Introduction: What is a Business? A person’s regular occupation, profession, or trade. Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). In simple words you can say this a business is a commercial activity. What do you need for start up
What is a Business?
A person’s regular occupation, profession, or trade. Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). In simple words you can say this a business is a commercial activity.
What do you need for start up a business?
Business start-up checklist:
- Select an attractive name for your company.
- Conduct market research, market research will tell you if there’s an opportunity to turn your idea into a successful business.
- Write your business plan.
- Open company back account number.
- Hire employees. (If applicable)
- Fund your business.
- Pick your business location.
- Choose a business legal structure.
- Set up an accounting and record keeping system.
- Register your business.
- Get federal and state tax IDs.
How do you attract and keep customers?
The following six strategies will help you attract and keep customers.
- Offer quality products, good quality is the most important reason cited by consumers for buying directly from farmers.
- Cultivate good people skills.
- Know your customers.
- Use attractive packaging.
- Let customers try samples.
- Be willing to create different products.
- Offer new customers discounts and promotions.
- Ask for referrals.
- Re-contact old customers.
- Update your website.
- Partner with complementary businesses.
- Promote your expertise.
- Take advantage of online ratings and review sites.
- Reply to your emails promptly.
- Be realistic and do not over promise.
What to do if a customer is unhappy?
Here are tips for coping with a tense situation and hopefully resolving it to everyone’s satisfaction:
- Remain calm.
- Don’t take it personally.
- Use your best listening skills.
- Actively sympathize.
- Apologize gracefully.
- Find a solution.
- Take a few minutes on your own.
Points to increase Sales:
- Introduce new products and services, provide a broader range of products or services for your clients.
- Expand to new domestic markets.
- Enhance your sales channel.
- Promote your marketing activities.
- Change your prices.
- Be aware of the competition.
- Improve community relations.
- Don’t neglect customer services.
Get clients without advertising:
Here’s a list of some tactics you can use to attract customers without ads:
- Develop Signature Content.
- Start a Blog.
- Use Calls to Action.
- Make a Great Offer.
- Offer a Free Trial or Consultation.
- Create a Branded YouTube Channel.
- Create a Facebook Group for Customers.
- Host a Free Webinar or Workshop.
6- Basic Steps to Improve your Business:
Starting a business can require a lot of work, time and money. Follow this guide to start your business plan off on the right foot.
1. Set Goals:
When a company sets goals, it makes its priorities clear for everyone involved in the organization. The purpose of goal setting is to show employees what they need to focus on the most during the upcoming quarter, which then helps them to be able to prioritize their tasks. Similar to keeping score, setting goals and objectives is an essential part of your business success. Use the goals you set as an ongoing planning tool to ensure that you continue to move forward with your small business. Setting goals gives you long-term vision and short-term motivation .
It focuses your acquisition of knowledge, and helps you to organize your time and your resources so that you can make the most of your life. For instance, try to increase traffic by a certain amount on your business website or blog. More web traffic can translate into added sales or customer loyalty.
2. High Impact Marketing:
High-impact marketing means you’re getting the biggest bang for your buck, and that your time and resources are having a strong, positive impact on your business’ bottom-line. But high-impact marketing is easier said than done. Identifying and arranging the elements of its marketing mix allows a business to make profitable marketing decisions at every level. These decisions help a business: Develop its strengths and limit its weaknesses. Become more competitive and adaptable in its market.
3. Sharpen your Marketing Strategies:
Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs. It helps in fixing the right price for organization’s goods and services based on information collected by market research. Customers are evolving and what top brands are doing with these insights. Discover how customers are making decisions and what it means for your business. It is important that your product offering meets the needs of your chosen target market. See target your most profitable customers and define your target market. You should create a marketing strategy that makes the most of your strengths and matches them to the needs of the customers you want to target.
These 5 strategies of marketing can boost your business; Product, Price, Promotion, Place, and People, are key marketing elements used to position a business strategically.
4. Financial Record Keeping:
You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. Following careful record keeping procedures can also help you with tax returns and prevent fraud or theft. Using a good record keeping system will help you to: track expenses. These statements can help you in dealing with your bank or creditors and help you manage your business. Maintaining accurate financial records is imperative for all firms, but especially for those that are just starting out. Not only does it make budgeting so much easier, but it is also vital for tax purposes. Failure to keep on top of the financial records can quickly lead to disaster for many firms.
One of the main advantages of keeping good accounting records is to comply with the law. Proper accounting records help business owners to avoid interest and penalties as they make it easier for them to pay the right amount of tax and at the right time. Balance sheet financial report is most important for managing business. A balance sheet (also known as a “statement of financial situation”) is the single most important financial report for a small business because it provides a snapshot of a company’s overall finances. On a balance sheet, liabilities and owner equity are combined to equal all assets.
5. Motivated Employees:
The needs give rise to motivate and to satisfy the needs, people may be motivated to work hard. Motivation is a human factor in management. Motivation represents the willingness of an individual to put his efforts in a particular direction so as to achieve his goals. Employee motivation is key to an organisation’s success. It’s the level of commitment, drive and energy that a company’s workers bring to the role everyday. Without it, companies experience reduced productivity, lower levels of output and it’s likely that the company will fall short of reaching important goals too.
Motivation is important to a business and its employees. It helps an individual achieve personal goals. A motivated individual will have greater job satisfaction, heightened performance and a willingness to succeed. Without any spark of creativity, they are less motivated to perform.
6. Know your Limits:
Successful business owners have a clear idea of their limitations. By knowing your entrepreneurial personality type, you can manage your resources and find help in areas of weakness. This is a key driver to success. For example, if you’re great at
sales but less experienced with bookkeeping, focus on sales and hire someone else to handle the books.