5 EASY STEPS TO BUILD YOUR BUSINESS

Building a business for success is not an easy task. Conceiving the idea of starting a profitable business most oftentimes is not as onerous as building the business itself. Many aspiring entrepreneurs are still at the embryonic stage of business development because they do not possess the skill to actually build a profitable business. This easy to follow step by step guide provides an outline to starting a business in just five easy steps. Read also...http://hollalaycan.blogspot.com.ng/2015/06/are-you-tired-of-earning-salary-alone.html

Creating a successful and profitable business is not an easy task. It’s reliant on many outside factors, including competition, timing and demand, which you have very little to no control over at the beginning. Assuming all of these outside factors are in your favor, having a sound business plan can lead to having a successful business. Here are five steps to consider when you’re building your business from the ground up: 

1. Decide On Your Business Idea And What You Are Selling?

This question isn’t as easy to answer as you may think. Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s. Related article...http://hollalaycan.blogspot.com.ng/2015/10/top-129-small-businesses-you-can-start.html

2. Identify Your Target Market Whom You Are Selling To?

This step is a bit less interpretive as the first, though equally important. Who are you selling to? And more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television? These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. This ability to perceive your consumer's desire can only be a result of knowing them like your neighbor. 

3. Device A Conscious Marketing Strategy On How To Speak To The People?

This is a culmination of understanding your brand and your consumer. As mentioned in number two, understanding your consumer can answer a lot of questions concerning your marketing strategy: Where should you advertise? What's the voice of your brand? What kind of prices are reasonable for this demographic? In order to engage your consumer, a.k.a. sell your product to them, you must know where your advertisements will be noticed, how to speak to them, and how much they will be able to spend,

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5 QUESTIONS TO ASK BEFORE STARTING YOUR OWN BUSINESS

Every year there are millions of new small businesses opening each year and that number does not include the small one-person entrepreneurships that pop up every day. According to reports, two-thirds of new businesses survive at least two years and 44 percent survive at least four years. Two of the key factors in the businesses survival and ability to thrive are:

·        The owner's education level and

·        The owner's reason for starting the firm in the first place.

How can you make sure that you are among the winners rather than the losers in this high stakes game? The answer lies in you. You must ask yourself five key questions to determine whether your own small business will survive and thrive.

1. AM I READY TO START A BUSINESS OF MY OWN?

Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. You are going to be the one making decisions now about everything from office products to product line. This total control is one of the driving forces behind many people who take the plunge into starting their own business but it is also one of the elements that drive new entrepreneurs crazy. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.

Even more important you will need to remember that in a small business you will wear many hats. Even if you manage to start out with one or more employees you will each fulfill more than one role in your new business? And if you are running a one-man or one-woman show then you serve in every capacity from file clerk to maintenance crew to salesman to CEO. Can you handle switching from task to task and role to role like that? Are you willing to make those switches?

Similarly, have you prepared your family and friends for this switch in attitude? Your life is going to change -- probably pretty drastically -- and that change can have a positive or negative impact on your family life and social interactions. It will make things much easier if your friends and family are supportive going into the process.

2. WHO ARE YOUR TARGET AUDIENCES?

There is need to identify what drives your passion and what niche you wish to explore, one of the reasons many businesses fail is that they fail to focus on a target audience. Yes if you are a major discount chain then you can sell everything from peanuts to wallpaper but this type of business requires vast resources that just aren't available to the small business. But small businesses dominate the marketplace (creating more than 50 percent of the private gross domestic product in any economy) by finding a different approach -- a niche.

Knowing your niche means you are better able to find, target, and maintain your customers as well as provide the best possible goods and services to that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace.

3. WHAT IS YOUR ACTION PLAN?

Another key factor in the survival and ultimate success of your business is how much planning you do before you open your electronic or physical doors.  You need to decide if your business will be based on the internet or include more traditional models. Are you going to work full-time or part-time at your new business? Are you going to hire help or do it all alone? Have you written (or at least outlined) your business plan? Dreaming, thinking and planning can save you much trouble and waste later when things are hectic and problems strike. Planning can also help keep you focused and to balance your spending and time.

4. WHO WILL BE YOUR MENTOR OR BUSINESS ADVISER?

At some point, no matter how experienced a business person you are, you will need help. You will need support, advice, tools, or information -- or all of the above. One of

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