5 Tips for New Business Owners --- BusinessTown

5 Tips for New Business Owners

 

According to Forbes, nearly 543,000 new businesses are started every month.  Starting your own business can be one of the most exciting ventures in life. When you run your own business, you have the ability to call the shots, the freedom of being your own boss, and the flexibility to schedule more family time.  With all these perks does come a certain amount of risk, though.

According to the SBA, 50 percent of new businesses close their doors within the first five years. This is a sobering fact, but don’t let it discourage or stop you from pursing your aspirations; use it to motivate you not to let your business flounder.

Most of all you want to start your business on a solid foundation, carefully thinking through the key decisions that are most likely to make your business succeed. To learn more about how to approach the key issues and how to start and run your business right consider taking online courses, such as those offered at BusinessTown.

Here are five tips that may also help you reduce the risk of going out of business while solidifying a more prosperous journey in the world of entrepreneurship.

Diversify

Don’t place all your eggs in one basket — diversify.  Explore what other valuable sister products or services you can offer to attract and retain clientele. Not only will this increase your revenue, it will continue to generate additional revenue during seasonal dips. Another advantage in offering more than one specialty is that you can cross-market, giving consumers more value for their purchase while increasing your bottom line.

Do Your Research

Make sure you don’t rely on beginner’s luck. Research every possible aspect of your business before you launch, including your competition, industry trends, and different marketing platforms. These are factors that are constantly changing and should be assessed quarterly to ensure your business stays current. Social media is a great place to focus your attention – it’s a cost-friendly option that allows frequent contact with your target market. Your target market actually expects to see you on social media platforms, and failing to be where your customers are can cost you valuable revenue at the end.

Have a Solid Business and Financial Plan

Every company, big or small, needs to have a business plan. And it should include a complete set of financials.Proper financial management is essential to survival in this economy and to beat out the competition in your industry. Have reserves for slow seasons, manage your cash flow and expenses, and do not use your revenue for personal expenses. Exercise caution and consider hiring an accountant or bookkeeper to help you with these financial tasks if you prefer not to take on the tasks alone.

Network

People like to do business with people they know, so start your networking early to build relationships. Attend chamber meetings, join industry associations, and introduce yourself online to peers in your town. The individuals in these groups will share a similar ambition and can help you grow personally and develop your business. Remember that you are gaining more than just exposure to the people you meet; you are also building connections to their networks.

Be Realistic

Do your research so you know which businesses are most likely to succeed and which are prone to failure. Entrepreneurs often fail to think about which business to start. It may be tempting to delve into a business because someone else made a lot of money doing the same thing. Make sure to research the potential of your business idea – the idea you select is the most important decision you can make as a future business owner.

If you are ready to put in a lot of time and hard work and believe you have what it takes to succeed, don’t be afraid to launch your small business. Ensure you are fully prepared to help cement your long-term business success with these tips, keeping in mind that you want longevity.


We make starting a business simple…

We make starting a business simple….

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Learn step-by-step with our video courses

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Our courses will show you exactly how to start and run a business

You won’t have to guess. We’ll show you what to do at every step of the way. You’ll have unlimited access to our short and easy-to-follow video courses.

Our courses will show you exactly how to start and run a business

Start a business you love, earn more money and live the life you want

Start a business you love, earn more money and live the life you want

With our easy-to-follow courses you will quickly learn how to start a business. Even if you’re a beginner, you’ll soon have the knowledge and skills that you need to succeed.

You’ll find a course that’s perfect for you

On BusinessTown you’ll get access to 130+ courses. Business ideas, business plans, marketing, how to get started… No matter where you are in your business journey, there is a course just for you.

You’ll find a course that’s perfect for you

Our courses are taught by real entrepreneurs

Our courses are taught by real entrepreneurs

They’ll share their experience, wisdom and skills with you. And they’ll guide you through every aspect of building your business.

Learn at your own pace and on any device

Take all the courses you want. Anytime. Anywhere. Any device. Watch one video a day (average 7 minutes) or binge watch the whole thing. It’s up to you!

Take all the courses you want. Anytime. Anywhere. Any device. Watch one video a day (average 7 minutes) or binge watch the whole thing. It’s up to you!

