Wednesday, October 14, 2015

The 7 Keys To New Business Success Part 1

The difference between a successful business and business failure is in the planning stages. Many would-be-successful entrepreneurs start new business too quickly without a failsafe formula. What's needed is time to incubate, strategize and build key resources that leverage the business against unforeseen obstacles. This series will present time-proven business success strategies that keep you in business and extend the life of your company.

Keys To New Business Success - Strategy #1

1. Keep your friends close but your competitors closer.
2. Work with them and for them before starting your own business.
3. While employed by your competitor study it's business process, target market, clientele demographics, marketing strategy and seek to improve on the product, service and marketing method. 4. Discover a niche in that market that has greater appeal to consumers or consider a service or product that will better serve your competitors needs.
5. Record all your findings in a business plan.
6; Even better access your competitors business plan.
7. Simpler approach - Download winning competitor business plans online now.

As said it takes a considerable amount of time to follow steps 1-7. But  time may not be on your side. That said consider this time saving strategy.This can be done any number of ways. Read their press releases. Read online interviews featuring executive and administrative staff in various departments.
Utilize business question and answer discussion boards. Event better get your hands on your competitors business plan. Did you know competitive business plans can be downloaded online, It takes a bit of searching but it can be done.

If you've considered establishing a home business download my complete archive of winning competitor business plans from established companies that have successfully penetrated the market.