There are many entrepreneurs and business owners who start businesses based on an idea or passion they have. Quite often, they build a business around a product and/or service they strongly believe is needed, without validating their assumption with their potential customers. What makes this initial phase even more flawed is that most entrepreneurs don’t even know who their ideal customer is. Business owners and entrepreneurial individuals who are masters at what they do always validate their business idea before they start implementing it.
Launching a new product always entails high risk. Only around 40% of product launches are successful and of those only slightly above half actually make money. To create a successful product one should always have the end goal in mind—creating a product that customers not only need, but are also more than willing to buy since the product solves an actual problem. Nailing this down is one of the most important factors contributing to a successful product.
One of the key reasons customers remain loyal to restaurants is the menu selection and consistent delivery of food and drink excellence. Thus, selecting the right food and alcohol vendors is crucial for the continuous success of a restaurant. Here are 3 ways to select your vendors wisely.
There is a lot of truth in the saying that success is 90 percent attitude. Our state of mind and the way we react to circumstances determine our likelihood to succeed. The invisible scripts and negative self-talk that run our daily thought processes can cause some real damage to our ability to persevere in difficult situations and overcome obstacles to reach success. Here are 5 invisible scripts that control our thought processes and sabotage real chances for success.
Like other small businesses, restaurants deal with common business challenges from staffing and irregular work hours to efficient food and beverage ordering and sanitation compliance. While these challenges are not minor, they can all be more easily addressed in times when restaurants don’t have to worry about cash flow and sales. Finding creative ways to keep loyal customers and attract new ones while boosting your sales is a major asset to any restaurant business. Here are 3 ways to boost your restaurant sales.
Launching a new product into market successfully is one of a few important steps towards ensuring the product will gain popularity with target customers. A successful product launch is never an easy task and it requires a smart marketing strategy. Doing a product launch on a budget adds to the challenges. Here are 3 inexpensive ways to promote your product launch.
How effectively you introduce a product to market determines the success of your brand and your company. You only have one chance to bring the product to market and your introduction has to be impactful to make your product launch successful. There are a few myths about product launch. It is useful to uncover some of them for those of you planning to introduce a new product to market. Here are five myths about how to bring a product to market:
Starting a small business could be quite overwhelming for most small business entrepreneurs. There are many start-up aspects to consider at first, and figuring out your financial projections is one of the most important and potentially overwhelming steps. However, you can alleviate unnecessary fears and find a financial planning tool that can help you make your initial financial projections until you get more experiential knowledge about your business finances.
There are many useful tools and resources for small businesses. Whether you need to make payroll easier, create a beautiful website, combine the management of your social media channels in one or become more efficient, you’ll find plenty of options to choose from—online platforms, CRM systems, phone apps, you name it. Being efficient in operating your business will not only save your staff and you time but will also provide better customer experience. Here are five affordable tools that will help you streamline your small business operations.
Securing the data of your business is extremely important regardless of the type of industry your business is in. When your business manages your customers’ private information, then data security becomes even more important. Providing a website building platform as a service to your customers, for example, and finding out that their login information was compromised, could lead to a complete disaster. There are countless similar examples where compromising the data of your business and/or customers could cost your business everything.