Local businesses depend heavily on customer satisfaction, regular clientele, and good reputation. Therefore it is vital to make a favorable impression when meeting the public. It is vital that owners and managers stay above reproach, while maintaining a high profile in the community.

Community Involvement and Local Public Perceptions

It is important to be involved in community events, groups and charity work. Attend local fairs, bazaars, parades and festivals and hand out business cards, small promotional gifts, brochures, sales catalogs or take out menus that are appropriate to promote the store front. It is important to be friendly and outgoing in all public situations. Offer money saving coupons, and gift certificates. When there are community charity raffles, donate a gift certificate to be raffled off. Local marketing frequently involves giving a free sample occasionally.

Social Networking Even Works in Small Towns

Use social networking sites to keep up with clients and try to friend as many people as possible from the community. Build a mailing list of names, street addresses, and e-mail addresses. Send newsletters via e-mail, but no more often that once a month. Send personal e-mails which are friendly and folksy weekly to good clients, close friends, and people in the community, just to say hi. It’s a great idea to build friendships within the community and promote a sense of solidarity between independent store and restaurant owners and managers in the area, both online and in person.

Build a Great Web Presence

Local business marketing online is possible. Start by building a website, which should be frequently updated and informative. Include articles about the area, information about local charities, interesting fact about the products, and a list of products and services. Make the site interesting and attractive. Post the link to the site whenever possible, and make sure the site address is on all the promotional literature and ads for the business.

Run the Business With Integrity

With all the social activities, don’t forget to work hard in the business as well. It is important to satisfy the customers and make sure that prices are fair. Keeping the customer happy is the secret to local business marketing. A friendly smile and a good product are the most important elements of growth of any establishment. Keep a sharp eye on quality, and use customer evaluation cards if those are applicable to the transaction. Repeat business, good publicity and satisfied customers are all vital to local marketing in any town or city. Encouraging people to patronize the location is about providing quality products, good service, fairness and honesty.

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http://EzineArticles.com/?expert=Liz_T_Jones

Learn how to start a soap making business and you can make a serious part-time income. Problem is though that lots of other people have the same idea. Trick is most of those people aren’t thinking about marketing. They just want to make soap and hope somebody buys it. Here’s the deal.

Before you sell it, make it beautiful. Take the time to learn how to make really beautiful soap. It isn’t hard to do, but it takes some practice. Get the right information and practice. You’ll need the basic tools, but any hobby soap maker has the basics. Well, maybe there’s one exception.

That’s molds. Get some professional molds so you get a pro look to your soap. The right molds are easy to use and cheap too. That’s what you want… easy and cheap.

Put time into developing unique soap. Why buy from you instead of the other thousands of soap makers? You can make your product special in many ways. You can offer wild colors. You can use only essential oils for scents. You can use organic ingredients. Make milk soap. Whatever it takes, set your soap apart.

Then how can you sell it. There are many ways. One of the easiest is to get in front of a lot of people who buy soap. Do that and you’ll sell soap. The fastest way to do that is to get in a craft show or festival. That’s probably the fastest way to get started.

Here’s the trick. You can build a real business if you follow up with your customers. What’s that mean? Simple. Keep a customer list. Mail a little catalog to some of your customers. If you have a good product, some of them will order. Based on our experience, a huge percentage may order, 10 to 20 percent. Think about that. You get orders without even leaving home. That’s a worthy goal to shoot for.

Learn how to start a soap making business and you can build a solid part-time income. The trick is learning how to set your products apart from the sea of other people trying to sell soap. It can be done, but not by following what most other people do.

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http://EzineArticles.com/?expert=Al_Bullington

Perhaps the sign on the door of your store is not clearly visible to public so make sure people can see it. Though many customers are coming inside the store, you still need to have an advertisement to keep on standing despite the high risk of competitions in business world.

Continuous advertisement will keep your business known to the public especially when there are newly established businesses. You need to constantly remind the public about the existence of your establishment and let them know about the new products you offer. That way, you can keep your old customers and attract more. Keep the customers coming in by inviting them using the open sign on the store front door. And probably, the best thing to use for your signage is the LED sign. This is a luminous kind of sign which can surely attract more attention than your usual wooden or plastic signboard.

The glowing effect of the LED sign will help customers know the place where your store is standing. People walking fast might have no time looking for every business sign. But with the bright and colorful LED sign, they can immediately see the establishment. You can put on the sign the name of your business and some graphic signs that would tell about the products or services you are offering. This way, customers can easily find the store where to find what they are looking for.

