Tuesday, March 25, 2008

Chicken Soup for Small Business

What do you need today in order to be successful in your small business?

Lets start with the basic recipe:

  1. A sustainable idea/product or service. If you are starting a business building cheap VCR’s you’re obviously not looking to the future. Make sure that you’ve done your market research to see that your business idea can endure.
  2. A unique approach. Even if you are getting into business with an idea that’s already proven, you’ll need to come up with a way to sell your business to consumers. If it is just the “same old thing”, why would they want to go with you over someone who’s established? Offer them something they haven’t seen before.
  3. Keep it simple. If you can’t summarize your business on the back of a business card, it’s too complicated to explain to your target market in an advertisement. Customers like uncomplicated products with a simple value proposition.
  4. Solve a problem or inconvenience with your business. In today’s society, now more than ever, people are spread way too thin and need help. Does your business fit the bill?
  5. Money. You’ll need some to get your business started. Sit down and plan out each aspect of what you’ll need and budget accordingly. If you are planning on seeking out funding, you’ll need a business plan.
I’ll be posting more in depth about the ingredients mentioned above in the next post.


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