Article Categories
» Arts & Entertainment
» Automotive
» Business
» Careers & Jobs
» Education & Reference
» Finance
» Food & Drink
» Health & Fitness
» Home & Family
» Internet & Online Businesses
» Miscellaneous
» Self Improvement
» Shopping
» Society & News
» Sports & Recreation
» Technology
» Travel & Leisure
» Writing & Speaking

  Listed Article

  Category: Articles » Business » Home Based Business » Article
 

How To Start a New Business




By Tom Coleman

While it is tempting to just leap into a new business because of it’s exciting possibilities, a few key planning points will vastly increase your chances of success. These steps aren’t difficult, but they’re easy to skip. Many businesses ultimately depend on a slim profit margin, so planning can really help the process. Too many restaurant patrons, for instance, assume that running a restaurant seems fun because of the many restaurants they have visited, but restaurants have an especially high failure rate.

One of the key factors in planning a business model is simply researching the demand for your product. If you are great at making kitty blankets, for instance, it’s worth checking out to see if there is a market for it. The entrepreneur may find that there are three times as many potential customers for dog blankets, and by simply adding dogs to your marketing strategy, you will increase your sales four times over. This fact would be an important one to know before all the labels, website promotion, and branding was done with the words “Kitty” instead of “Pet”!

Supply is worth researching, too. Keeping with the pet blanket approach, you may find that there are tons of different blankets available, but none that have catnip in them. Marketing two types of blankets, one for dogs and one for cats, and placing catnip in the cat blankets may dramatically increase sales. Again, this type of research is much more helpful to have before any product has been made. It would be a shame to have a room full of single-ply cat blankets that will not hold any catnip, when that is the product that is a unique niche.

The brand name needs a lot of thought because once the name is out in the market, it can be very difficult to change. Picking a name, and then finding out six months later that the name is confusingly similar to a competitors would be disastrous. Finding out that the name is easily mis-spelled, hard to pronounce, or difficult to remember are all pitfalls that could have been avoided with proper planning. Apologie Clothing is now finding that web surfers are having difficulty remembering the odd spelling of their name when searching for their website, and the marketing campaign of Chevrolet Nova in Mexico failed dramatically (“no va” means “does not go” in Spanish).

Most entrepreneurs are surprised to find that once their business is successful, much more time is taken up running the business than in actually providing the service or making the product. The architect who starts his own architecture firm finds that he’s only drawing 1 hour a day – the rest is spent meeting with clients, interviewing, marketing, planning, etc. Skills such as salesmanship can be learned through courses, techniques such as accounting can be found in books, and software and outsourcing can help with payroll. But proper planning will help considerably. If a bookkeeping system is set up ahead of time, linked to the accounting software and interfacing with a business account at your local bank, this set up will save huge headaches in the future.

While no amount of planning will foresee all difficulties, these researching and planning steps will improve your odds of succeeding immensely.
 
 
About the Author
The author runs the finance website Paycheck Loans about short-term loans and payday loans, and any or all of this article may be reproduced in any form as long as there is a link to the website.

Article Source: http://www.simplysearch4it.com/article/3831.html
 
If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/3831.html" as shown above and make it hyperlinked.



  Some other articles by Tom Coleman
How To Get a Low Interest Credit Card
Consumers often have the first credit card that they ever applied for, never really analizing how the interest rate affects their payments, ...

How To Repair Your Credit Report
A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or ...

How To Stop Your Dog From Barking - Training Your Dog To Keep Quiet
Obesity in dogs is a growing problem, which can cause many problems including heart disease, joint problems, and diabetes. Almost half of dogs in America are fat, especially beagles, dachshunds, basset ...

  
  Recent Articles
Honest Riches...Is it Really Honest Money Making Guide?
by Cher K Markov

The Big Secret to Making Money With Multi Level Marketing
by Tim Stephens

Are You Running Your Business Like Eeyore?... Or Like Tigger?
by Jeff Baas

Joys of Working at Home
by Earl Williams

Who Do You Sign Up With?
by Roger Gurung

MLM Success and Choosing a Company - Business Models Drive the Behavior in the Field
by Terry Montague

Don't Get Scammed - Use These Tips To Find The Best Paid Online Survey Jobs!
by Dean Caporella

Four Reasons Why Good Time Management Technique Will Boost Your Home Business Productivity!
by Dean Caporella

Discover the Secrets to a Top Home Based Business
by Gary Wood

How to start affiliate marketing business?
by Evelyn Johnston

Enter Data Online - Work From Home Benefits and Drawbacks
by James Bradley

Are You Suited To Work From Home?
by Roger Gurung

Running a Home Based Business is not always a Bed of Roses
by Yvonne Weld

Has The Rich Jerk Out Jerked Himself This Time?
by alan martin

Ways To Get Rich - Can you afford not to read this?
by Terri-Leigh Bennett

Can't connect to database