There’s a huge growing wave of people in the United States who are tired of working for others and want to have their own businesses. Most small business go out of business within five years of their inception. This is due mainly to a lack of knowledge about business, but also because of competition, both from businesses that have existed for years prior and have market share, and also from those new businesses who take customers from the existing businesses. In this article we will be discussing the topic of starting, running, and growing a business so that you are prepared to compete against things like a cbd oils business.

There are many steps involved in starting, running, and growing a business so we will divide them into these three categories and will define the steps by using bullet points. Before you can even start a business, you have to do your research to make sure this is actually what you want to do.

Starting A Business

  • A name
  • Products and Services
  • A logo
  • A website
  • Business plan
  • Marketing Budget

When starting a business you want to make sure that you have a name for people to familiarize themselves with, products and services to offer to a specific target audience, and logo for people to see and ingrain in their subconscious. The website will show them the name of the business, the logo, and the products and services that you offer. Once you create a marketing and business plan and set aside a budget for marketing, you will officially have launched your business.

Running A Business

  • Use a CRM
  • Get an accountant
  • Automate
  • Delegate
  • Don’t micromanage

When you’re running a business, you will need to implement a CRM in order to keep track of important metrics and customer relations. Without this, your life will be unorganized and miserable. Get an accountant if you don’t already have one. He or she will help you organize your money and will help you when tax time comes. Automate as much as you can using artificial intelligence or virtual assistants whom you can DELEGATE to. In the running phase of the business you will need to delegate so that you don’t spread yourself too thin. Just make sure you don’t micromanage.

Growing A Business

  • Raise capital
  • Create an exit strategy
  • Increase marketing budgets
  • Hire more people

Growth means more and so in the growth phase you will want to raise capital so that you don’t seep into the profits or operating capital of the business. Use the money you raise to increase all of your marketing spending and hire more people to do this. As you grow, more money will come in, and you can then focus on an exit strategy which could be selling the business, or whatever you decide to do.

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