You’ll get all the tools you need to succeed

Fill-in-the-blank templates and 50+ other tools will show you exactly what to do at any given step. They will save you time, keep you organized and help you get your business up and running as rapidly as possible. 

Our most popular tools include:

  • 300 Best Business Ideas, 111 pages
  • Business Idea Evaluation Worksheet
  • Ultimate Startup Checklist, 18 pages
  • Business Plan Template, 29 pages
  • Sample Business Plan, 35 pages
  • Marketing Plan Under $2k, 12 pages
  • Financial Statement Templates

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 7 day free trial. Then $19.95/mo. Cancel anytime.

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Explore our 3 leading courses…

This course will teach you all the basics of starting a business.

You will be guided step by step through the entire process of starting a business and becoming an entrepreneur. Our #1 most popular course. 12 lessons. 10 ½ hours.

This course will teach you all the basics of starting a business. You will be guided step by step through the entire process of starting a business and becoming an entrepreneur. Our #1 most popular course. 12 lessons. 10 ½ hours.

Learn how to find a great business idea with this course. 

Discover how to generate awesome business ideas, how to evaluate them, and how to choose the very best one for you. 10 lessons. 2 ½ hours.

Learn how to find a great business idea with this course. Discover how to generate awesome business ideas, how to evaluate them, and how to choose the very best one for you. 10 lessons. 2 ½ hours.

This course will show you exactly how to create an excellent business plan. 

Learn how to build your business plan from scratch! This course walks you through every step and includes a fill-in-the-blanks template and a complete sample plan. 9 lessons. 2 hours.

This course will show you exactly how to create an excellent business plan. Learn how to build your business plan from scratch! This course walks you through every step and includes a fill-in-the-blanks template and a complete sample plan. 9 lessons. 2 hours.

Hi there, I’m Bob Adams, BusinessTown founder, serial entrepreneur and Harvard MBA.

I have started 17 businesses. Most of my businesses I started with less than $2,000 – including one business that I sold for $40 million dollars.

But I was once in your shoes, not sure what to do or how to get started. I had to learn what works and what doesn’t work, sometimes the hard way.

I’ve got great news for you! You’re not going to go through years of trial and error. Because the recipe for business success is waiting for you on BusinessTown.

On Businesstown you’ll get short video courses that will show you exactly what to do at every step of starting your business. From finding your idea to writing your plan and making your first sale, we will guide you through the entire process.

So if you are thinking about starting your own business, take advantage of our 7 day free trial and see what BusinessTown can do for you.

BusinessTown founder Bob Adams’s courses and books have been featured in:

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How BusinessTown is helping people start their own business:

How BusinessTown is helping people start their own business:

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Frequently asked questions:

BusinessTown is an e-learning platform built for people interested in starting and running a business. 

On BusinessTown, you get unlimited access to 130+ business courses taught by real successful entrepreneurs and highly skilled experts. You also gain access to 50+ business tools and to our discussion board, where you can get expert answers to your business questions.

No matter what you want to learn or where you are on your business journey, there is a course for you. 

Marketing, ideas, financing, planning, naming, how to get started… BusinessTown covers everything you need to start and run your business right. 

The courses are available anywhere, anytime, on any device, and you can take them at your own pace. 

Create your BusinessTown account to get started and try BusinessTown free for 7 days. 

BusinessTown includes unlimited access to 130+ business courses taught by real successful entrepreneurs and highly skilled experts.

You also get full access to 50+ downloadable tools like worksheets, templates, and samples, and to our discussion board where you can get an answer to any business question you have. 

BusinessTown is $19.95 per month. It provides unlimited access to all 130+ courses, all tools, and our discussion board, where you can get expert answers to your business questions.

We offer a free 7-day trial. If you decide that BusinessTown is not for you, then just cancel within 7 days of starting your free trial and you will not be charged at all.

If you wish to cancel your BusinessTown account, you can do so through your account page under the Billing section. 

If you have any questions, email us at bbisson@businesstown.com. We are more than happy to help!

BusinessTown includes 130+ courses on all business topics: Getting started, business ideas, business plans, strategy, marketing, websites, social media, online advertising, finance, accounting, leadership, sales, legal issues, home-based businesses and more!

Looking for a business idea? Why don’t you check out our course How to Find a Business Idea. 