There are wide assortments of LED signs available and each type of business can use this sign. From Bar Signs to Open Signs, business owners including you can sure find the sign that suits your business. You can choose from the different designs and styles for an artistic effect. The different color combination will allow you to have the most colorful sign among others which can help your store outshine from the rest. LED Open Signs and other business LED signs will effectively promote the business. It also comes in handy for travelers especially at nighttime as they can immediately the sign so they will know that there is an establishment ahead.

Keeping your business alive is also a way to remain in circulation. And while there are other businesses rising, you can still feel secure that your business can still compete. Above all, people are used to what you have and they like it already so even they try something new, they will still find their way back to you.

And for your convenience in purchasing LED Open Signs and other LED signs, you can browse the different websites and choose from the huge collections available.

Article Source:

http://EzineArticles.com/?expert=Peter_P_Andersen

There is a lot of stuff to do and remember when starting a new business. It is like a complex recipe with more than 100 ingredients; no two people will follow the recipe the same way. In fact, there are many variations of the recipe as well, depending on the type of business you start and where you live.

Here are some common things that all business will have to do.

1. Decide on a name for your business

The simplest business name is simply your name and your product. For example, Bob’s Burgers or Henry’s Laundromat. This is a nice approach; when you are small, it produces a business name associated with your person, and it can work for large businesses too (think Wal-Mart or Ford Motor Company). These type of names are informative names. Then there are abstract names, or names that suggest meanings. Consider Oracle, the world’s largest database company. The “oracle” is the traditional sense is a person who either tells the future, or gives wise advise. It’s a great name for a software company whose flagship product is about information storage and retrieval. Twitter is another name which invokes the imagery of birds chirping. You can have made up words in your business name, too.

Make your business name flexible. If you call yourself “Farmtown Oil Changes”, what if you expand your business to other locales, or expand your services to include transmission and brake services? Customers who simply see your name might not know you have locations in other areas, or that your car repair services are comprehensive.

A lot of consideration has been given as to whether the domain name was available for a business name, especially in the.com TLD. This is because consumers naturally will first look for a business on the internet with the.com extension at the end. This can be a debatable topic as to whether you want to choose a name if the domain name is taken, but the bigger concern probably is whether you will end up infringing on a trademark, or confusing yourself with another business.

2. Finding out how to reach and communicate with your customers

Businesses generally will need to find ways to reach their customers both for marketing and product development purposes. Imagine you are forming a local bakery. What kind of bakery are you aiming to be? Are you a bakery whose primary traffic is going to come from walk-in customers who happen to walk by your storefront, or do you wish to serve primarily catering or call-in orders? “All of the above”, you might say. Everyone wants to be all of the above, and get every type of customer, however may you want to focus on a type of customer. If you are catering, you will want to market yourself not only to customers directly, but also wedding planners, caterers, and other bakeries who may not be able to handle higher volumes. In addition, real estate agents or PTAs may need your services. Maybe local restaurants. These types of marketing channels may or may not be different than for the channels for retail customers. The marketing messages in these channels may be different.

As far a customer research, these days online is one of the best ways to find out what customers want. The aforementioned Twitter, along with Facebook, and the myriad of blogs and forums allow business owners to find out customer desires. One key point about finding out what customers want is not to ignore what you don’t want to hear. You may realize that the solution you are offering is being criticized, or will not meet the needs of your market. This is invaluable when starting a new business.

Doing small advertising runs online will also help you gauge customer reaction to your idea. The sales funnel though, has many detours. You will need an advertisement which attracts clicks, a web page which markets correctly and explains the benefits, and working sites and links all in between. All of these are failure points which have nothing to do with the actual service or product you are marketing. The point is to make sure that you put your best foot forward so the reaction you get is measuring what you want.

3. Organize yourself and Administration of the Business

Business owners always have an incomplete list of things to complete, along with new ideas in their heads, plus customer problems to solve. Getting organized early when starting a new business can help you smooth your business operations and clear your mind to focus on more important business problems. Organization is overhead. It does not directly contribute to the bottom line of the business, however lack of organization can hinder your efforts.

For some owners, organization is not a problem. They are naturally attracted to lists, writing, and logging details of their operations. For those who have trouble getting organized, I would suggest to take behavioral changes slowly, or see if you can hire someone to help with organization.

