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Home » Business And Finance Articles » What It Takes To Succeed In Business

What it Takes to Succeed in Business!

Business if tough in today's world! Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remainders also "pack up" shop and lock their doors. Why do so many businesses fail?

The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.

The Personal Sphere deals with the owner's personal motivation to start a business. For example, if an owner wants to start their own business, but isn't willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn't have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can't do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of "being your own boss" wears off they close the door.

The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money you do not have a business. Many factors go into generating a good customer base. In the beginning you must have a cost effective marketing strategy that targets your intended buyers. This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent. Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey.

The Operations Sphere is only second to the Customer Sphere. In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvement. Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions.

If all of these three components are well thought out and are appropriately designed you will increases your chances of survival. Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run. If you are having difficulty putting all the pieces together then consider a small business consultant.

And here is another random article you might be interested in...

The "Psyche" of The Seller and The Tenant Buyer

For those of you who were not psychology majors the "psyche" is someone's mind. What motivates them. What are they thinking. How can you better understand them. All of which is important to those of us in lease purchasing. In fact, it is important to any business person. The ability to know what motivates your customer, how your customer thinks, and tapping into their "psyche" is what makes some businesses successful and why others fail.

For those of us in lease purchasing when we make our calls we find out what motivates our sellers. We ask pointed questions to determine why they are selling their home. We build rapport with that seller. By the end of our telephone call we have an insight into what that particular sellers' wants and needs are.

Sometimes you need to educate the seller. For those of us in lease purchasing we can explain the various advantages of lease purchasing. The advantages we emphasize will be determined by that particular sellers' psyche. We can find out what is in a seller's psyche by how she or he has answered the questions that we have asked them. Their answers to our questions is what gives us a pretty good feel for that seller.

In general, of course, a seller has a particular mind set. He or she wants to sell their home. They want to get a particular price for it. Their emotions are strong. They have very strong attachments to what they are selling, especially if they have lived there a long time. Depending on what their reasons for moving are: divorce, death in the family, birth of a child, job transfer, etc., remember they are going to be feeling certain things. Put yourself in their shoes. How would you feel if you were in their place?

If you can not get inside the psyche of your seller you are not going to do deals. You must have empathy with the seller. Be a good listener. Ask questions and let the seller talk. This will give you the best insight into what the seller is thinking and what is motivating them.

While many of the above points are going to carry over into getting into the tenant buyers psyche there are also other considerations. You have to be able to understand what it is like to have credit problems, possibly a bankruptcy, medical problems, divorce, and a multitude of other bad things that might have happened to that tenant buyer. If you cannot relate to these issues, you will have a problem connecting with the tenant buyer's psyche.

Tenant buyers are looking at a dream. You have to feel that dream with them.

So to truly be successful in business you need to learn about the "psyche" of your customer. For those of us in lease purchasing that means the "psyche" of the seller and the tenant buyer. If you want to learn more on how to deal with sellers and tenant buyers check out our Lease Purchasing As A Home Based Business Manual at:

http://www.homebusinesssolutions.com/products/LPHB%20Manual.htm

Copyright 2002 DeFiore Enterprises