Do you need help creating your business plan? We’ve got you covered. Take a look at our course How to Create a Business Plan.

Do you want to be walked step by step through the entire process of starting a business? Check out our ultimate course, Start-a-Business 101. 

Are you not sure that you are ready to start your own business? Consider our course, What It Takes to Start a Business.

Are you looking for financing for a new or existing business? We offer 5 courses on financing a small business. We suggest you start with the course, How to Finance Your Business.

Do you want to learn about marketing? Because it’s so important, we offer over 30 courses on sales and marketing. Consider starting with the short course, Developing Your Marketing Message.

Want to learn about marketing online? We offer 5 courses on creating websites, 6 courses on digital marketing and 5 courses on promoting through social media. To get started we recommend the course, The Complete Guide to Digital Marketing.

Looking to get inspired and learn how other entrepreneurs succeeded in starting and growing their businesses? We offer several courses on this including, How to Succeed as a Woman Entrepreneur.

Do you already have a business and are looking to improve it? We have several courses on this topic. Try starting with the course, How to Boost Profits.

No matter where you are on your business journey, there is a course for you.   

On BusinessTown you have access to 50+ downloadable tools like worksheets, samples, and templates to help you start and run a business. 

Our most popular tools include:

The Ultimate Startup Checklist, 18 pages 

The 300 Best Small Business Ideas ebook, 105 pages 

The Complete Business Plan Template, 29 pages

Complete Sample Business Plan, 35 pages 

Sample Marketing Plan Under $2k, 12 pages

One Page Marketing Plan Template

One Page Sample Marketing Plan

50 Guerilla Marketing Tactics Worksheet, 8 pages

Business Idea Evaluation Worksheet 

8 Basic Steps to Making the Sale Template

Sales Presentations that Your Customers Will Love Template

Sales Presentation Sample Dialog

50 Ways to Generate Endless Sales Leads Worksheet 

Cold Calling Script Template and Sample

Emails that Land Sales Template and Sample

Voicemails that Get Callbacks Template and Sample

Income Statement Templates and Samples

Balance Sheet Templates and Samples

Cash Flow Templates and Samples

Calculate Depreciation Template

Key Financial Ratios Sample

How I Started a Successful Business with No Money and No Experience, Case Study

Key Questions to Select the Best Business Idea Worksheet

Validate Your Business Idea Worksheet

Using the 6-Step Approach to Choose a Business Idea Case Study

21 Easy-to-Start Part-Time Business Ideas Guide

42 Home-Based Businesses You Can Start Guide

Why I Repeatedly Changed the Legal Entity of My Business, Case Study

Evaluate Customer Segments and Competitors Worksheet

Differentiate Your Business from Competitors Worksheet

How I Differentiated My First Business in a Crowded Marketplace, Case Study

Creating a Press Release Template and Sample

Marketing Bob’s Rent-A-Bike, Case Study

Planning, Designing and Creating Your Website Worksheet

Search Engine Optimization Worksheet

50 Blog Post Ideas Worksheet

50 Creative Online Marketing Ideas Worksheet

Evaluate Potential Names for Your Business Worksheet

How I Financed Buying a Business Case Study

Cover Letter to Seek Financing Sample

Collection Letter Samples

The Four Quadrant Theory of Time Management Graphic

BusinessTown courses will show you how to start your business right and grow it into a highly successful enterprise. 

You will learn from highly experienced entrepreneurs and experts who have been there and done it. You won’t have to learn by trial and error. You won’t have to guess what to do next. BusinessTown courses will guide you through your entire business journey.

Even if you are a beginner you will quickly learn how to start a business you love. If you already have a business, BusinessTown will show how to grow it and make it better.

By just watching one video lesson a day (about 7 minutes average) you can quickly ramp up your business knowledge. No matter where you are on your business journey, there is a course for you taught by an expert on BusinessTown.

What would you like to learn more about today? Starting a business? How to find a business idea? How to write a business plan? How to do your marketing? How to build an online presence? How to get financing? How to prepare financial statements? BusinessTown has courses that cover all these topics and hundreds more.

So if you want to become a smarter entrepreneur and start and build a successful business, you’ll want to start streaming the courses on BusinessTown today.

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