Success Factors to Help Your New Business Succeed

December 2000
by Richard Siedlecki

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Over the years, I have helped hundreds of entrepreneurs start and grow profitable businesses. Several commonalties or success factors seem to surface again and again. Here are a few that can help youYour business ties in with your skills, knowledge, and experience. It’s always a plus to have a solid background and a good understanding of your business. If you have experience in the business, you have experience in the industry… and that helps increase your chances for success.You have a solid competitive advantage. It might be a patent, license, territory protection (e.g., franchise), special technical knowledge, access to esoteric suppliers, a copyright, a unique marketing area, or a highly specialized service aimed at a very small market niche.You have a passion for what you’re doing. Your business is not just about making money, but about doing something that you love.You have a written plan. A well-thought-out business plan will help you avoid problems, anticipate changes, and market and manage your business more effectively and efficiently.You have products and/or services that are special or unique. Think: Fulfilling a customer need or want; meeting a demand; improving on problems that exist in your market; filling a gap that your competitors have ignored or missed; etc. Think faster service; more personal service; more knowledgeable specialists; etc.Your pricing structure will yield good margins. The more unusual, unique, h…IBPA Members – Click here to view the full article (login required).

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