The Main Factors of a Successful Venture
The starting up of a business brings upon some significant changes in the business owner’s life:
1) the permanent financial freedom,
2) flexibility of schedule,
3) satisfaction of making one’s life fulfilled- irrespective of making the business grow into a mammoth structure or just keep doing what you like to do and earn your living.
Beside the excitement of new ventures arrive the challenge of wearing too many hats- strategic planning, marketing, sales, production, customer support, accounting and financing. Even if the business is small the tasks are huge.
Whatever might be the field, the main factors of a successful venture remains the same-
1) a good idea,
2) an effective marketing plan that is not hugely expensive,
3) efficient operation.
Ideas
A proper business idea is crucial for the success of the venture. Firstly you must be passionate about the area of work. Secondly you must posses enough knowledge, talent and experience to stick on. Finally, choose a business that’ll yield small and steady income without heavy investment. This will eventually support you and your family. Some ideas that can be considered are- freelance writing, online marketing, web design, book keeping etc.
Promotion
Basic tool of marketing your product and services would be distributing business cards. You can design the card yourself by using different business card templates but it would be wiser to spend some money and let a professional do it. As little as 20$ will get you 500 cards.
Color cards are a bit more expensive. Next step is to build a website which will allow the prospects to view the information 24 hrs 365 days. Around 50$ is the cost for web holding per year. Another 80$ more would get you two simple web pages. If the internet prospects look good, then spend $50 on pay-per-click (PPC) online ads. $50 on PPC will bring you more customers and also generate revenue.
Operation efficiency
Running the business (marketing, sale, production etc) takes away all the time for small business owners. They don’t have time (or knowledge) on strategizing the expansion of the business. The result is that they either remain a small venture or get wiped out if there’s a drastic change in the market.
Operation efficiency is even more required in smaller ventures than in established farms. Some methods of improving operation efficiency-
1) streamline business process,
2) utilize productivity software,
3) outsourcing and etc.
Some thing like- hiring an accountant for tax returns and bookkeeping, a collection agency for debt collection etc should be done. Always spend time in expanding your business.