Thursday, October 03, 2013

Six Secrets to Creating a Successful Business

Theodora is has produced a programme to help new entrepreneurs find a business that suits them. It also will give existing entrepreneurs the opportunity to extend their businesses or find new financial mountains to climb Show Me Financial Freedom

1. Choose something that really fires your interest. Whatever you choose should not just be a way of making money. You need to really love what you’re doing. This passion will carry you through the lows that any business will suffer at some time or other.

2. Find a new twist on an already successful idea. Look for some product, service or system that you enjoy and see if you can adapt or improve on it to create your own product.
3. Whatever you create must be something a lot of people will want to buy.   Even if you product is good you won’t be successful if it only appeals to a small, niche market.
4. Your start-up and running costs must be low. A small new business that has high running costs is pretty well a disaster waiting to happen. Small business, small start-up investment, small running costs. Economise as much as possible without cutting quality.
5. Keep your accounting and economics simple. Nothing difficult. Just a simple formula.
Profit = selling price minus buying price minus costs.

6. Really work on marketing. You need to be smart and professional. Customers won’t search for you if they don’t know you’re there and that your product is the best on the market. Study how other successful entrepreneurs do it. What brought to your attention the suppliers of things you have purchased in the past? How easy was it to find them?
Now think about it. What is your passion? What is missing that you think would make it more enjoyable?

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