How to Build a Business

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Determination, a strong work ethic and self-discipline are all essential characteristics of successful entrepreneurs. If you possess those characteristics, you are already on the right road to success as you begin to build your business. Read on to learn how to build a business.

Determine the type of business you will start: You may want to start a business that allows you to work from home, or your business idea may require you to rent office or retail space. Knowing the type of business you will start will allow you to build a solid foundation for your business.

Identify your target market before you go any further. You must know your target market's age range, average income and education level, so you can effectively market to them.

Conduct market research to determine if there is a demand for your product or service in your area and to identify your competition.

Complete the legalities, including filing your business entity with your state, if applicable; registering your business name with your state; and applying for applicable business licenses and zoning permits. Check with your local and state government offices to determine what licenses and permits you need to operate legally in your area.

Networking is crucial to building a successful business. In addition to networking everywhere you go, including while you're in line at the grocery store, attend local Chamber of Commerce meetings, Toastmaster meetings, and other events where you're likely to meet potential clients.

Become a familiar face in your neighborhood, so when people see you they automatically think of your business. Consider sponsoring a local little league team, volunteering at a local non-profit organization, or offering talks at your local library. Be creative because the possibilities really are endless.

Begin branding your business by having a logo designed and/or by developing a slogan. Ultimately, when you brand your business, you're illustrating to your clients what makes you different from the competition and why your prospective clients should do business with you rather than the competition.

Initiate an aggressive marketing campaign that will drive more clients to your business. Your marketing campaign might include such offline techniques as newspaper, radio and television ads while your online marketing methods might include article marketing, pay-per-click advertising and forum marketing.

Tips & Warnings

  • Take advantage of the resources available to you as a small business owner. The Small Business Administration (SBA) and SCORE are two organizations that offer counseling to small business owners. Check your local yellow pages to identify the closest SBA or SCORE office.

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