Starting a small business for any one may sound very exciting but in real terms it is a very challenging task. To begin with, all it requires is advice and support, innovation, finances, business loans, legal requirements, registration, licenses and permits, promotion, etc.
Its chief requirement is investment of time and focus into proper planning. Handling a small business is not just about working for one own self, it's also about having the required management skills, manufacturing expertise, mechanical skills, economics and of a long-term vision .
Steps to a good business
Every small and big organization requires a well organized work plan which should follow these steps:
- Write a business plan
- Get business assistance and training
- Choose a business location
- Finance your business
- Determine the legal structure of your business
- Register a business name
- Get a tax identification number
- Register for state and local taxes
- Obtain business licenses and permits
- Understand employer responsibilities
Marketing a small business
After a small business is ready to start its functions one needs to start with its marketing. Marketing is essential for every small and big organization. For a flourishing business, marketing is required to maintain its image and for a small organization, it is required to give it a good start.
Marketing is not about affordability but about efforts. Following are some of the marketing secrets any small / big organization must follow in order to flourish:
Commitment- Commitment is very important for any organization. In the beginning, to maintain good customers a firm should make strong commitments and make the customers realize that they have made the right choice.
Domination- If you want to be successful in your particular field of work you should always go step by step. A small business organization should not try to reach a higher level all at once but try to compete first within that local market. You need to become a successful person in your particular niche. Any firm small or big should follow proper steps to flourish.
Customer-focused approach- The chief motive for any organization should be to satisfy its customers by fulfilling their demands. The primary job should be to clearly identify the problems that the prospects face and offer them the obvious solutions.
Quality and originality - If companies are offering the same products as everyone else, the customers are likely to get confused between the brands. High-quality, unique designs are essential for companies that want to excel in the competing market.
Relevancy- Quality and quantity are very important but a good marketer is always worried about the response he would get from the audience. If the product being launched does not go well in the market, the number of users tends to decrease substantially, and their brand name/business is no more flourishing.
Identification of target market- It’s difficult to know exactly who needs your product or service. Mass marketing doesn’t work in today’s business environment. Not only does it force you to water down your marketing message to please the masses, but it’s much too expensive for small business organizations.