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10 Rules for Small Business Success
Every day, new business ventures are created. Some of these businesses will succeed, but many will fall by the wayside. Willyour business thrive, or will it join thousands of others that have faltered along the way? Here are ten rules to make sure your business grows and prospers. by Isabel M. Isidro PowerHomeBiz Editor
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Every day, new business ventures are created. Some of these businesses will succeed, but many will fall by the wayside. Others will be able to takeoff to a great start, given their ample resources and capital, but will falter along the way. Some ventures may be on a shaky ground atthe start, but with perseverance and careful planning will prevail in the end.
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Will your business thrive, or will it join thousands of others that have faltered along the way? Here are ten rules to make sure your business grows and prospers:
1. Find a Niche. For small businesses, it is best tofind a niche. A
small company with limited resources can efficiently serve niche markets. Concentrate your efforts on a fairly narrow market offering. This entails sticking to what you do best, and becoming an expert in that field. Realize that it is not possible to be good at everything. By concentrating on a fairly narrow market niche, you may be able to avoid head-on collision with biggercompetitors. If you are a hardware store selling everything from paints to lumber, the entry of giant retailers like Home Depot in your area can spell the end for your business. However, you can try to limit your offering, for example, to construction of porches and decks and be the best retailer for this segment.
The most common question of small business start -ups is “How can I compete with mybig competitors?“ Small businesses have inherent advantages over big businesses, including flexibility, ability to respond quickly, able to provide a more personalized service. Make sure that your business takes maximum advantage of those areas that represent the strengths of small companies.
3. Differentiate your products. Present the benefits of your
products and services to your customers,highlighting the unique solutions it offers to their problems. Avoid being a copycat; rarely do imitators succeed in the market. Study, but do not copy your competitors, and package your products distinctly.
4. First impression counts. Strive for accuracy and quality the first
time around. You often do not have a second chance to make a good first impression. This entails a...