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What You Need for a Successful Small Business

Updated on October 10, 2014

Whether you’re still in the planning stages or you’ve already started your very own small business, the fact of the matter is it is not an easy venture to get into. Yes, some people have the gift in running a business or just pure luck to make it a success. But if you’re neither of these two, don’t fret because you can still thrive in your biz if you just know what you are doing.

Here are a few tips to help you run a successful small business.

1. Get enough money.

Sometimes it can take up to 2 or more years before a business can really start to earn a profit. So during those first few years you need money to keep your biz afloat: pay for your employees’ salaries (if you have one), rent, taxes and everyday operational expenses.

2. Be active marketing online.

With virtually all people nowadays connected to the internet, it only makes sense that you use it to reach out to your potential customers. The most basic thing you can do is to put up a website. It doesn’t have to be fancy. Just make sure it has pages for your products or services and a contact us page so people would know where or how to reach you.

If you find maintaining a website is too troublesome or techie, then just be active in the social media sphere. Start your own Facebook and Twitter accounts to begin with and interact with your customers.

3. Hire an accountant.

This is perhaps one of the most sensible thing you can do for yourself and your business. Hiring an accountant is crucial to your success, because he or she can help put your finances in order. An accountant can help you with your payroll, taxes, and other financial matters. It sure beats doing it yourself especially if you have no background in accounting.

4. Do your own market research.

This is important both before and during the operations of your biz. You need to understand to the best of your abilities what it is that your customers really want. That way you can improve your products or services. Doing a research will also help you keep up to date of the trends and technologies. Otherwise you might end up like a dinosaur: extinct.

Aside from a market research, you should also research what your competitors are up to. This way you can find faults in their products and use that knowledge to make yours even better.

5. Get customer feedback.

You are in business to please your customers so it is only natural that you should hear from them. Place a suggestion box at the counter or simply ask them what they think or feel about your products. You can do this either in person while a customer is in your store or through your social media accounts. Generally people will give their honest feedback if you ask for it nicely.

You can do it!

It doesn’t take a genius to make a successful business; it’s really more on the effort that you put into it. Of course it always pays if you are smart in the ways you run it but at the end of the day if you really work for it, your success is almost guaranteed.

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