In these trying times, starting a new business can seem like a dream, however if you are smart and willing to take a risk, it can provide a strong potential for both prosperity and personal satisfaction. I have been involved with a range of organizations, small to medium to Fortune 500 businesses in my career, and have learned a lot from these experiences. During my years in business, I have learned that growth can be achieved if you take the time to devote yourself fully to your new business. Below is a list of my top ten factors that can only enhance your chances of creating a prosperous small business venture.
This can be a huge factor in whether or not your business is going to take off. If you do not have a passion for what you are going to do, then you are not going to want to spend the amount of time needed to make your business prosperous.
Creating a prosperous small business takes a certain type of individual. This person must have ambition.
You must be willing to take risks when starting a business otherwise you will never be able to hit the ground running.
Setting goals is an important part of the planning for your business. When you set goals, you set key expectations for yourself.
- Smart Business Model
Along with setting goals comes creating a smart business plan and model that will allow your company to grow and excel. Researching the flaws and strengths of thriving business models in a number of industries is a great way to solidify ideas for your own pursuit.
- Focused Strategy
Having a strategy also means knowing what you want to do with your business and where you want to take it. Setting a focused strategy specific to your companies needs is essential.
- A Research Driven Marketing Plan
In order for your business to thrive you need clients and customers. So, start from the beginning. Know your target market and set up a marketing plan to gain their attention and set yourself apart with your services.
- High Standards for Client Satisfaction
Once you gain customers, you want to keep them. So setting a high standard for your employees to keep customer satisfaction up is also necessary.
- High Standards for Employee Satisfaction
You also want to keep your employees happy in your new business. High employee turnover is very costly and gives off negative vibes around the work place. Make your business somewhere your employees want to be and not some place they have to be. Set yourself apart as being the “employer of choice” in your market.
- Stay Up to Date
Keeping up with the changing times is essential. You must keep your business up to date or you risk falling behind.
These keys to prosperity are not automatic, but they are great to keep in mind when running a small business and can make a BIG difference in your progress. What other small business tips do you have? I would love to hear about them, share with me on TheIndpendenceBlog.com.