It is not necessary to have tracking or time management software to get your business organized. Large business existed one hundred years ago before computers were invented. However, you do want to make sure your operational efficiency is up to par with your competitors. The more parts you have to your business, the more communication you need to do effectively.

For a small organization, start with a well known method such as Getting Things Done by David Allen. This is a very well-known, modern method to productivity. There are other similar books in the field. For project or product management tools, paid tools such as Basecamp, as well as free software tools such as Trac or Redmine are available.

Aside from naming, marketing, and organization, people starting a new business face a myriad of challenges and requirements. The business should always keep in mind its objective, and take a just-in-time approach to solving problems to remain efficient.

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http://EzineArticles.com/?expert=William_E_Wright

Anyone who has owned or worked for a business knows that the continual advancement of technology goes hand in hand with the advancement of business communication. In the last ten years alone, the tremendous technological advancements that have taken place in communication have changed they way we do business so drastically that we view the communication trends of pre-2000 as ‘vintage’. So in a conversation about current trends, be aware that in a few days they will be old trends.

Cloud computing is the latest trend to hit business communication. The most simple way to describe cloud computing is by comparing it to an electricity grid. A ‘cloud’ of shared servers provides resources such as software and data to a host of other computers – all on demand. In reality cloud computing is the natural evolution of the web-based world of communication. It takes the management of the technological infrastructure out of the hands of the IT professionals, who can now focus on their areas of expertise such as development. The use of cloud computing from a business communication standpoint brings in the discussion of finance. Small to medium size businesses no longer have need to purchase, set up and maintain their own server. Capital expenditure budgets are reduced, possibly entailing a conversion of those dollars to the operations expenditure side of the ledger. Another huge benefit to cloud computing in business is how it lowers the barriers of entry into the market. New businesses can simply supply themselves with the appropriate equipment to manufacture their product, a computer and an internet connection, and be ready to communicate to their customers.

The book reader is one of the latest trends to appear on the business communication horizon, but it is not clear if purveyors of commerce have fully appreciated its potential. The book reader has the ability to scan printed material, recognize the characters and using text-to-speech software, play it on the user’s computer or mobile audio player. In other words, you could listen to this article on your iPod. Most business people receive their email on their phone and check, now large volume documents, contracts, training manuals and other printed matter could be downloaded to any device. The affect on business communication is potentially quite significant, but the software is not widely tested or used as yet.

Social media networking has officially crossed over from only being used socially to an important and viable method of customer relationship management (CRM). Using tools like Facebook, blogs, public forums and wiki sites, business can better know how to attract and keep their customers. CRM begins with acquiring new customers through contact management, sales and customer satisfaction. Enhancing CRM occurs through excellent business communication and the use of customer service tools such as product experts and ease of purchasing. Retaining customers occurs through loyalty and reward. CRM software or databases can notify the business owner of long term clients and create the ability to recognize them through promotional measures.

Streamlining every phase of business communication will always be a trend in business. Making it easier for your client to send and receive materials or communication from you is increasingly important. Many companies are choosing to create interactive websites whereby the client can attain a report, invoice or product information whenever they feel the need. This creates a whole new level of service quality, as well as opening up the field of business communication. No longer does the client have to wait for 9 am Monday morning.

PowerPoint presentations have been around for over a decade, but they are still a valuable audiovisual tool in business communication. Dynamic presentations aimed at teaching the client about the product or service are full of impact and have a much clearer result than a one-dimensional oral presentation. Even telephones are being used in a more purposeful way in business communication, and not always for talking. Email, text messaging and internet are readily available and highly useful tools for any business person. Plus book readers (as previously mentioned) will soon allow business related documents to be read on a cell phone.

Technology will continue to advance and new communication devices will emerge. The trick to successful business communication is in keeping up with trends and learning how they can make your business better.

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http://EzineArticles.com/?expert=Chris_Haycox

Viral Marketing is one technique in small business marketing that gets the word out about your business or website. It involves getting other people to willingly spread the message about your product or service. It is people telling people about what you do, or what you have done, and results in spreading such message like a virus – thus the word “viral” marketing.

You might think that viral marketing is for big companies with big budgets and that it cannot work for small businesses with small budgets. The truth is: big companies do have the budget to pay for highly polished ads and small businesses that have small budget can very well use viral marketing for their campaign because it has little or no cost.

