Start a Business with Victor Green

Start a Business with Victor Green

How to Succeed in Business by Victor Green contains over 100 Chapters of useful information to help entrepreneurs, people who are starting a business, people running a business and students leaving college or university who want sound, good, practical advice about their business.

Navigating the business world

To navigate your business through difficult waters you need two things, one to be a good sailor, two to be able to see dangers ahead, in business it is exactly the same. Careful navigation is the key to success; bad navigation will lead to failure.

You will successfully navigate your business if you analyze and identify your place in the market; continually research your ideas; obtain greater knowledge about your business; and talk to your customers with enthusiasm and confidence. Customers will believe in your words because you demonstrate knowledge and belief, something every customer wants.

Research is the key to success. Knowledge is a tremendous asset, but learning how to use it is more important. There are no shortcuts to success, it’s a hard long uphill battle but if your idea is good, your effort will produce rewards.

To be a success in business is not just having an idea and selling it.

You will need to know about marketing; financial management; time management; business expansion; diversification; using professional advice; staff control. These are just a few of the things you will need to know to make your business successful.

Always be on the lookout and watch for trends and changes taking place. Have an eye on the future, be prepared for change, you will be ready if you are constantly monitoring your business.

Types of Businesses

There are lots of different types of goods and services out there, such as:

  • 1 Coffee Store
  • 2 Women’s and men’s Apparel
  • 3 Sports gym
  • 4 Recycling business
  • 5 Ladies beauty salons
  • 6 Graphic designers
  • 7 School supplies
  • 8 Real Estate
  • 9 Car repairs
  • 10 Animals and Pets
  • 11 Building contractor
  • 12 Catering
  • 13 Cleaning
  • 14 Computers and IT
  • 15 Education
  • 16 Electronics
  • 17 Entertainment
  • 18 Engineering
  • 19 Financial Services
  • 20 Furniture
  • 21 Fitness and Sport activities
  • 22 Jewelry
  • 23 Martial Arts
  • 24 Nursing
  • 25 Photography
  • 26 Printing
  • 27 Office Supplies
  • 28 Transport
  • 29 Travel
  • 30 Social Media

All businesses want the same thing: an improved bottom line. Here are a few examples of things that can be done to improve your business. All of these suggestions are ‘real situations’ from people I have mentored or been a consultant. While my recommendations were for these specific businesses the principles apply to all types of businesses because, irrespective of what they offer, they all want the same thing: to make bigger profits.

Characteristics of a Successful Business

Coffee Store
The characteristics of this business were based on making a new variety of muffins each day. The problem was lack of business know how and how to get profit from the business.

The owner spent little time in the shop serving customers. Instead she employed too many full-time and part-time staff because she was not actively participating in the day to day operations of the business. The owner should have been seen behind the counter because everyone likes to be served by the boss.

No time was spent studying the customer demographics. I suggested taking note of the times people came into the store and the average expenditure for each customer. If the majority of the sales were between 12 and 2pm then the food available during this period could increase to hot meals and sandwiches, in addition to the regular muffins and coffee. This would help increase sales while maintaining the same overheads. Part-time staff could also be employed in accordance with the flow of customers to maximize on profits.

Characteristics of a Successful Business

Recycling business
The concept of this business was good, obtaining products without cost. The problem was getting sufficient inventory to make the shipments more profitable.

This business collected redundant faxes, modems, computers and printers. These were then stored until there was enough to fill a container, and then shipped to the Far East. The business was doing quite well; the only problem was the delay is shipping out the goods. This caused a problem as the goods could lie in store for weeks, or months, then 6 weeks at sea and then another month or so for payment. I suggested an alternative idea; dismantle some of the items to see what valuable components were enclosed. Most electronic equipment uses valuable metals and reusable electronic components. I suggested they broke up a sample number of items to see exactly what was inside as it may be more profitable to sell the contents instead of the complete items. This idea worked and the profitability of the company increased considerably.

Characteristics of a Successful Business

Ladies face and hand creams
The concept for these products was that they used in the ingredients a serum. This is different to most other products on the market. The issue was how to get maximum exposure with the minimum marketing expenditure.

The market for women’s anti aging creams is ever growing. It is a very competitive market and needs a lot of careful planning and marketing. Packaging needs to be striking, very noticeable and easy to read. It is difficult for a small company, in this type of business, to have a marketing budget anywhere near the major cosmetic companies. So what were needed were alternative promotional ideas with minimum expenditure. This was addressed by sending a sample to all fashion editors, reporters and blog writers. I suggested selling to stores which women used frequently such as hairdressers, nail salons, fashion, even grocery stores. The reason is that it would be impossible for a small company to sell to major drugstores and obtain shelf space. The important thing was to get the product on shelves to be seen and to leave as many samples as possible for women to test. Adopting this alternative method of selling would be different as it would not compete directly with similar products in these stores. This idea would give maximum exposure for minimum cost.

Characteristics of a Successful Business

Energy drink
This business was making headway by gaining sales and shelf space in major grocery stores. The problem, as it always is, how to make money from these sales.

The drink was clearly acceptable as the sales proved this. What was lacking was business management and financial information. Two directors both overlapped with their job functions. What was needed was a clear plan showing who should do what and then stick to it. The business was run without a monthly profit and loss statement. I nagged for this and after 6 months they produced one. To their shock they saw that the gas consumption for the month was $1100. They could not understand why it was so high. I guessed it was because they delivered goods frequently and made many short trips with small loads. I suggested that they planned a delivery route for 3 visits a week. This way they would cut back on the number of journeys. They did this and saved $600 each month.

Questions Business Owners Need to Answer

Starting your research begins with asking yourself questions about your business. You’ll need to keep these questions in mind consistently as they’ll help you figure out the best strategy. Here is a 10 point plan.

  • 1. Make sure your idea has a positive, clearly defined place in the market
  • 2. Decide why you will be better, or different, than others
  • 3. Identify your target audience
  • 4. Decide how you will sell, market and promote your idea
  • 5. Do you offer something that will benefit your customers business?
  • 6. Make sure you can provide ongoing quality service and support to your customers
  • 7. Guarantee constant supplies and services of the highest quality
  • 8. Plan your financial business structure and taxes with a CPA
  • 9. Have your terms and conditions of trading drawn up by a lawyer
  • 10. Make sure you have sufficient money to start the business and enough to keep it going

I believe that if you can tick off these 10 points, then you are on the right road to success.

Read selected chapters from the book on the links below: