An entrepreneur with some experience is always a good sign for a small business, but finding the right mix of business qualities can help an LLC succeed.
Many small businesses just starting out often try to work out of a home, hoping to avoid rent and other operating expenses, so a business type that doesn’t require having a substantial inventory on-hand is easier to manage in the early stages, according to entrepreneur Leran Dahari writing at BetterNetWorker.com.
In a recovering economy, luxury goods or services are not always a safe bet. Dahari recommends a product that people need – and that will bring people back to buy again. He notes that the secret to long-term success is repeat customers.
Many small businesses succeed because they have developed alternative revenue streams – a gas station may also offer a car wash, or a tax consultant may also offer bookkeeping. Opening up new markets with a variety of products or services can help a business survive during tough times.
Sometimes simply offering a second product or service at a location – even if it’s a separate business – can improve revenues. For example, a business at a busy intersection can bring in additional customers by renting part of the property for a local farmer’s market or a Christmas tree lot.
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