There are 4 major reasons to use this interesting technique. As with other campaigns, you simply have to know how to effectively use this to build your business and attract potential customers.

1.) It is a fast and effective way to talk about your business.

Once the word starts to spread, there is no limit as to how many people can hear or read about your business. Because the message often comes to people from someone who they already know, it has more credibility than when the message comes up uninvited in an email from someone they do not know.

As soon as the message starts to spread, it picks up size and speed as it goes – like a snowball rolling down a hill. You might think that your efforts were not effective, but when people notice how good your business is, they can spread the word for you. When it works, it can work really well.

2.) It can be inexpensive.

Viral technique is actually more applicable for small business marketing because it does not require payment to people who spread the word. People do it out of mere satisfaction and recommendation. The only major cost you will incur is paying for all the additional orders or sales. More than likely, the biggest expense will be the upfront set up or production costs.

3.) It can help shield you from negative comments

Unfortunately, a negative message can go viral too as you cannot please everybody. However, it can be stopped and can be controlled. What you need to do is to really be open and responsive to the customers’ need. Meaning, if there is a negative message, you can always counter it. Have enough buffers in place so that the negative messages do not overpower the positive ones. Once you start a positive impression with customers, the negative comments or feedback can be overpowered. When you learn how to give good customer service, those negative comments will not be given much attention as the positive ones.

4.) It can find hidden customers.

Despite the time and money you spend trying to define your customers – figuring out who they are, and more importantly, where they are, there will always be people who you can miss. Once your message goes viral, there is no telling where it will end up, or who will respond to what you are offering. Because of the widespread words about your business, people that you have not even considered to be your customers can become your potential customers.

As words about what you offer continues to spread through this small business marketing technique, you do not have to worry about finding customers. People will just be the one to search and find you.

Article Source:

http://EzineArticles.com/?expert=Lorenzo_Cicetti

Are you curious as how to get started building a business online? If you are new to the online business world this article will explain different online business ideas for beginners. Because there are so many different opportunities available to you with the ever-expanding world of internet commerce, it is important to understand how to generate income online as fast as possible. So here are the three tips/ideas I have: affiliate marketing, training, and having an online marketing strategy. Read on and I’ll explain these tips in more detail.

Many beginners look to affiliate marketing as their first endeavor online. This is a great idea, since you won’t have to stock any physical products, deal with customer service issues, and you get to choose what hours you want to work. As an affiliate you will basically be promoting another companies product, and when you get a sale you earn a commission off of that. This is a great online business idea for beginners because the hard part of actually creating the business, the product, website, etc. has already been done for you. All you really need to do is find creative ways to promote that product. How exactly to promote the products will be explained in the next couple of paragraphs.

The next of our online business ideas for beginners is actually more of a recommendation than an idea. Anyway, this recommendation is to find a training program that will help you with your online business endeavors. If you decide to become an affiliate marketer, find a company or a product that has instructions and tips you can follow to become more successful. This is also a good idea just in case you get stuck or if you have any problems, you’ll have someone to help you out. Be careful though; there are scams, so please research the program you are interested in thoroughly before you go ahead and purchase it.

The last online business idea for beginners I have is to come up with an online marketing strategy. You will need to have some sort of strategy no matter what type of online business you’ll be creating. Whether it be affiliate marketing, MLM, or selling your own products online, you will need to make a strategy on how to attract potential customers to see your products. After all, what is a business without customers? Remember that in order for your business to be successful you will need to market it properly and to the right audience. You can find much more information about good marketing strategies just by doing a quick Google search.

In summary, these three ideas can be helpful in your online business endeavors. There are so many opportunities available to you, make sure you research the different programs, make sure they offer training and support, and they can help you devise a fail-proof internet marketing strategy. If you do that you’ll be well on your way to success!

Wishing you the best,

Beth Balcum

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http://EzineArticles.com/?expert=Beth_Balcum

If you own a small business, you have probably been through difficult and scary times this past year. You are probably also wary about what’s coming in 2010. Will the changes in requirements for employee health care push you over the edge or will it take some of the burden off of your shoulders, for instance. What’s going to happen to the economy this coming year and how will it affect the health of your business?

Everything points to ongoing improvement in the economy next year. Now is the time to take a close look at your business and make some decisions about how to take advantage of an improved economy.

Revisit your business plan

Be objective about what is working and what is not. This might be a good time to have an outsider take an objective look at it. Ask yourself these questions:

Does it still serve as a guide to operations?

