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Get The
Basics Right - Success Will Follow
Get The Basics Right Success Will
Follow
by
Kevin Sinclair
To
succeed in business on the Internet, or in the off-line world, requires
an understanding of the
fundamentals of business and using
them to your advantage. In this article, I will outline what I
consider
the fundamentals of business success are.
Believe
in Your Product or Service
First,
you need to
believe in your product or service. If you don't believe in it, you
will have a great
deal of difficulty selling your product
or service to
other people. You also need to have confidence
in your ability to
provide and promote your product or service. An old saying sums this up
best by
stating: "All things are possible to he who believes".
Aptitude
for the Business
Secondly,
you need to have an aptitude for the business. You will also need the
motivation to acquire
at the very least basic skills and experience
before you start your business. If you were to set yourself
up as a web
designer but did not have any skills or training in this area, then you
will almost certainly
fail. However,if you are employed as a
bookkeeper and you enjoy the job, then setting up your own
bookkeeping
service would be a sensible choice with a greater chance of success.
Be
Responsible
Thirdly,
you need to be responsible to your customers. This is achieved by only
making commitments
you can keep and by not engaging in misleading or
dishonest advertising.If you want to build long-term
success in your
business, then you need to develop long-term satisfied customers. When
their needs
are being satisfied, customers are at their happiest.
Aim for
High Quality
The
next principle is that you need to have a high quality product or
service. This will be your best
advertisement. Inferior quality products usually generate
poor customer satisfaction. A dissatisfied
customer can be very dangerous for your business. Usually they tell on
average about fourteen other
people who will then be disinclined to buy
your product or service based on the experience of that
one
dissatisfied person. Therefore, always aim for a top quality product or
service.
Make a
Profit
However,
it is not enough
to have a top quality product or service. You also need to have a
product or
service that will generate enough income to cover all your
business expenses and give you a
satisfactory wage. A friend of mine
once said that business is only about two things: satisfying
customers
and making a profit. A simple statement but very true.
Sufficient
Start-up Capital
You
also need to have access to enough cash to set up and run Your
business, and enough income
to meet your private expenses during the
start-up phase. A major problem with many home and small
businesses is
that they fail to have enough money available to ensure their success.
There is nothing
more discouraging than having a great idea, getting it
started on a shoestring, not being able to expand
due to cash shortages
and seeing a competitor come along and steal your market.
Start
Small
Another
fundamental principle of home business success is that you start small.
This will enable you to
minimize your overheads until you are confident
of your success in the marketplace. For Many of you,
this would mean
starting part-time while retaining your full-time income source. When
you can, expand
your business into a full-time venture. This is a great
way of minimizing the risk of failure.
Be Well
Organized
Successful
businesses are well organized. They have a system for keeping track of
expenditure and
earnings. This level of organization in your business
will help to ensure that you are providing your
customers or clients
with a top quality product or service. It will also ensure that you
have enough
information available to maximize your profitability and to
satisfy your legal requirements for record
keeping.
Be
Prepared
Preparation
is another key ingredient in your business success. This preparation
will include being
aware of the regulations and laws affecting small
and home business. Armed with this knowledge,
you should not have any
nasty surprises from unintentional violations of the law.
Have a
Business Plan
Finally,
successful businesses have developed a comprehensive business plan.
This is their road map
to success. It tells them where they are going
and how they are going to get there. There are a number
of good
resources about business planning on the Internet. Here are some:
http://www.bplans.com
http://www.businesstown.com/planning/creating.asp
http://www.bizplanit.com/vplan.htm
Conclusion
It
has been said that genius is one percent inspiration and ninety-nine
percent perspiration. The same
can be said about business success.
Without having the fundamentals in place, a great business idea
will
usually fail. Set yourself up for success by considering each of the
points raised in this article.
___________________________________________
About the Author:
Article by Kevin Sinclair, CPA, of
Be Successful! Business & Personal Success Resources
( http://www.ksinclair.com/
). He is the author of 2 free ebooks:
"Success Secrets" & "How To
Choose A Home Based Business".
Kevin is also the publisher of "Be
Successful News" - a free ezine
dedicated to your online business
success - to subscribe,
visit http://www.ksinclair.com/pbs_news.htm
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