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What are successful buissness tips

Any tips that can help start up a buissness #buissness

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John’s Answer

Great Question Mary

There are two main purposes for writing a business plan. The first, and most important, is to serve as a guide during the life of your business. It is the blueprint of your business and will serve to keep you on the right track. Second, in order to be of any value, your plan must be kept current.

√ Business Description
√ Products or Services
√ Personnel
√ Location
√ Target Market
√ Competition
√ Advertising
√ Industry Trends
√ Location
√ Start Up Costs
√ Expenses
√ Cash Flow
√ Income Projection
√ Location
You Know What They Say Location, Location, Location

WHATS YOUR BUSINESS – The first major section of your plan covers the details of your business. Begin what are the key elements of your business. Address all of the topics as they relate to your business in an order that seems logical to you. Include information about your industry in general, and your business in particular.

• Give a detailed description of your product(s), how much do they cost, who are your suppliers and why did you choose them? Include cost breakdowns and address how you'll handle a sudden increase of orders or a loss of a major supplier.
• If you are providing a service, tell what your service is, why you are able to provide it, how it is provided, who will be doing the work and where the service will be performed. Tell why your business is unique and what you have that is special to offer to your customers.

LOCATION – For example, if you are opening a retail shop, your choice of location will be determined by your target market. If you are a manufacturer and ship by common carrier, your location is not directly tied to your target market so you can discuss location in the business section.

MARKETING – The second major section of your business plan covers the details of your marketing plan. A good marketing plan is essential to your business development and success. Include information about the total market with emphasis on your target market. You must take the time to identify your customers and find the means to make your product or service available to them.

Well... you get the idea Mary.
Try to see ahead and determine what possible problems may plague you. For example, you may have to deal with costs that exceed your projections. At the same time, you may experience a sharp decline in sales. These two factors occurring simultaneously can portend disaster if you are not ready for them.

Hope this was Helpful

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Kim’s Answer

Hi Mary
You have been given some excellent advice already. My only additional thought for you to consider is to do research on the consumer or customer need for your business (unless you have done this already). Understanding your product or service market acceptance and viability will set the stage for all of the guidance you have from other mentors. If you have done this already make certain to use it as your benchmark for success and expansion. Best of luck with your business.

Kim recommends the following next steps:

Conduct qualitative and quantitative (if available) research on customer need
Understand what customer value is placed on your product or service
Stay on top of charges in customer need and adjust accordingly

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Nethra’s Answer

Hi Mary! I think the others have already posted some great tips!
In addition, I would also say find yourself a mentor and emulate them.

Nethra recommends the following next steps:

Plus, read widely on blogs and books on building successful business. Especially on strategies that have worked in the past.
Listen to podcasts - here are some suggestions: https://succeedasyourownboss.com/top-10-podcasts-small-business-owners/
Lastly, watch Shark Tank! They have some great success stories there!

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Melanie’s Answer

One major tip is to think creatively. Think of all the ways you can attract audience, expand your products, and benefit others. Finding new ways to view common practices will help you innovate and lead to greater success. Another good top is to create SMART plans. SMART stands for sustainable, measurable, achievable, relevant, and time based. By implementing all of these actions, you will be able to asses the strengths, weaknesses, threats and opportunities that are in your business. Those factors are important as they help you determine the risk factors of tasks such as investing and partnering.

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Kelly’s Answer

Hi Mary!

There are many great tips already posted. I would add that getting a mentor is very helpful. Finding a successful business owner that you can bounce ideas off of.

Hope this helps.

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Youki’s Answer

Partner is also an important element of business.
You can talk with your friends, or meet friends from different field to get your partners.
They can give your supports and great advice.