How to Build a Successful Business By Whitney Hunter For instance, if an individual wants to open a pizza restaurant chances are it will fail because many businesses like that already exist. Examine what are the major trends and how this will affect the success of the business. Use search engines like Google, ZoomProspector and Yelp. com. ZoomProspector provides helpful commentary on current economic trends and Yelp.com shows the competition in various markets. Next consider how to get seed money for the business. Small business loans are one resource, but because of the economy, those may be hard to come by. Whitney Hunter/Graduate Today
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The best way to obtain funding is to attract
any college students faced with
questionnaires where you ask the intended
investors who believe in the product; it
a declining job market find
audience how they feel about a product.
is never a good idea to spend personal
entrepreneurship appealing, but few know
Some questions may be how much money
capital.
the process to create a successful business.
someone is willing to pay for a product or
Develop a coherent and realistic budget
Start with a blueprint that features the
does he or she feel this product is sorely
plan that shows the start up costs of
goal of the business, the target audience,
needed in the market place. Try to limit
the business without financial strain.
and funding. Good questions to ask while
the sample size to 25 people. Remember
Planning is everything, so do not
preparing a blueprint are: What niche is
“the customer is always right� is the first
be too eager to grasp the pot of gold
the business trying to fulfill in the market
rule of business and knowing customers
before getting things in financial order.
place? What makes my product important?
will increase revenue.
Lastly, choose a business structure that
What will this product achieve? Next, think about the target audience
Secondary research can also be useful. This research consists of books, journals,
is beneficial such as a partnership or corporation.
and whether this product will appeal
magazines, newspapers, and other useful
Following these steps will ensure a
to a younger demographic of 18-26
secondary information. Remember when
succesful business, however research is
or an older demographic of 40-60.
using online sources to evaluate them
key to determining whether a business will
Knowing what audience to penetrate is
closely because not all information on
stand the test of time.
crucial because many businesses fail
the Internet is good information; a person
due to communication issues.
should look for scholarly sources not
Conduct primary and secondary research.
information found on a blog.
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Primary research consists of surveys and
Now it is time to evaluate the market.
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