This Article is About
small business
small business owners
world economy
business sites
traffic flow
good chance
good reason
ambition
small businesses
Start Small Business The Right Way
Join 1000's of Authors at StreetArticles Today!

Start Small Business the Right Way

Many people dream of going into business, which is a good thing! Small businesses are the mainstay of the world economy, so you could consider going into going into business a noble ambition. There is a huge amount of satisfaction on knowing how to start a store so you are making a significant difference in other people's lifes, as well as your own.

I won't go into the paper chase of financing, licensing or the rest of the mountain a person has to climb in order to buy a business - that's another story! A person could write volumes upon volumes of information on how to start small business, so I'll try to keep it short. The deal is to make sure you have a good chance of success, you need to pay attention to a few factors to ensure you start small business the right way! Those factors are location, product purchasing and selling, product diversity, and profitability.

1. Start Small Business with the Right Location: Many larger chains seem to get the prime locations when it comes to business sites, and there is a really good reason for that...they look for them. Very simply, they have people who do nothing but look for future business sites, researching everything possible about it: traffic flow, future growth of the area, competition, ordinances, land and tax costs, and the list goes on. If they find a site that fits their needs, the buy it and build on it. If the site doesn't fit their criteria, they pass on it. Did you do the same research for your site? Many small business owners end up with a business on a particular site because it was the only one available, the only one they thought the could afford, it looked good at the time, etc. If you DID research your site thoroughly, congrats! If you didn't, why did you buy that business again???

2. Start Small Business with the Right Product Supplying/Selling Mind-Set: Experience and knowledge of your given business play a large role in your abilities to find product at the "right" price. The same formula applies to pricing, as well. Once again, the large retail chains have teams of employees who research every sales catagory their businesses are involved in - do you? Have you ever checked with other vendors to see if you could get the same quality of product cheaper? Have you looked for a wholesale outlet where you could buy the product yourself and save money, thereby increasing your profit? Are you totally aware of what the market price is for your products? Have you ever shopped at competitor's store to see what they charge for the same product? Anyone can sell anything once - the trick is to do it over and over again with the same customers! That's called "repeat business", and it usually only comes around when your quality and pricing is on target through research.

3. Start Small Business with Product Diversity: Many small business owners get into the habit of focusing on one core product, such as car washes, snacks, hardware and tools, hair cuts, pizza, or whatever. I own a convenience store, and they have more categories of product then you could shake a stick at. Shake it up a little and step outside your comfort zone - increase the reasons a customer would want to come into your business! For example, if you own a car wash, add some inexpensive car parts like windshield wipers, car cleaning products, fragrances, coolant, oils, etc . If you have a hair salon, add a gormet coffee and confectionary station. If you own a hardware store, add a DVD kiosk. I read a while back where one of the larger home hardware supply chain stores added fresh groceries to their product offerings - talk about diversity! Don't lose sight of all the other things you could be selling.

4. Start Small Business to be Profitable: Obviously, most people want their business to be profitable. Some may not for tax purposes, but that normally doesn't apply to the small business owner! Once again, you could read volumes about this subject, but it really comes down to playing defense or offense. You need to figure out which one you are going to play once you learn how to start a store:

A. Defense: Many owners try to stucture their business expenses based on their sales volume, so if your volume is low, the tendenacy is to keep cutting expenses until you get to where you need to be. This usually results in a diminished customer and employee experience for the business! That would be playing defense.

B. Offense: Some businesses actively seek to raise their sales volume to meet or exceed expenses - in other words, I need to pay $10,000 per month, so I want to make $13,000 per month, and then figure out how to go out and do it! That would be playing offense. Always play to win and never give up, no matter what!

This is an extremely simplified overview on how to start a store or to start small business endeavors, but you have to start somewhere! By sticking the principles of location, product supplying/selling, product diversity, and profitability in the back of your brain as you go forward, you'll realize greater successes as you go forward. Remember, you are your own biggest obstacle, and don't be afraid to get the right guidance when you need it!


Street Talk

Almost all businesses start off as a small business. The key is good service, good value and understanding your target market.

Reply
  about 9 years ago
You May Also Like
Five Logo No-no’s: How to Market A Small Business From the Get-go
You’ve got a great new idea. It’s revolutionary! You’re pumped, excited. You may have a business model, a profit margin and a production schedule all laid out. Then it hits you: What about the logo? How can you market your new business without a logo? A logo is your visual…
By: Celia Triplett in  Business  >  Marketing   Dec 05, 2011  
2
  Likes: 1

How To Create Market And Sell Your Own Product Line for Small Business Owners
Small business owners gain useful insights. Day in and day out! You gain these insights simply in the course of your day to day work. Some insights apply to real world problems that you can help others to solve. That’s both how to and why to create market and sell…
By: Cynthia Ann Leighton in  Business  >  Sales   Mar 12, 2015  
13
  Likes: 8

