or service that fills a need in the market place. Product, process and people are the fundamental components of every small business. You may have the greatest invention ever, but if you can’t market and sell it, and deliver it to a client’s satisfaction, your business won’t grow and be successful. Follow these recommendations from successful small business owners and your small enterprise will thrive.
Write a business plan. Include the cost and process or product development, marketing and sales and product delivery process. Know your costs and human resource needs every step of the way. Even if you’re not seeking venture capital or a bank loan, knowing your startup costs is the only way to determine when you’ll become profitable. Operating costs should be kept to an absolute minimum during the start-up phase. Many small businesses start in garages, basement or even kitchen tables. To keep receivables from stretching sixty or ninety days, take advantage of the awesome deals offered by Groupon coupons and set up a process to receive credit card payments upon product or service delivery using Intuit GoPayments. These payments can link directly to your bookkeeping software.
Commit to operating with the utmost integrity when dealing with employees, vendors, prospects and clients. Your employees will treat your customers the same way you treat them. Know that you are responsible for establishing the culture of your company. Never, ever make promises to clients that you can’t keep. When the unforeseen problem arises, and it will, own it. Take full responsibility and communicate with your client the steps you are taking to correct the issue. An enormous amount of energy and resources are needed to secure clients, this same amount of energy and resources should be used to keep clients. Best of luck to you as you launch your successful small business!