By: Courtney Darlington
Introduction • Starting a successful business will be one of the most difficult, but potentially most rewarding, things you do. Most people have had an idea for a business at some point in their lives. Actually starting one can be challenging.
How to Run a SucceSSful BuSineSS Create a business plan Define your customer base Study trends Research your competition Innovation is everything Determine your profit margin Focus on great service Become a thought leader
• In a business plan, you detail every aspect of your business, from a line-item budget to your company's plan for obtaining customers and its marketing.
Study Trends • Do your homework so you can identify new products or trends. You don't want to sell something that already has waning popularity. Some trends involve how people communicate. Steve Jobs at Apple was a genius at this; he revolutionized how people download and listen to music, for example.
Research your Competition • Don't ignore your competition. Do as much research as you can about your competition. Don't copy them, but don't be afraid to learn from them either.
• A business must be prepared to not stagnate. You have to be able to spot trends, and adapt, while still staying true to your core product. We all can think of companies that went too far with innovation. Think New Coke. However, Coke Zero was a product that innovated the traditional brand by embracing new health trends.
Determine your Profit Margin • To determine your profit margin, figure out how much money you earned per transaction. If the sale price was $100 and your profit was $25, then your profit margin is 25 percent. You can use online calculators to calculate profit margin.
Focus on Great Service •
Customer service is crucial to building repeat customers and improving word of mouth. We all have been at a restaurant where something went wrong and the manager paid for our drink or meal. Such small gestures can go a long way.
Become a tHougHt leadeR
• Share your expertise with the community and customers. Seek out positive exposure through traditional media or your own media platforms. If people see you as an expert, they will be more likely to turn to you.
• Courtney Darlington is a successful business man who provides the essential tips of business planning through which you can improve quality, access new market opportunities, and differentiate themselves from competitors.