The number of small businesses here in Perth continues to increase. Perhaps, this is due to the number of businesses entrepreneurship brings. Whether you just want to pursue a hobby or would like to make a living, starting your small business is truly a great decision.
However, starting a small business (even though small) involves risks. Sure, no one wants to fail, but according to various statistical resources, more than 50 percent of new small business will not make it past 5 years; many of them file bankruptcy and close for good. So how can you avoid falling prey to this statistic?
In order to become successful, it is very important to know what your target market wants. If you don’t know what they want, you have a huge problem. You need to become intimately familiar with the unique makeup, behaviours, and attitudes of your core customer-base.
Luckily we already have the internet where we can obtain this information and it has become relatively easy and low-cost. You can ask your target market what they want via social networking sites or online surveys. You can also consult available market research data from government sources, research organisations, and other companies.
Another key to your small business’ success is by knowing exactly what to do. e. If you do not know what you do differently than the other businesses or websites competing for market share, then you can end up confusing your customers, confusing yourself, and dropping core competencies.
According to an article published by Nine.com.au, one important recipe to a successful small business is by developing strong relationships with the community. Your small business can use various methods to establish and maintain a mutually beneficial relationship with the communities in which you operate. The underlying principal of community relations is that when you accept your civic responsibility and take an active interest in the well-being of your community, then it gains a number of long-term benefits.
Read the full article here: https://finance.nine.com.au/2018/09/27/12/48/iga-success-small-business