5 Secrets to Starting a Successful Business
A lot of things go into starting a business but these five things are an imperative to be successful.
1. Product – You must know your product. You must know it inside and out. If you are wanting to start a landscaping business you better know all the shrubs, trees and grasses that grow in your area. You also need to know what looks good together and when to plant. You can gain this product knowledge working for someone else or attending a horticulture school. In this example I am going to go through the steps of starting a business real time. It is called RocketSalsa.com
2. Customer – The salsa I am making is very hot. It is also made of all organic vegetables most of which I grow in my own garden. It is super hot, fresh and expensive to make. So my market is people who want a hot salsa they can’t get anywhere who will pay a premium price for fresh salsa they can bring out at any party or gathering.
3. Marketing – So my marketing plan is gorilla marketing. I will spend the year giving away the salsa to friends and family. I did the same last year and it was a huge success. I am building my website at rocketsalsa.com and will focus on key words such as hot fresh salsa amongst many others. When I have sufficient production I will start using search engine adds on google and bing to promote the salsa. My plan initially is all online as it allows a higher margin than selling through grocery stores. After I have secured a farm in the next few years I will go to health food chains.
4. Financials. This is of utmost importance. When you start a business your cost of goods will be higher than when you get to scale. You have to have a significant margin to cover the overhead of running a business. I am shooting for my cost of goods sold of 30%.
5. You – Starting a business depends on YOU! Investors always bet on the horse running the race. If you don’t have the skills or expertise in certain areas you need to find people who can help you in these areas. Being an entrepreneur is not easy. It takes hours of work and a single minded focus. If you aren’t up to the task your effort will fail.
Organizer:
- Organized by
-
-
