Do This Before Starting Your Own Business
It takes more than a single great idea, or even several, to start your own viable business that earns sustainable profits. You can set yourself up for success by taking these steps before you open your doors to the public. Planning, Research and Development Once you have a business concept, it’s time to research your ideas and ensure that they are viable. As you go through the planning and development phase of your idea, you should research and find the answers to several questions, including the following: Is there a need for the product or service that you wish to offer the public What segment of the market will you target? Which businesses are your direct competitors, and how can you differentiate yourself from them? Do you have the ability to obtain the financial backing to get business operations started? As part of your planning stage, you should also look at outside research into the industry and market you wish to enter. Government journals regarding statistics, publications from associations in your target industry, and other reports that relate to your market and target audience are all sources of valuable information when you are formulating your plans. Put it in...
Read MoreDo You Monitor Your Business Image?
The business image has always been an important factor for the success of a company, but it has never been as important as today. Nowadays customers are able to find information about a given business faster and easier than ever before and their decision to work with you depends on what they find. In this sense, are you aware of your business image? Before you answer this question honestly, you need to know that everything you do is considered your business image. This means that every appearance in public you make adds further development to your business image. Everything you say adds a new aspect to your business image. What is worse, everything that is being said about you in the media or online affects your business image. Having all of the above in mind, can you assess the image of your business honestly and realistically? For many businesses it all seems too hard yet there are some handy tools available to help you monitor and manage your business image and reputation. Here are just a few. Google Search – Yes, simple as it sounds, it is worth searching your name on Google and major search engines from time to...
Read MoreThe Importance Of Your Business Image
What is your business image? Do you even have a business image? A lot of small businesses simply don’t see the point in developing a corporate image as they believe it to be something a large company will have. Your corporate image conveys a message to your customers and when done well it can assist you to gain an advantage over your competitors. As a small business owner ask yourself this question. Why would a potential customer use your organisation when your competitors are essentially providing a similar product or service? If you find you constantly have to compete on price alone your ongoing viability will be threatened. Surveys constantly tell us that amongst many issues customers want value for money and good quality service. To further highlight this, the Small Business Victoria website discusses that consumers gravitate to organisations that invest in the customer experience, recognise loyalty and provide value for money. The reason why your corporate image is so important is that it creates an identity for your organisation that aligns the values of your organisation to those of your customers and potential customers. In addition, your corporate image can be used to reflect your quality of service, convey...
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