The number one reason for business failure is inadequate planning.
The second reason is under-capitalization.
Always starts with an idea
A successful business start-up always starts with an idea. Something that makes your business stands out from all the rest.
Does your idea provide the solution to a significant problem for your target market?
Does it satisfy a need or want?
Does it create an opportunity?
Niche Product
The most successful businesses either fix problems , They create a repeat need for a product or service among the target market.
Is there already a market for your product or service.
Can your target market afford to buy your products or services?
Will your target market perceive your product or service as valuable?
Your ability.
Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market?
Can you maintain a competitive advantage?
Do you have enough manpower?
Can you purchase the supplies and materials you need over the long run?
Your first step
Is to create a solid business plan. Your business plan is more than an essay on :
"Why I deserve to get funding for my idea"
The second step
For business survival is getting enough financing.
When you're creating your financial analysis of your business, make sure you're being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.
If finding financing is a problem, take the time to look into the resources that are available in your community.
Use other successful business models as a guide.
When you're getting started, look around. What businesses are successful? Why?
What is it they're doing that is working?
What attributes do you admire, and why?
You stand a better chance of succeeding if you're modeling someone.
Find a mentor.
Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are.
Best of luck
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