Does it communicate your company’s purpose and vision?

Does it spell out management responsibilities adequately?

Is it on target with regard to personnel requirements?

Are the marketing plans it lays out still viable?

Is it accurate with regard to your competition?

Is it an adequate foundation for creating a financing proposal for investors,lenders etc.

Evaluate customer satisfaction

Do you have an effective plan for measuring customer satisfaction?

Do you have a customer satisfaction form?

Do you have an effective way to get it to your customers and back to you?

Do you have an established way to respond to your customers’ comments?

Evaluate your phone system

Are the features of your system adequate to meet your needs?

Do you have enough extensions?

Do you have enough lines?

Does it cost too much? Are you getting your money’s worth?

Evaluate cost of equipment

If you lease, would it be more cost-effective to buy your equipment?

If you own your equipment, would it be more cost-effective to lease it?

Evaluate your real estate arrangement

If you lease your location, should you consider purchasing the land? Does your lease contain that option?

Be sure to factor in taxes, expenses, the potential for termination, etc.

Can you negotiate a more favorable rental fee?

Look at your escalation clause. How is it determined?

Does your lease protect you from competition in the near vicinity?

Review your option to renew. Are you likely to pay more rent at time of renewal?

Do you need more space?

Keep an eye on zoning regulations and changes in them.

Is there a chance that your landlord may not be able to remain solvent in the financial meltdown?

If you feel confident about these aspects of your business, you should look forward to the coming improvement in the economy. If you see weaknesses, get to work on them and make 2010 a good year.

Article Source:

http://EzineArticles.com/?expert=Tom_De_Zeeuw

The world is a collection of communities and the business world is no different. But many times when we hear the term “community” and business mentioned together, it is reference to the area where the business is located more than the individuals and companies that keep the world running. Your “community” at its core, is your specific niche in your industry. Beyond this direct relationship, is that of your suppliers and customers.

Business to business sales offer you an opportunity to develop reciprocal relationships that can have far reaching benefits for your own company as well as your customers. Developing constructive partnerships with other businesses can help you manage your company more efficiently and provide ways to reduce your overhead.

Cultivating these relationships to a point where cooperative advertising can be done is one way to approach selecting businesses for a reciprocal relationship. If your company and one of your suppliers have complementary products and/or services, your advertising efforts will have more impact. What your customer sees is enhanced value and a more credible business presence.

While there are benefits to developing these types of relationships, it is important to make sure that the other business has a code of ethics that is compatible with your own. Discussing customer service in depth with any vendor that you are considering is first on the list: if you cater to your customers and the other business never returns a phone call, there are bound to be problems.

If you want to establish a relationship with a large corporation, again the keyword is benefit. You need to be prepared to show how your service or product will find a specific need that will enhance the profitability of the corporation. It is not sufficient simply to say that your product or service is the best. The larger the company, the more competition you will face which makes research all the more important.

When you want to broaden your scope of community to encompass a relationship with a vendor, look for compatibility of purpose in order to make the most of the relationship. Small business owners that are working with limited marketing budgets can benefit greatly by the word of mouth advertising that is created in the process of collaborations with suppliers. Endorsements of products and services are one of the strongest sales tools available; people are more receptive to recommendations that are made by a person that they have a relationship with than expensive promotions.

Start building your reciprocal business relationships with small projects that are easy to manage without a huge time investment. Make sure that you involve all the individuals that will be affected by the project or be called into participation to make the project a success. As you work through the process of the project work, take time to discuss and evaluate the impact it is creating for both your business and that of your vendor so that it can be refined and developed into a long term, mutually beneficial method of operation.

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http://EzineArticles.com/?expert=Andrew_Brown

Are you an entrepreneur? If you are, then I believe you will familiar with the pattern or business challenges faced when starting and building a business from scratch. If you are not an entrepreneur but you dream of becoming one someday, then I think you will find this article worthwhile.

Why am I writing on such a topic? I decided to write on the “10 business challenges every entrepreneur must face when building a business from scratch” to give entrepreneurs a glimpse of what to expect when they set out to start a new business venture. I am not writing to show my writing skills. Moreover, I am not a professional writer; I am an entrepreneur and investor to the core. I simply write to share my knowledge on building a business with anyone who is willing to learn.

