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Pointers on Opening a New Business To be able to dream about how successful your business can be is good; but to actually make it successful is amazing. For the most part, it’s about the hustle – the decisions you’re making, the steps you should be taking day after day to get to where you planned to go. The following tips can help you get started in the right direction: 1. Know your business type.
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You need not reinvent the wheel. The best business type for you may be something tried and true, but with your distinct personal twist. Look around and you’ll find that there is really no shortage of repeatable ideas: Everyone buys bread, we all cut our hair, women wear makeup everyday, and so on. You can successfully co-exist with your competitors. You just have to execute an outstanding version.
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2. Make your business plan simple. Majority of new aspiring businesses owners think they have to write such long and detailed business plans. If your venture is pretty basic, one page is often enough, as long as it covers your products and/or services, your target market, your pricing, and your plans for making things happen. Once you begin, it will be fluid, so just keep it simple for now. 3. Know your target customer. Know who your your customers will be. If you’re making a skin moisturizing cream, don’t just say you target “women” or “anyone with skin.” Are you talking about women buy beauty products from the supermarket or drugstore, or those who see a dermatologist for all their skin-related needs? You need to be very specific about your target clients to design a focused marketing campaign. 4. Work on your pricing. Your pricing shouldn’t just cover your expenses; it must also bring in profit for your business. Don’t forget to factor in your time and talent (though many don’t, which is a huge mistake). One option you have is to go through the numbers from the top down – how much are you look to earn in a year? How will that break down weekly and monthly? How many products or clients are needed to reach your targets? Simply plan your numbers, checking on them every now and then so they can stay realistic. You don’t need anything fancy. 5. Reduce your costs. Until your sales come pouring in keep costs down. Be creative: those cupcakes will be perfect for that nice and modern commercial kitchen, but you can still make them at a free or cheap community kitchen while you can’t afford the first option. Don’t hire a full staff just yet; instead, man your business yourself with the help of relatives, friends and interns. 6. Start grabbing customers! This is really where everything makes sense. Creating a marketing plan that will capture people’s interest and converting them to customers should be your number one goal. Having a good marketing plan to entice people, and then make them into customers is your main priority. Don’t feel overwhelmed: just do what you have to do and be where you have to be.

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