If you want a successful business, you absolutely need 3 main things.
First of all, those who say you need money to make money are full of ****. Those are the people not innovative, creative, and inventive enough to come up with a good idea, patent it, and immediately start making money from it. The figures to start a business = 90% time 10% money.
The 3 main things are as follows:
#1: You need a product or service to offer, and it needs to be able to attract most people. Not just a small niche of people.
#2: You need great customer service, meaning if your customers are unhappy, make them happy, even if it pisses you off if you must offer something extremely expensive, as word of mouth is a devistating affect on businesses when bad customer service exists.
#3: Treat your employees like business associates, friends, even owners of the company, because if you just pay em and tell em to get out and come back on time tomorrow, they will stop working for you, and/or treat your customers like crap, in turn causing your business to fail.
These 3 aspects of business work together in some form or another, business involves the customer. It's a tripod, and if one of the legs breaks, the whole thing falls and crashes and you must start all over.
It generally takes 10 times as much time and money to GAIN a customer, than to keep a current one.
The main thing I hate about lots of comapnies these days is if they offer a service or product, say for instance, cable tv, and you got 1 free digital cable box and a month free of service when you signed up, but as the company got bigger, the offers to gain a customer got better, say they are now offering 4 free cable boxes, 2 free months of service, and a free dvd player... If I hear options like that for new customers, and I'm an existing customer, I want to feel the love that's being given to the new customers too. I mean, I pay my bill on time, and pay you money each month for the service you offer. There should always be a decent offer for existing customers, whether it be 15% discount on their next bill, or something... Make the customer want to stay with your company buying products or services, so they come back for more.
One of the best offers I've heard of, and this is an excellent idea, is offer $20-$50 for referring someone to sign up.
And finally, if you plan on starting a business, do it out of passion, not just to make a quick buck, unless that quick buck will allow you to fullfill another passion in the fututre. 2/3rds of businesses fail, and most fail because they don't know how to make it successful. You can have all the money in the world, but without the ideas, resources, and quality employees, your business will become nothing.
ps: if you do have money, spend it wisely. dont just put $10k into starting a business if you dont have to, because if the business fails, you are still out that $10k. Spend the time you spend saving that amount of money, learning about something that interests you and that will interest others. Once the idea has been set in stone, and is patented, make sure to do surveys to see peoples reactions to it. Demographics are everything. Good luck.
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