No matter how small your start out when you become a business owner, you should always be thinking big. The basic principles of business are the same for giant corporations and beginning companies alike, and often, the secrets to success are too. Researchers for the Big Picture claim the number one reason small businesses fail is lack of experience. That’s why it’s okay to borrow from the big names in the corporate world when you’re formulating a plan for the future. After all, the best-known brands in America each started out as somebody’s great idea. In this post I outline some Important Lessons from Top Businesses…
1. Keep an Eye Out for New Markets
This is an art that’s been perfected by big-named tech companies like Apple and IBM. But expanding into new markets is a skill you can apply to almost any industry. Just because you start out providing a certain set of products or services doesn’t mean you can’t constantly be reinventing yourself. Once you develop a feel for who your customers are and what their needs may be, you’ll probably open doors to other areas where your company could create a name for itself. This is how Mac computers gave way to iPhones, iPods, iPads, and whatever’s on the horizon – the constant discovery of new niches to fill. Your long-term business plan needs to include expansion as well as growth, because they usually go hand in hand.
2. Design the Right Message
Never underestimate how much power there is in choosing the right name for your company. Your name should be short and catchy, only one or two words at the most, and it should invoke your one-of-a-kind brand concept. A solid tagline will go along with your name, so when you start delivering your company’s message through your marketing strategy, you’ll have a clear understanding of the package it should come in. Marketing is about knowing what you want to say in both big ways and small ways. Think about brands like Starbucks or McDonald’s and the colors, phrases, and images that most quickly come to mind. Finding your message is an important part of finding your demographic.
3. Be Responsible About Financing
Most budding entrepreneurs are already aware that 3 out of 4 start-ups fail. You’ll hear plenty of lessons on how not to be one of them, citing virtues from organization to determination, but the quickest way to guarantee your business stays afloat is having enough capital. Negotiating bank loans, budgeting expenses, and planning for bad economic times are all vital ingredients to running a successful business. The marketing and the innovating are the fun parts, but you have to have a solid foundation behind them. Accounting is the cornerstone of every successful corporation, because you won’t know how to make more money until you understand how to keep it.
When you’re formulating your business plan for the first time, let the businesses that inspired you lead by example. Nobody starts out in the business world with experience, but you can easily substitute it with the right research. Soak up the business world like a sponge, and one day you could find yourself becoming the brand others look to for leadership. Only by following in the right footsteps can you forge ahead entirely on your own.
Writer John Acker is an avid blogger. If you want to read more about the business world including the MBA world, check out his recent articles on best criminal justice programs and his articles at http://mbarankings.net/the-50-most-influential-professors-of-2013.