For Part 1 click here.

By Adrian Martin

6. Choose a business name.

Ensure that your business name is unique; make sure that you can’t be confused easily with other companies; make sure an Internet domain name is available that matches your choice.

7. Check out your competitors.

Researching your market is vital. Knowing what your competitors are offering, their pricing and sales techniques, will help you pitch your products more effectively. Spend time checking out their websites; visit them at trade shows. When you lose a sale, try and follow up by asking why — try to learn what your competitor offered or provided that you didn’t. Getting a good understanding will help you win that next sale.

8. Open a business bank account.

Ensure that you separate your personal finances from your business finances; get them mixed up and you’ll get yourself into trouble! Make sure you set up a business bank account and have a suitable filing system to manage your business accounts.

9. Develop a marketing plan.

A marketing plan is a key step for any business. Including your market research, your competitor analysis and your pricing plans, this document lays out your approach and gives you a plan to follow.

10. Understand your customers.

It may sound obvious, but spend time with your potential clients. Understand what their problems are and how your business and products will help solve them. Understanding your customers’ needs will give you a crucial edge.

« Part 1

Adrian Martin writes for Bizbodz.com, which provides business advice, articles, and free business resources.

SOURCE: TeachMarket.com – The Extra-Bucks-For-Teachers Resource

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