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How to Set the World on Fire

Wednesday, 17 December 2014

You've got dreams and big ideas. You look around at the rat race and you've decided there will be one less rat. You're not slaving away for someone else. If you are going to put your time and effort into something, it had better be your own. You're ready to hit the ground running with your business of your own. The main question is where to start.

Do Your Homework
Figure out what you want to do. What are you good at? Where do your interests lie? What skills and talents do you have? You also want to figure out where there is a need. From that point, scope out the area and decide where your business concept will make a good fit. You can consider going with a business model that has already been tested, such as a Cold Stone Creamery franchise, or branch out into the unknown. Once you've made sure all of the details are falling into place, you can move forward.

Choose the Ideal Location
So many businesses fail because they do not opt for a sensible location. If you are in a secluded spot, or it is too hard to get to your business, you can expect profits to drop. On the other hand, a location that is glutted with competitors could squeeze you out. You need an appealing location that will draw consumers your way, while you still have enough breathing room. Affordability is key as well.

Pay Your Way
Your business isn't going to fall into your lap. You'll need startup money. Unless you have a rich benefactor, it means going to the lenders. Whether you go to a broker with a primary focus on businesses or you turn to the banks, make sure you do some comparison shopping. You need to get the best rates and terms before you actually sign any documents. The only way you are going to thrive is if you make a profit. You can't let your earnings be eaten by your monthly payments.

Stand Out
Once you open the doors, you want them to stay open. That means you have to offer your customers a reason to come in. From exciting promotions to an extraordinary presentation, make your business so appealing that people won't be able to resist. They will be back for more.

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