This article is not meant to discourage or scare you from going into business. Instead, I wrote this article to prepare and highlight you on the business challenges to expect and how to handle them. Just as the popular saying goes:

“He that is prepared has half won the battle.”

Below are 10 Business Challenges Every Entrepreneur Must Face When Building a Business from Scratch:

1. Developing the Vision and Idea:

This is usually the first challenge faced by every entrepreneur. Finding the right business opportunity or creatively developing an idea is certainly not an easy task. I call “Envisioning the idea” the first true task of an entrepreneur. As an entrepreneur, you must develop the ability to see what others cannot see. While others see problems, you must see opportunities.

But seeing opportunities is just the first task. The main challenge is going to be your ability to forge that opportunity into a business idea. I see this as a business challenge because the process of transforming opportunities into business plans is like trying to turn lead into gold. I call it the process of “Creating Value out Of Nothing.” If you are not an entrepreneur, you might not be familiar with the process. The process of:

- Identifying a problem

- Seeing an opportunity in the problem

- Coming up with a solution

- Developing your opportunity into a business idea

- Integrating your solution into the business plan

Another way “developing the vision and idea” will be a business challenge is that an entrepreneur must sometimes assume the role of a sorcerer. Let me explain in detail. While others dwell in the past and present, an entrepreneur must envision and forecast the future. An entrepreneur must always be ahead of his time or else he might lose his relevance. He must have the ability to bring into present what is yet to be. Let me give you some practical illustrations:

In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers.

While everyone saw humans flying as an impossibility, the Wright brothers envisioned a flying machine.

Back in those days when cars were custom made and exclusively for the rich, Henry Ford envisioned affordable cars for the masses.

I believe with these few examples, my point is clear. Developing the vision and idea is the first true task of an entrepreneur.

2. Raising Capital:

After developing your idea, the next challenge you are going to face is the challenge of raising capital. As an entrepreneur, you are the only one who knows the idea to the core. You are the only one who knows the story of the future. Trying to convince investors about something that doesn’t exist is definitely a challenge.

There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk. When building a business from scratch, raising capital will definitely be a business challenge you must face.

To overcome this challenge, you must develop the ability to sell your idea and vision to potential investors. When I say “sell your ideas”, I mean improving your communication skill and your manner of presentation. In the game of raising capital, you must have a good story backed by a strong business plan. If you are interested in learning how to successfully raise capital, you can check other articles I have written.

3. Assembling a Team:

The third challenge you must face in the course of developing a business is assembling the right team. When I talk about a team, I am not talking about regular employees. I am talking about a “round table strategic business team” that will meet regularly to brainstorm on ways to grow your business.

As an entrepreneur, you are bound to have strengths and weaknesses. That is the more reason you need to assemble a strong team that will cover up for your weaknesses. A team is a necessity in your quest to build a business. Now finding a business team is just the first hurdle, transferring your passion and vision to your team is the real piece of cake.

You must strive to make sure your team sees the future you see. They must believe in your possibilities and must also be passionate about making that possibility a reality. If they can’t grasp your vision, if they can’t see they future with you, then they are not worthy being your team.

Your strategic business team should comprise your banker, financial advisor, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to your business. A question on your mind might be “how am I going to pay this team? My answer is I don’t know. You will have to figure it out yourself or better still, you can consider bringing them on board as partners.

If you are still at loss with the thought of assembling a business team, then I will recommend you either take some time in learning how to build a business team or you can visit strategicbusinessteam.com to get some advice.

4. Finding the Right Location:

You might feel that finding a good location is a piece of cake but I bet you that finding a good location at the right price is definitely not easy. I don’t have much to write on this but I feel it is worthwhile I bring it to your notice so you can prepare for it. The following are features you must consider before choosing a location. These features are subject to change with respect to the industry of your business:

- Suitable price

- Easy access to raw materials

- Good road network.

- Basic amenities and infrastructures

- Adequate Power supply

- Easy access to cheap labour

- Nearness to high traffic roads

- Moderate state and federal tax

- Favorable Government fiscal and monetary policy

- Favorable federal and state laws.

- Current economic policy and political situation.

5. Finding the Right Employees:

Most writers crank up the process of finding good employees as an easy task. They define finding an employee as simply presenting the job description and the right employee will surface. But I think it’s more than that.

Those who are really business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Finding a good employee who will be passionate about delivering his or her services is quite difficult.

