Whether you’re a veteran in business looking to acquire multiple revenue streams, wanting to buy a business or whether you’re contemplating a business launch, it’s important to make the right choices to be profitable.
Certainly, in picking a niche, you must find needs and fill them.
You must be able to easily cut through the clutter of competition to enable you to charge what your products or services are worth.
Successfully merging with another business requires similar cultures. Oil and water don’t mix. That’s why many mergers fail.
If you want to buy a business, you should have relevant deep experience.
As any entrepreneur will tell you, successfully launching a business is the toughest endeavor you can imagine. Many startups also fail.
To succeed in any of the above options: Passion, hard work and risk-management are important.
(Strategies to succeed in mergers, buying a company, or launching a business are below in the Coach’s Corner.)
Meantime, you’ll improve your chances if you choose an inexpensive business model to enable you to become profitable quickly.
So the key is to pick the right industry or sector where your odds for success are greater.
What are the most-profitable small-business sectors?
Here are the top 10 in an infographic from Colette Cassidy at All Finance Tax, http://allfinancetax.com/capital-gains-tax-returns/:
From the Coach’s Corner, here are related business strategies:
HR Lessons from Failed Mergers of Canadian Businesses — Only 20 percent of Canadian mergers and acquisitions succeed, according to a survey of finance executives. Here’s why.
Like Creating a Healthy Salad, M&As Need Key Ingredients — Mergers and acquisitions (M&As) might seem simple in small business. But for success in either small or big business, M&As are a complex process. They require the right ingredients much like building a great-tasting, healthy salad.
Buy a Business to Grab Market Share but Study 10 Financials — One of the fastest ways to grow is to buy a competitor or to acquire another business. But you must exercise due diligence in 10 steps.
Finance Checklist for Strategic Planning, Growth — Strategic planning in finance for growth means avoiding trendy fads. Instead, it requires an ongoing down-to-earth approach in order to create value. Here are seven steps.
Why Startup Companies Fail – How to Win — It’s vital to conduct a thorough needs-assessment of strengths, weaknesses, opportunities and threats – followed by development and implementation of a strategic action plan. Here’s more.
Startup Financial Planning: How to Get a Pragmatic Forecast — Unless you have a lot of startup experience, it can be a little tricky to make down-to-earth financial projections for your new company. Pragmatic assumptions are important in such a forecast.
Checklist to Increase Your Startup’s Cash Flow — It’s true that cash flow is the salient dynamic that leads to the failure or success of a business. Here are 11 ways to maintain positive cash flow.
“People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.”