So, you plan to start a new business or business you can do better and you need to improve your strategy – this is your big 10 key to make it work:
1) Look at the competition. What are they doing? Why did they produce more money than what did they do than you? Where did they advertise? Who responds to their advertising? How did they become authority in their business field?
2) Be careful. Don’t come out and spend all your money immediately. Don’t go and get a big bank loan and send it too! Whatever you think about spending – why not spend half of it and keep the rest as a backup. You will always need more money for unexpected costs. Don’t open all.
3) Do some research. Seriously, whether you really will invest in stock, equipment or anything without checking first to see if anyone will buy your product or service? It sounds clear but I have seen many new shops open, sell anything and close 6 months later. How? Well clearly they never bother checking whether there is a market for what they sell. Don’t just trust your intuition – do a real test.
4) Create a plan. Planning sounds clear but many people miss it. Writing the items down really helps issue your thoughts, and give you a reference framework for later. Brainstorm on paper for ideas – Make a mind map and return to them because your business takes place to update it.
5) Listen to suggestions. Wow – The number of business owners I meet who will not listen to the advice of others! Why not? They basically stubborn and think they know it’s all I think – so please, don’t be one of them. When someone says to you, “Maybe you have to change the color of the carpet” or “Why not think about changing your web design” – Listen to them!
6) Listen to your customers. Ask them what they like about you and what they don’t do. Ask them what else they want. You might be very surprised by the answers you get and most likely will get some of the best new ideas that you have ever had.
7) Get help. Don’t try to do everything yourself. You will burn yourself and how can you compete with other companies that have 5, 10, 100, 1000 employees? You can’t, so get as much help as possible.
8) Willing to change. Everything changes, so you have to too. Don’t think it’s because people always like the chocolate they always do. Many things come out of fashion – don’t let your business become one of them!
9) Dare to be different. Usually ideas are slightly different from the norms that do it well. So for your business as seunik as possible, but remember – unique doesn’t mean weird!
10) Enter your business. Find out everything about it. Research, read & connect with people in the same area. There will always be valuable information that you will get from just getting into your subject area. How can you sell surfboards if you don’t know how to surf? You might be able to, but to be very successful, you need to know your business area inside.
