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(CHANDRA LEE PHOTOGRAPHY Copyright 2009)
(CHANDRA LEE PHOTOGRAPHY Copyright 2009)

How to start a business in a crowded market Add to ...

DO:



  • Sell on a compelling value
  • Find 20 reasons, not based on price, why someone should do business with you. Meet the needs of your customer and deliver great value.
  • Get input and feedback from crucial decision makers
  • Success may not come from the initial idea but from fine-tuning based on market response.
  • Make connections to the industry
  • Attend trade shows and conferences. Talk to knowledgeable industry insiders. Read industry publications. Focus on developing a team of mentors, advisers, suppliers, and associates, Draw up a list of people with whom you’d like to connect and systematically talk to them all. Ask who else you should to talk so you.

DON'T:

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  • Delay in getting up and running just to protect your idea
  • Many have thought of the same business idea. Successful entrepreneurs are implementers, first and foremost.
  • Start without industry knowledge
  • Discover in detail how the industry works, what the norms are, what trends exist, who the key players are, both buyers and sellers.
  • Start a business with excess baggage
  • Too many personal issues or unmanageable debt can drain your energies and take you away from the business. Pay off your debts; say no to time wasters and unhealthy relationships; obtain support from family and friends. Your business will require all your focus.
  • Compromise on price
  • There will always be someone cheaper than you. Too many businesses fail because of poor pricing strategy and for the most part it’s because they undercharge.
  • Source: Toronto Business Development Centre


 

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