Business Opportunities Weblog

June 11, 2010 by Dane Carlson | 2 Comments

There is not bulletproof recipe to launching a successful business. Luck, flair, persistence and drive are some of the many factors that will make – or break a start-up. But while there is no blueprint on entrepreneurship, history has taught us that you cannot make it without the 6 factors listed below These rules are not taken from marketing books, they have been tried and tested by successful entrepreneurs. See what you can learn from them:

1. Find your niche

Who would have thought that there would be a market for a mail-order business selling carnivorous plants? Peter dÕAmato transformed his lifelong interest in hungry potted plants into a successful retail operation. Find out how he did it.

2. Have a solid business plan

New age thinking would have you believe that you can launch a business without a business plan, identifying and seizing opportunities along the way. While that strategy may work for some lucky few, the truth is that a business plan will help you secure that much needed seed investment. With a clear revenue strategy, Jamie Milner and Matthew Turner, founders of Taste London secured a bank loan. Read more.

3. Stay committed

When launching your start-up, you will overcome many hurdles: lack of financing, lack of staff, scare resources. Businesses that have failed are more too often businesses that have given up too soon. Commit to solving the problems as they come and you will come through. Ò”Decide that there is always a way,” Shaw Nelson, found of lovesac,com says, “and you’ll find that there is.” Read his inspirational story.

4. Go find your customers

Many businesses fail because they cannot find customers. The advent of social networking websites has made it easier today to connect with prospects and customers. This relationship should not be restricted to the web. Old –fashioned methods such as exhibiting your products in fairs, exhibitions and conferences work, as demonstrated by this incredible story of a young Amish entrepreneur who built a national food retailing business without using new technologies. Find out how he did it.

5. Network, network, network

As an entrepreneur, your focus should be on generating leads and sales. People do business with people they know and like so you will need to get your name out there, make contacts, and build relationships. Andrew Randall, founder of 11th Hour Marketing attends four networking events a week. Find out how it has paid off.

This was a guest post by ICLP, which provides customer loyalty solutions to help businesses create, retain & grow profitable relationships.

In Featured, Guest Posts | 2 Comments