Employees are your representatives to your customers and the outside world. They are a reflection of your business culture and ethics. If an employee of yours is bad or rude to your customers, it is going to portray a bad image of your company. So you must be careful when hiring employees. Remember the golden rule of business; “Hire slow and fire fast.”

6. Finding Good Customers:

The sixth business challenge you will face is the challenge of finding good customers. Note the keyword “good customers.” When in the process of building a business from scratch, you will come to find out that there are good customers and bad customers.

You must really be on guard for bad customers. Good customers are really hard to find. A good customer will be loyal to your company and will be willing to forgive you if you make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and the company mutually.

A bad customer will always look for loopholes in the company’s policy to exploit and make some few gains. Bad customers will always try to exploit the company’s goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts.

Good customers build your business and bad customers will always try to liquidate your business. Just as you fire employees, you must also be prepared to fire bad customers without hesitation. In the game of trying to find a new customer, always remember the customer that sued McDonald’s to court claiming the coffee was too hot.

7. Overcoming Competition:

Competition is the next challenge you will face. Most individuals see competition as a plague but I see competition as a good challenge. I see competition as a benchmark for creativity, the main engine for innovation and quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.

I see competition as a welcomed challenge and I want you to do the same. Competition keeps us on our toes and drives us to constantly improve our products and services. But you must be warned. Competition can make your business lose its relevance in the eye of your customers so you must always be on guard. At this point, I leave you with a quote:

“If you don’t have a competitive advantage, don’t compete.” – Robert Kiyosaki

8. Unforeseen Challenges and Expenses:

Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur be prepared for what ever comes. Unexpected challenges can come in the form of:

- Unexpected law suits

- Inconsistent government policy

- Not being able to make payroll

- Unpaid bills and taxes

- Unexpected resignation of staff from sensitive office

- Bad debts from customers

- Loss of market share

- Dwindling working capital

- Inadequate stock or inventory

These challenges, if not handled properly can ruin your plan to build a successful business from scratch. Another challenge you must expect is an unforeseen increase in business expenses. If not handled properly, it might result in constant negative cash flow and eventually, the business failure.

9. Keeping Up With Industrial Changes and Trends:

Change in trends is really a business challenge you must be prepared for. Trends have made and broken lot of businesses. I know a lot of profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many industrial based businesses were wiped out by new web based dot com companies.

When the Dot com era began, business owners were left with only two options. Either they join the dot com train or they get crushed by the dot com train.

Seasoned entrepreneurs know that trend is always a friend and are always willing to swiftly adjust their business with the current trend. Keeping your eyes open to spot trends is really a challenge but the big task will be your ability to quickly use the trend to your advantage.

10. Exiting the Business:

“In the world of business and investing, your exit is more important than your entry. A good thumb of rule is this; exit before you enter.” – Robert Kiyosaki

When building a business from scratch, you are going to face the business challenge of determining your exit strategy. Just as the quote above states, you have to plan your exit strategy before you even start the business. Most entrepreneurs run their business without any plans to exit and even if they have an exit strategy, they find it difficult to implement it.

Before starting a business, it is advisable to always plan your exit. There are benchmarks you can use to determine your exit from the business. Most smart entrepreneurs will use this benchmark as a target and once this specific target is reached, they exit the business. Examples of such benchmarks are:

- Annual sales

- Annual Turnover

- Asset Base

- Market Saturation

- Customer base or number of users. This is more applicable to dot com companies.

Now when it comes to exiting the business, there are three exit strategies you can apply. The exit strategies are:

Turning over the business to professional managers: When your business reaches a certain stage of maturity, you can exit by turning it over to professional managers. In this case, the business still belongs to you but you are not involved with its day to day affairs. You will have to give up administrative role to assume the role of a watchdog. When you exit in this manner, you will have more free time to look into other projects or retire.

Selling the business privately: In this case, you are exiting the business by selling it to a private investor. In the business world, it is called M&A (Mergers and Acquisitions). After the sale and transfer of assets is complete, you have nothing to do with the business again.

Taking the company public: The unique thing about this type of exit strategy is that while you are selling your business (in form of shares) to public investors, you still own and control the business.

Please before you apply any of these exit strategy, I will advise you consult with your attorney or legal adviser. But ultimately, it’s up to you to decide the exit strategy you want to apply. Always remember “your exit is more important than your entry.”

At this stage, I thank you for reading and taking your time to learn. Till I come your way again, remain blessed.

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