5 Best Business Strategies For Beginners

Want to start your own business? Not sure what the best way is? Finding the whole thing too daunting? Well DON'T give up. There are strategies that can be used to make an intimidating process much more accessible.

Strategy #1 Uniqueness

The key to a successful business is to develop a unique approach. What can your company offer that others cannot? We don't after all want to just mimic another organization and expect success to follow. Therefore the first Business Strategy for beginners is to evaluate and analyze the market in relation to a determination of possible Business opportunities. You need your new business to be able to stand out from the crowd, so an inimitable idea is key.

Strategy #2 Business Plan

A business plan can be likened to a resume for your company. Compiling a business plan is agreeably the first strategy when starting small business. The business plan aims to be an anthology of all the basic, yet necessary information.

  • What product or service shall my business provide?
  • Who is my clientele?
  • What measures will I undertake to attract customers?
  • What makes my business different from others?
  • How will I Finance the business?

What does a business plan look like? It should comprise of:

  • Introduction (Purpose, contents)
  • Description of business (What does the business offer? Who are your competitors? What staff will you require? Operating procedure?)
  • Financial information (All financial information- loan applications, operating costs, income projections)
  • Additional (Supplier information, lease information, permit/license details)

Strategy #3 Premises.

Ever heard the old real estate expression 'It's all about location, location?' Well there certainly is truth to that. When considering where you will establish your new business, there are several factors that need to be considered. Most prominent of these is financing and business type. The location of a business may be dependent on its nature. For example a toy store may be better located in a shopping centre, whereas a cafe/restaurant would be suitable standing independently. In saying this however, finances can often be severely restricting. Costs are higher for premises in shopping centers, as security is greatly increased as is customer traffic. An evaluation of initial cost in comparison to future revue must be undertaken. The right premises will increase potential business opportunities

Strategy #4 Advertising

Advertise, advertise, advertise. Once your business has been established, and even before you are ready to open the doors for the first time, you need to let the public know that you exist. Advertising is such a broad topic, however will earn you plenty of benefits. Newspapers, signs, radio, television, catalogues are all proven means of putting your company name and products in the spotlight. If you are just starting small business then the finances necessary may prove to be difficult. If you fall into this category, then I would suggest business loans, whether small scale or large scale loans. You will only begin to make a profit when customers know about your business, and advertising is essential to this. This is without a doubt the most important business strategy.

Strategy #5 Training.

An effective business is a knowledgeable business. Product training, and customer service training in a necessity in the competitive business industry. All staff should be proficient in attending to the standard customer, and contain the ability to provide them with the information necessary to 'close a sale'. Therefore they must have an understanding of what the average customer is looking for out of your particular business, and how to deal with those who may prove difficult. In order to ensure the sale of products, product knowledge is essential. Staff should have a basic, if not detailed understanding about the variety of products sold, and the function of these products, so they can be adequately matched to the customer.

These training sessions can be conducted in-house, or by an external company. In order to ensure its effectiveness, they should be mandatory, and incentives can be offered for attendance.

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