Three Essential Rules To Making Your Business Thrive

Three Essential Rules To Making Your Business Thrive

As a small business owner or solopreneur running a business today, there are many fundamental rules to abide by which if followed, can dramatically increase your venture's success. The following three rules I'm going to discuss may sound obvious, yet in the midst of all the excitement of launching a new business, very much overlooked.

Rule 1: Choose or develop the right product to market

Rule 2: Build an effective platform to sell your product

Rule 3: Find and connect with enough of the right customers for your product

Looking at rule 1, choosing or developing the right product to market, a key word here is "right" product. Many solopreneurs may get inspired and have a great idea to develop a product but fail to research if there is an existing market of customers who passionately desire to pay for it. Choosing the "right" product if you're not developing it is so critical as well. In today's marketplace, there are millions of products to offer your customers. Again, if you don't research the needs and demands of your customers, you may choose the wrong product.

In reviewing rule 2, building an effective platform to sell your product, this will definitely aid you in properly setting up your business systems for maximum profits. An effective platform will make it easy for your customers to buy from you, and continue to buy from you into the future. Research your customers' behaviors and habits and you'll discover what platform will be best to generate sales.

Lastly, rule 3, finding enough of the right customers for your product, this is the most crucial rule to commit to in order to stay in business. And again, it's not just finding and connecting with any customer, it's connecting with the "right" customers. Having the right customer in your database will also increase repeat sales from backend and up sell offers, and reduce your marketing costs by simply marketing to your database over and over again. Beyond just finding the right customers, its also very important to "connect" with your customer base to insure a strong and loyal relationship with them which will reduce your attrition factor requiring you to constantly hunt for new customers.

For individual products or services, rules 1 and 2 occur only once. You will come back and tweak the product specification or the website platform from time to time, but insuring that you have followed an effective process, your product and website will pretty much remain as they are for a pretty long time.

Rule 3, though, is a never-ending, constant process. You cannot rely on the belief of just building a business and then supernaturally masses of buyers will come your way on their own. If you fail to market your service or product effectively, it might as well not exist. No one will ever know about it, much less buy it. So remember the importance of rule 3 in order to stay in business

Considering that you implement each of these three essential rules into your small business, your odds are greatly increased in running and owning a thriving venture, which will bring joy and fulfillment instead of grief and pain. In small business, there are enough challenging factors to deal with already, but setting up a strong foundation will help to reduce the unnecessary headaches from lack of business fundamentals in place.

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