November 1, 2012

Starting a business can be complex and challenging. One to the most difficult aspects of starting your business is deciding what type of business to have and where to begin.

What kind of business will be successful? While that is the goal for every business, when first starting a business there are several factors that should be considered that will help a business become successful in the future.

After determining what product or service the business will provide, it is important for individuals starting their own business to learn about the market and who their target customers will be. It is also important to understand the ways a business can reach their target audience and advertise their product or service.

The Small Business Administration offers the following tips for individuals starting their own business and ways to be successful:

• Explain to potential customers what your product or service is and the benefits of using your company over competitors.
• Begin to build a reputation based on a few skilled areas such as customer service or knowledge and expertise that customers can associate your business with.
• Understand your business message and have it explain why your business is unique and special.

Once the type of business and target audience has been determined, it is important to create a business plan. A business plan can help set goals for the company and create an action plan to help the business move forward.

Individuals starting their own business should work with a business law firm to determine what kind of business entity they want to create and what legal documents and considerations needs to be made. Starting a business can seem difficult but keeping these considerations and tips in mind while working with a business law firm can help put your business on the path for success.

Source: AARP, "Starting a Business? Find Your Niche," Stacy Julien, Oct. 30, 2012