Our nation is built on thousands of small, successful businesses that provide valuable services and products to the general public. However, the business world is highly competitive—so much so that about 70% of new businesses fail within their first year. Still, as long as you’re smart, cautious, and a little lucky, your business could be one of the other 30%. Here’s a brief guide to successfully starting a business:
- Find Your Niche
In order to open a successful business, you have to think of a service or product that isn’t currently available in your community. If what you have in mind is already available, you should think of a way to make it better—no business can be successful without sufficient demand.
- Set Up a Business Model
Once you’ve determined what your business will provide, you should put together a detailed plan of how you’re going to provide it. This includes how much space you’ll need, how many employees you need to hire, what your minimum monthly sales needs to be, and other projections.
- Court Investors
If you don’t have thousands of dollars to invest in your own business, you should begin networking with the hope of eventually finding interested investors. If your pitch impresses enough investors, you could open your business in a matter of months.
- Negotiate Fair Rates With Your Bank
One of the countless details that you need to address is your bank’s credit card processing fee. Every time a customer buys your products with a debit or credit card, your bank has to charge a little for a processing fee. However, some banks charge far more than necessary—to ensure that you’re getting a fair deal, you should hire an experienced processing consultant to help you negotiate.
If you’re looking to reduce the amount your company pays in processing fees, contact Merchant Advocate. Starting a business is difficult enough without having to pay high rates—if you call us today at (732) 727-2073, we can help you stand up to outrageous fees.