What does it take to start and succeed in business? Although there is no one answer that fits all businesses, there are a number of practices followed by successful business owners. No matter what you sell, you'll be ahead of the game if you live by these ten essential rules for succeeding in your own business.
What
does it take to start and succeed in business? That's a question I get
asked a lot. Although there is no one answer that fits all businesses,
there are a number of practices followed by successful business owners.
No matter what you sell, you'll be ahead of the game if you live by
these ten essential rules for succeeding in your own business.
1. Be true to yourself. No matter how much money someone else makes, if you don't enjoy the business,
wouldn't be proud to show your relatives what you are doing and how you
are doing it, then don't do it. If you run a business you don't like or
don't believe in, even if you have temporary success, it will come back
to haunt you one way or another.
2. Find a need and fill it. Yes, you've
heard that a million times. But it still works. The easiest business to
run is one that produces products or services that people already know
they need. The reason: you don't have to spend a lot of time and money
convincing prospects they need what you sell. You can focus on why you
are the best source to satisfy their need. Just be sure the "need" is
one people will spend money to satisfy.
3. Choose products or services that you can sell for a lot more than it costs you to make or buy them. If
the difference between your cost and selling prices is too low, you
will have difficulty growing the business. When profit margins are too
low, you won't have enough money to hire employees, pay for rent (when
you need to move the business out of the house), advertise more, and do
other things needed to expand.
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