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The Main Factors of a Successful Venture

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By: Theresa Newell | Date: 30 June 2014

The Main Factors of a Successful Venture New article

The start-up of a business brings some significant changes in the business owner’s life:

 

  • permanent financial freedom
  • flexibility of schedule
  • satisfaction of making one’s life fulfilled- irrespective of making the business grow into a mammoth structure or just keep doing what you like to do and earn your living

 

Along with the excitement of new ventures comes the challenge of wearing too many hats- strategic planning, marketing, sales, production, customer support, accounting and financing. Even if the business is small the tasks are huge. Whatever might be the field, the main factors of a successful venture remains the same:

 

  • a good idea
  • an effective marketing plan that is not hugely expensive
  • efficient operation

 

Ideas

A proper business idea is crucial for the success of the venture. Firstly you must be passionate about the area of work. Secondly you must posses enough knowledge, talent and experience to stick on. Finally, choose a business that’ll yield small and steady income without heavy investment. This will eventually support you and your family. Some ideas that can be considered are- freelance writing, online marketing, web design, book keeping etc.

Promotion

A Basic tool for marketing your product and services would be distributing business cards. You can design the card yourself by using different business card templates but it would be wiser to spend some money and let a professional do it. As little as $20 will get you 500 cards. Color cards are a bit more expensive. The next step is to build a website which will allow the prospects to view the information 24 hrs 365 days. Around .$50 is the cost for web hosting per year. Another $80 more would get you two simple web pages. If the internet prospects look good, then spend $50 on pay-per-click (PPC) online ads. $50 on PPC will bring you more customers and also generate revenue.

Operation efficiency

Running the business (marketing, sales, production etc) takes away all the time for small business owners. They don’t have time (or knowledge) on strategizing the expansion of the business. The result is that they either remain a small venture or get wiped out if there’s a drastic change in the market.

Operation efficiency is required even more in smaller ventures than in established firms. Some methods of improving operation efficiency:

 

  • streamline business process
  • utilize productivity software
  • outsourcing and etc

 

Something like- hiring an accountant for tax returns and bookkeeping, a collection agency for debt collection etc should be done. Always spend time in expanding your business.

 

 

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