How To Start A Business Successfully?

1. Identify your target market. Research customers and have an excellent idea of the strength of your target market.
2. Define your product. Find out what the target customer wants in the market. In other words, don't try to sell hats if the market wants shirts.
3. Define your consumer. Are your customers primarily male or female, or does your product attract both? Identify your customers' age, be it infant/toddler, child, adolescent, young adult, middle-aged adult, or older. This is essential to determining the exact requirements for which to accommodate your customers not only in quantitative measures [i.e. meeting the demand by having adequate supply], but also qualitative measures, such as speedy service, or the decorum of your employees, as well as yourself.
4. Set up a plan. Work your market, product, and consumer type into a workable marketing plan. Write a proposal and show it to trusted advisers or consults.
5. Develop a budget. Most small business owners fail to plan for adequate financing for the first two years. Plan for at least 6 months of negative cash flow, as the first year of your business will probably yield negative return.
6. Start small. Too many small business owners try to grow too fast and ultimately crash and burn due of lack of capital or the inability to adequately meet the needs for resources in a timely manner.
7. Have a reliable workforce. Take the time to hire qualified personnel. Avoid hiring candidates that may pose as a liability to your new business.
8. Do not assign yourself a tremendous salary. Reinvest your net income back into your business to help it grow. Reinvestment is the key to success.
9. Hire a good lawyer. This is essential from the start to avoid unnecessary legal battles that could have been avoided with proper legal advice.
10. 1Get a Website. This will be how most customers even local ones will check you out. They will use your website to check your hours, sales, location, prices, menu, history, etc. Unless you really know what you are doing, get a professional to design your website.
11. Network. This means, in a nutshell, get to know more people and tell them about your business. Always keep a supply of Business Cards and Brochures with you about your business. If you don't have any yet, get some designed and printed by a professional. There is a link at the bottom of this article to an online store where you can buy cheap yet professional business cards, brochures and other marketing tools.
12. Volunteer. This may sound crazy as you are busy getting your business off the ground but this really works well to promote new businesses. If you are a photographer, volunteer to take pics for a local non-profit event or company newsletter. If you are a Florist, volunteer to make floral arrangements for a community event. Be sure that you are given printed credit and put some business cards with your donation.
13. Participate in shows and promotional events. It is a good idea to participate in at least 2-3 business shows in a year. Make sure the shows are relevant to the public that you are trying to reach. Don't have a booth at a flower show if you are an esthetician. Be sure to hand out business cards and brochures and even some promotional giveaways such as USB sticks or pens with your logo and contact info on them.
14. Always focus on your customers. Never take your customers for granted or assume that they will always choose you. Always be looking to reward customers for their loyalty and when they refer you to others. If you don't have some sort of a referral or loyalty program consider putting one in place. It doesn't have to be complicated, something like giving them a $10 credit for every new customer (that purchases something) they send your way.
15. Have an exit strategy. As your business grows, plan for the future of your business. Will you sell your company? Will you pass it on to another individual? Will you merge your company with another firm? Many families do not have good managers, but still want control. Proper planning will avoid unhappy endings to a good business.