Anyone Can Start And Market A Small Business
The very fact you are reading this article is proof you have the tools, the hunger to learn and the inclination to begin, run and market a small business. Often we get distracted by all the financial investments we ‘must have’ in order to start an entrepreneurial venture, but that…
By: Celia Triplett in  Business  >  Small Business   Feb 10, 2012  
0
  Likes: 1

Local Internet Marketing For Small Business - Where You at
Local internet marketing for the small business is crucial in driving traffic through your doors. Your small business needs to keep an upper hand on the competition. There are a lot of free tools that can give you that extra stream of customers. Advertising cost have sky rocketed. If you…
  Likes: 4

10 Reasons Your Small Business Needs A Website
If you are a small business owner and you're looking for a cost effective way to reach out to your customers, getting a website could be the single best investment you can make. Statistics have shown that over the past few years traditional advertising media such as printed business cards,…
By: Joshua Stanford in  Internet and Businesses Online  >  Web Design   Jul 13, 2012  
0
  Likes: 0

Your Small Business
In this article I am going to assume that you want your own small business or that you already have your small business. In the first case, I assume that you need start-up information. In the second case you want to improve your business and expand it too. The first…
By: John T Jones, Ph.D. in  Business  >  Small Business   Apr 05, 2012  
0
  Likes: 0

Small Business In Home
One American dream and I assume the dream of many in other countries, is to have a business they can work from home. Many people are running businesses from their home. Others are putting the keywords, "small business in home" or "home business" into the search box of their browser…
By: John T Jones, Ph.D. in  Business  >  Entrepreneurialism   Jul 06, 2011  
0
  Likes: 0

Do You Have Time to Learn How to Market Your Small Business?
If you’ve ever read The E-Myth Revisited by Michael Gerber, you know the frazzled state many small business owners, entrepreneurs and start up companies find themselves in. When accounting, development, product creation, selling and management are all on your singular plate it is difficult to even start thinking about anything…
By: Celia Triplett in  Business  >  Marketing   Dec 07, 2011  
0
  Likes: 0

Mitt Romney – Proven Enemy Of Small Business
When you purchase your next printer cartridge and look up to the large “Staples” sign, realize that it should be saying “Romney's Staples”.This successful worldwide retailer revolutionized the office products industry back in 1986 and its success came about due to the vast amounts of venture capital invested by Bain…
By: Leonard Faucher in  Business  >  Entrepreneurialism   Nov 08, 2011  
0
  Likes: 2

Online Marketing For Small Business
Being a small business owner, I recently made a complete shift in my marketing; on the belief that Online Marketing For Small Business is here to stay. Not only have I made a complete shift in business...I have also made it my mission...to help other small business owners open up…
By: Michael Brown in  Business  >  Small Business   Dec 15, 2011  
0
  Likes: 0

Social Media Success for Small Business: 4 Tips for Positive Results
Social media success is not a hard thing to accomplish. It is definitely an important thing for small business owners to strive for. Social networking has made it so that even with a small advertising budget, an entrepreneur can make a big impact with the target market they have chosen.…
By: DeAnna Troupe in  Internet and Businesses Online  >  Social Media   Mar 08, 2011  
1
  Likes: 3

Is GROUPON-type marketing bad for small business ?
How does advertising on Groupon-type websites effect your small business? Recently we heard someone liken Groupon and other coupon offer websites to a SuperBowl Ad. Some say why is that bad? Those ads create lots of awareness. This is true but at what cost? And like SuperBowl ads the consequences…
By: Jadmin in  Internet and Businesses Online  >  Internet Marketing   Aug 16, 2011  
0
  Likes: 1

Social Media Success for Small Business: Use Social Media to Promote Your Content
Social media success is something small business owners must achieve. It is crucial to the survival of your small business. One thing that having social media success will help with is the syndication of your content. It is important for people to see your content. Otherwise, what is the point…
By: DeAnna Troupe in  Internet and Businesses Online  >  Social Media   May 02, 2013  
0
  Likes: 4

How to Go Green With Your Small Business
Simple and effective solutions such as recycling waste paper greatly reduces the amount of waste that ends up in dump sites and saves you money that would have otherwise been spent on managing waste. Eco printing also creates a favourable impression of your business as a champion for environmental conservation.…
By: johnpeter642 in  Business  >  Business Travel   Sep 15, 2012  
0
  Likes: 0

How Can Small Business Owners Create Information Products to Sell? Stand Out! Be Unique!
As a small business owner you gained deep expertise that's unique. Like a toucan with a unique beak, simply allow yourself to stand out naturally. Let your uniqueness show you what expertise to share. Let all of who you are lead you to how to create information products to sell.…
  Likes: 7

Article Views: 1794    Report this Article