Small businesses: What's important

written by: Swathi P; article published: year 2009, month 02;

In: Root » Business » Small business and online

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Starting a new venture is never an easy task. The overheads, interiors, resources, and training involved (along with the most imporant location) all add up to such a high number that most new business owners think twice about whether it was such a good idea in the first place.

The first six months can often be the most critical in a new business's life cycle and the kind of response it will see in its future.

Lets take the example of a restaurant. Prior to opening you should make sure to network with other restaurateurs in the vicinity and learn from their mistakes or benefits. What are the make or break factors in ensuring your restaurant doesn't flop?

  1. Not to be repetitive but Location - if you are located in the CBD or any busy place your marketing costs can be zero and you'll still generate interest
  2. Cusine and its quality - ensure your menu has something unique to offer, and a chef who can make the food something that will retain customers
  3. Customer satisfaction - in India you will find good service to be lacking in most restaurants. However what people don't understand is that even if the food is bad and the service is good, you can still retain customers. People like to be kept happy. This along with the Ambience you create can often be enough to maintain you in the long term. But ensure you never leave any repairs, small fixes pending as you never want anyone to call you run-down
  4. Marketing - spreading the word about your restaurant and its good points. Make sure to give out something special to your first few customers, even a free dessert or free soda. They will remember you and tell all their friends.

Make sure you get a lot of feedback from your initial customers and act upon their inputs right away. Do something different to get peoples attention for example walk around in bright green and spread samples of your product.

The author is currently working for http://bangalore.hungryzone.com

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